Seattle Real Estate Market Update – February 2025

Seattle kicked off February with an unusual pattern of snow, melting, and more snow—along with colder-than-normal temperatures. That winter weather slowed some new listings, as many sellers decided to delay hitting the market by a week. Still, even with the weather disruptions, the early-year housing momentum has begun.

Below is a digestible look at what’s happening right now in Seattle’s housing market.

Market Activity Is Picking Up

Despite the cold, the real estate market is warming up:

• More homes are beginning to hit the market.

• Buyer activity is increasing.

• Homes are starting to sell more quickly again.

This is typical for February in Seattle. Over the past few years, most of the springtime excitement has arrived earlier than usual—often in February, March, and April—followed by a slowdown in late spring or summer, especially when interest rates stay high.

The pattern continues in 2025: enough homes for the buyers, and enough buyers for the homes, leading to a balanced but active market.

Mortgage Rates: Still Flat in the Low 7s

Current mortgage rates (per Mortgage News Daily): ~7.05%

• Rates have been hovering in the upper-6% to low-7% range for months.

• There’s little expectation of major near-term changes.

• The Fed has signaled stability as it watches inflation under the new administration.

The takeaway?
Affordability isn’t improving, but it’s not getting worse either.
The rate environment is keeping buyer demand steady—not flooding the market, but not freezing it.

Home Prices: Essentially Flat Year Over Year

Seattle’s median sales price at the end of January: $831,687,
0.5% higher than the same time last year.

That’s almost exactly where prices sat in early 2024.
As usual, December and January mark the seasonal pricing low, and we can expect prices to trend upward through spring.

Days on Market: Seattle Slower, Bellevue Faster

Seattle

• Median DOM: 35 days (up from 24 days last year)

• Average DOM: 50 days (up from 38)

Bellevue

• Median DOM: 7 days (down from 29 days last year!)

• Average DOM: 36 days (down from 53)

Bellevue is moving quickly due to relatively low inventory, while Seattle is experiencing slightly longer market times—partly because some lingering late-2024 listings are still sitting.

List Price vs. Sale Price

• Bellevue: Homes are selling 2.7% above asking on average.

• Seattle: Homes are selling at 99.2% of asking (right around list price).

Median numbers reinforce the same message:

• Seattle: 99.9%

• Bellevue: 100%

Buyers are paying close to list price in both markets, with Bellevue showing a bit more competitive pressure.

New Listings Climb Sharply

Compared to January 2024:

• Seattle: New listings up 37%

• Bellevue: New listings up ~50%

Closed sales:

• Seattle: Down 8%

• Bellevue: Up 12.5%

This means inventory is growing—especially in Seattle.

Inventory & Months of Supply

• Seattle: 1.5 months of supply (up from last year, but still low)

• Bellevue: 0.8 months of supply (very tight)

Buyers are seeing more options earlier in the year, but good homes are still moving fast. Some older listings from November and December are skewing the DOM stats upward, but fresh listings are getting immediate attention and, in many cases, multiple offers.

Expectations for Spring 2025

• Early spring (Feb–April) is likely to be the most competitive period.

• The market may cool as early as late May or early June, especially if new listings continue at this pace and rates remain unchanged.

• This year’s “hottest month” could arrive earlier than usual.

For sellers:
Listing earlier (February–April) may increase your chances of receiving multiple offers and stronger terms.

For buyers:
Patience pays off. If you can withstand the early-season competition, late spring or early summer may provide more selection and fewer bidding wars.

Final Thoughts

Overall, 2025 is off to a normal and healthy start in the Seattle real estate market. Inventory is growing, buyers are active, and mortgage rates remain steady. Expect a competitive—but not chaotic—spring season.

Want to follow the market more closely? Weekly updates cover King and Snohomish County inventory trends in real time. And if you’re thinking about buying or selling, Zach is always here as a resource.