Seattle Housing Market Watch – June 24, 2025
The latest Seattle Housing Market Watch brings encouraging signs for both buyers and sellers as we move deeper into the summer season. Inventory is growing, buyer activity remains solid, and interest rates continue to hover in a steady range. Here’s what you need to know about the latest trends in King and Snohomish counties.
New Listings and Buyer Activity Rise
This past week showed an uptick in both new listings and pending sales—an encouraging sign for market health. King and Snohomish counties saw 891 new listings, compared to 868 the previous week. Buyer activity also strengthened, with 938 pending sales, up from 839 just two weeks prior.
Even with summer vacations beginning, this past week demonstrates that buyers are still actively engaging with the market. However, this level of activity may be short-lived as summer typically brings a slowdown.
More Price Reductions as Inventory Builds
Price reductions also increased week over week, climbing to 707 reductions, up from 622. This shift suggests that some homes were initially priced too aggressively and are now adjusting into a range buyers are willing to consider.
An increase in pending sales likely reflects these more realistic pricing strategies and the growing selection available to buyers.
Closed Sales Up as the Month Ends
Closed sales rose to 671, nearly 100 more than the previous snapshot. This increase is typical at the end of the month and reflects contracts negotiated about 30 days prior, so it isn’t an indicator of current market strength. Instead, it underscores the usual monthly cycle of closings.
Mortgage Rates Ease Slightly
Rates remain near 7%, but this week brought a bit of relief. Mortgage News Daily reported a dip from 6.91% to 6.82%, driven by positive bond market movement. While no major economic news is pushing rates in either direction, the market appears stable in the upper 6% range. Until additional economic catalysts emerge, expect rates to remain relatively consistent.
King County Weekly Snapshot
King County saw its median sales price increase to $999,000, up from $985,000 the week before. On average, homes sold for 98% of list price, consistent with the previous week and a clear shift from the over-asking environment earlier this year.
Multiple offers remain present but subdued:
28% of pendings included multiple offers
11% included an escalation clause
63% had a financing contingency
35% included an inspection contingency
The market is no longer the seller-dominated environment of early spring, but it is not yet a buyer’s market. Instead, it is trending toward a healthier, more balanced landscape.
Snohomish County Weekly Snapshot
Snohomish County posted a median sales price of $827,500, up from $807,000 the previous week. Homes sold for an average of 98% of list price, another indicator that bidding wars are easing.
Competition remains moderate:
27% of offers involved multiple bidders
6% included escalation clauses
76% had financing contingencies
42% included inspection contingencies
Like King County, Snohomish County is transitioning toward a more equitable market where buyers have room to negotiate, and sellers can still achieve strong results.
What This Means for Buyers and Sellers
Buyers now have more opportunities to negotiate, particularly on homes that have been on the market for a few weeks. With growing inventory and stable interest rates, summer may offer some of the best conditions buyers have seen in months.
Sellers are still benefiting from near-peak pricing, even though bidding wars are less common. Homes priced correctly and marketed well are still selling quickly, but the days of across-the-board over-asking sales have paused—at least for now.
Need Guidance in Today’s Market?
Whether you’re planning to buy or sell in King or Snohomish County, having the right strategy matters more than ever. If you have questions or want specific guidance for your situation, I’d love to help. And if you know someone who might benefit from this update, please consider sharing it with them.
