Seattle Real Estate Market Update – November 2025

By Zach McDonald, Real Property Associates

The Seattle real estate market continues to move through a dynamic fall season. Interest rates, tech layoffs, and shifting economic conditions have dominated recent headlines, and many buyers and sellers are wondering what it all means for home values and housing demand as we head toward the end of 2025. Here’s what you need to know.

Tech Layoffs and Market Impact

Tech layoffs across the region have raised questions, but the broader housing market is holding steady. While individual families may need to pause home searches or sell due to job changes, there is no indication that layoffs will cause a significant downturn in Seattle’s housing market. Historically, Seattle has navigated tech layoffs before without major real estate declines, and current conditions appear similar.

The bigger factor influencing the market is mortgage interest rates. Many would-be buyers have held off due to higher rates, and many homeowners have stayed put to preserve their existing low-rate mortgages. As rates slowly trend downward, more people are expected to re-enter the market.

Mortgage Rates and Buyer Confidence

Mortgage rates have recently hovered between 6.15% and 6.34%, trending downward from earlier highs but still affected by inflation concerns and uncertainty around future Fed actions. Although the Fed has implemented rate cuts, mortgage rates don’t follow the Fed rate directly—watching the 10-year Treasury yield, inflation data, and job reports provides the clearest picture of where rates are headed.

If rates continue sliding toward the high 5% range, Seattle could see a surge of buyer activity in early 2026.

Seattle Sets a New Median Price Record

Seattle real estate reached a major milestone this fall. The city hit a new all-time median sales price record of $1,042,500, an 8.6% increase year-over-year. This marks Seattle’s highest recorded median price, surpassing the previous peak from 2022.

Bellevue, on the other hand, saw a 9.7% decrease year-over-year, bringing its median price to $1.8 million. After years of explosive post-COVID appreciation on the Eastside, Bellevue’s pricing is stabilizing while Seattle regains momentum—boosted in part by renewed return-to-office trends and improved affordability compared to surrounding suburbs.

List Price Performance and Negotiation Trends

Seattle homes are currently selling at 100% of asking price on average, while Bellevue homes are selling at 98.6% of asking. Bellevue’s higher price point typically brings more negotiation room, especially in a cooling market.

Seattle’s sale-to-list percentages have dipped slightly from earlier highs, but the city remains competitive—especially for well-priced homes in desirable neighborhoods.

Days on Market

Homes are selling faster than many expect given today’s rate environment.

• Seattle median days on market: 9 days

• Bellevue median days on market: 8 days

• Average days on market: 25 days in Seattle, 21 in Bellevue

The gap between median and average days reveals an important trend: while many homes sell quickly, others linger due to overpricing or condition issues. Turn-key homes priced correctly for current conditions continue to move swiftly.

New Listings and Buyer Activity

Both Seattle and Bellevue experienced year-over-year listing increases this fall.

• Seattle: +23.5% new listings compared to last October

• Bellevue: +7.8% new listings

Even with more homes hitting the market, Seattle also saw a 4.7% increase in pending sales, showing that demand remains steady. Bellevue, however, experienced a decline in pending sales, balancing its increase in inventory.

Closed sales told a slightly different story:

• Seattle: 570 closed sales (down 9.7% YoY)

• Bellevue: 98 closed sales (up 4.3% YoY)

Current Inventory Levels

Inventory continues to trend higher year-over-year:

• Seattle: 1,419 homes for sale (+37.8%)

• Bellevue: 211 homes for sale (+93.6%)

These numbers translate into:

• 2.8 months of supply in Seattle

• 2.6 months of supply in Bellevue

These supply levels indicate a balanced market, not a buyer’s or seller’s market. While some homes are seeing price reductions, the majority of well-positioned homes still sell near or at list price.

What to Expect Heading Into Winter

Seattle and Bellevue are now entering the slowest listing season of the year. As Thanksgiving and the holiday season approach, fewer new homes will come on the market. Inventory is expected to shrink significantly through December, potentially tightening conditions for early 2026 homebuyers.

Lower inventory combined with any additional drop in interest rates could set the stage for a competitive start to the new year.

Thinking About Buying or Selling?

If you’ve been watching the market and considering a move, now is an excellent time to explore your options. Whether you’re preparing to sell in 2026 or hoping to buy before competition picks up, having a strategy in place is key.