Local Market Update – February 2025
The start of the year is typically a quieter time for the housing market, but this year continued the trend of year-over-year growth. Across all of our Puget Sound area markets, active residential listings increased significantly – both month over month and year over year – bringing much-needed inventory to buyers. While rising supply often improves affordability, home prices and interest rates remain elevated. Additionally, upcoming immigration policies and tariffs could drive up construction costs, further influencing pricing. How these factors interact will be key as we approach the spring market.
In King County, the median residential sold price in January edged up 1% year over year, from $849,850 to $855,000. The number of active listings surged 50% compared to last January and rose 20% from December, offering buyers more choices. Closed residential sales increased 10% year over year but declined 28% from the previous month. The condo market in King County saw more dramatic shifts, with the median sold price rising 21% from $495,000 to $600,000. Meanwhile, active condo listings soared 85% year over year, significantly expanding buyer options.
Seattle’s median residential sold price in January remained stable at $857,500, reflecting a slight 1% year-over-year dip from $869,000. More single-family homes entered the market, with active residential listings up 36% from a year ago. Closed residential sales rose 9% in the same timeframe, while pending sales jumped 50% between December and January – good news for sellers as it indicates strong buyer activity in the new year. Seattle condos saw price growth, with the median sold price climbing 28% year over year from $537,500 to $689,975. Active condo listings increased 52%, giving buyers more options in this segment of the market.
The Eastside saw an impressive 17% year over year increase in the median residential sold price, rising from $1,465,000 in January 2024 to $1,709,000 in January 2025. Prices were also up 11% from last month. Despite this appreciation, buyers gained more opportunities as active residential listings grew 61% year over year and 32% month over month. Meanwhile, closed residential sales rose 3% from last year. With more options available, some price stabilization may be on the horizon. Eastside condos saw even greater growth, with the median sold price increasing 29% year over year from $570,000 to $724,000. Active condo listings skyrocketed 128% compared to last January, and closed sales increased 77% in the same period.
Snohomish County saw the highest increase in active residential listings, jumping 78% year over year. Meanwhile, closed residential sales declined 5% from last January and dropped 26% from December – a potential benefit for buyers as they face less competition. The median residential sold price in January rose 5% from $729,990 a year prior to $770,000, indicating that demand remains strong. Condos in Snohomish County also saw notable gains, with the median sold price increasing 15% year over year to $570,000. Meanwhile, active condo listings surged 189%, dramatically raising inventory for prospective buyers.
As more sellers enter the market ahead of spring, active listings will likely continue to rise, providing buyers with additional opportunities. At the same time, shifting economic conditions in the upcoming months may create new challenges and amplify existing ones. Whether you’re looking to buy or sell, connect with me anytime for expert guidance and real-time strategies in today’s evolving real estate market by texting or calling 425-495-0926 or emailing me using ginam@windermere.com.
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