Seattle home listings jump again as prices soften statewide
SEATTLE - Washington’s housing market ended 2025 with a familiar pattern: more homes for sale, slightly lower prices and buyers still constrained by affordability, according to new data from the Northwest Multiple Listing Service.
The NWMLS December 2025 report shows active listings rose sharply across the state while prices declined for the third straight month compared with a year earlier — a sign the market is loosening, even as demand remains cautious.
Keep reading to learn more about this latest market report and what it means for buyers and sellers.
Inventory rises, prices ease
What they're saying:
Active listings across Washington climbed 23% year over year, with 11,718 homes on the market at the end of December, up from 9,524 in December 2024. That increase followed several months of expanding inventory, giving buyers more options than they’ve had in years.
At the same time, prices continued to soften. The median sales price for residential homes and condominiums fell 1.8% from a year earlier to $612,250. Month over month, prices slipped 2.8% from November.
"Although 30-year mortgage interest rates ended 2025 at their lowest point for the year (6.15%), buyers continued to face significant affordability constraints," said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington.
Sales edge higher, but lag inventory growth
By the numbers:
Closed sales rose just 4.1% from December 2024, with 5,010 transactions statewide. That modest gain highlights a key imbalance in the market: supply is growing faster than buyer activity.
Sales increased year over year in 21 of 27 counties, while five counties saw declines and one reported no change, according to NWMLS data.
The total dollar value of closed residential sales reached $3.43 billion in December, with an additional $394.6 million in condominium sales.
King, Snohomish, Pierce counties show mixed signals
Dig deeper:
In the Puget Sound region, inventory growth continued to outpace demand.
King County ended December with 1,987 active residential listings, up from 1,476 a year earlier. Pending sales dipped slightly, with 947 residential homes under contract compared with 966 in December 2023. Months of residential inventory rose to 1.7, up from 1.3.
Snohomish County posted 891 active residential listings, up from 637 the year before. Pending residential sales fell to 462 from 526, while months of residential inventory increased to 1.5.
Pierce County recorded 1,510 active residential listings, up from 1,217. Pending residential sales increased modestly to 723, and months of residential inventory rose to 2.0.
Median prices reflected local variation. King County’s median residential price climbed to $899,000, while Snohomish County saw a year-over-year decline to $760,000. Pierce County prices were largely flat at $560,000.
Buyer activity slows during winter months
Consumer activity indicators pointed to a typical seasonal slowdown, with some year-over-year softness.
Keyboxes at listed properties in Washington were accessed 83,845 times in December, a 1.4% increase from a year earlier but down nearly 30% from November. Property showings scheduled through NWMLS software fell 2.4% year over year.
One bright spot for affordability: nearly 77% of listings qualified for down payment assistance programs, with more than 13,900 homes eligible through the NWMLS Down Payment Resource program.
What this means for buyers, sellers
What's next:
Rising inventory and easing prices suggest buyers may gain leverage heading into 2026, particularly in counties where months of supply are climbing. Still, mortgage rates and affordability remain key hurdles, especially in higher-priced markets like King and San Juan counties.
For sellers, the data underscores the importance of realistic pricing and strong presentation as competition increases.
The Source: Information in this story came from the Northwest Multiple Listing Service.
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