Seattle Housing Market Update – April 2025

The first week of April has brought plenty of movement in financial markets, but Seattle’s housing market is holding steady. While the stock market has been volatile and mortgage rates are inching back toward 7%—hovering around 6.95%—local real estate conditions in both Seattle and Bellevue remain stable and competitive as spring gets underway.

Home Prices Near All-Time Highs

Seattle and Bellevue continue to see strong pricing momentum:

Seattle

• Median sales price: $992,000

• Up 7.5% year-over-year

• Just shy of Seattle’s record high of $996K set in 2022

Bellevue

• Median sales price: $2,010,000

• Up 0.5% year-over-year

• Still below its previous peak but trending upward earlier this year

Despite rate fluctuations, both cities have rebounded significantly from the uncertainty of the past few years.

Homes Continue to Sell Quickly

Single-family homes—excluding condos, which are moving more slowly—are still selling at a brisk pace.

Median Days on Market

• Seattle: 6 days

• Bellevue: 7 days

Average Days on Market

• Seattle: 32 days (down 12.5% YoY)

• Bellevue: 11 days (down nearly 39% YoY)

Bellevue homes, on average, are moving faster than Seattle homes.

Most Homes Still Sell Over Asking Price

Competitive offers remain the norm:

• Seattle: Homes sell for 3.2% over asking on average

• Bellevue: Homes sell for 5% over asking on average

Both cities are slightly more competitive than this time last year.

Inventory Is Rising—A Shift Is Coming

One of the biggest storylines this spring is the significant increase in new listings, which is gradually easing pressure on buyers.

New Listings (YoY Increase)

• Seattle: +26.7%

• Bellevue: +44.6%

Pending Sales

• Seattle: +20.8%

• Bellevue: +6.5%

Pending sales are up, but not enough to keep pace with the surge in new inventory, meaning the number of homes for sale is building.

Current Supply

• Seattle: 1.8 months

• Bellevue: 1.6 months

Both are well above last year (1.3 and 1.1 months), approaching the 2-month threshold where competition typically begins tapering off.

What This Means for Sellers

If you’re considering selling this spring, now is the time.

• Buyer activity is still strong.

• Homes are selling quickly and over asking.

• Inventory is rising—and will likely continue climbing into summer.

More competition from additional listings later in the season could mean longer market times and fewer bidding wars.

What This Means for Buyers

If the current market feels intense, there’s good news:

• Inventory is increasing rapidly.

• Competition is expected to ease as spring turns to summer.

• More choices and potentially better negotiating opportunities are on the horizon.

The second half of 2025 may offer more favorable conditions for buyers, even if mortgage rates remain elevated.

Final Thoughts

Seattle and Bellevue are entering the heart of the spring market with strong prices, fast sales, and growing inventory. While the market is competitive today, early indicators point to a more balanced—and possibly more buyer-friendly—environment as we move later into the year.

If you’re thinking about buying or selling anywhere in the Seattle–Bellevue metro area, feel free to reach out—I’m always happy to help.