Greater Seattle Real Estate – 2025 Review
Northwest MLS Real Estate Report
Are Seattle home prices dropping? The trends of Seattle continue to closely follow what happens across the Northwest Multiple Listing Service. The home and condo market remained steady in 2025, even as inventory increased more noticeably. According to the NWMLS 2025 Annual Report, there were 67,929 sales of homes and condos in 2025 totaling more than $55 billion in closed volume. By comparison, 2024 saw 67,788 sales for just under $54.5 billion. Thus, the number of sales increased slightly by 0.21%, while the median price rose a modest 0.7% ($644,500 vs. $640,000).
Inventory played a larger role in shaping the 2025 market. Average active listings increased more than 34% year-over-year, and months of supply averaged 2.83 months, up from 2.11 months in 2024. Meaning, if no new homes were listed, the existing inventory would take nearly three months to sell. While this represents a meaningful increase in supply, anything under four months is still considered a seller’s market. As a result, prices largely held steady rather than declining, and homes sold for an average of 99.6% of list price, signaling a shift away from the ultra-competitive bidding wars of prior years.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Greater Seattle Homes
Across the NWMLS, residential sales (excluding condos) accounted for nearly 86.5% of all transactions in 2025. That translates to roughly 58,700 home sales. The residential median price came in at $660,000, virtually unchanged from 2024. While price growth slowed, values remained historically strong, especially when viewed over the long term. For perspective, the median home price in 2015 was just $320,000, highlighting a decade of sustained appreciation.
King County, which includes Seattle homes along with Bellevue, Mercer Island, and surrounding areas, continued to represent a large share of overall sales. Seven of the state’s ten highest-priced school districts were located in King County, led by Mercer Island with a median price of $2.5 million. Despite higher inventory and affordability constraints, King County remained the epicenter of pricing strength in the region.
Condo Market in Greater Seattle
Condos made up 13.5% of all NWMLS sales in 2025, totaling approximately 9,200 units. This share was slightly higher than in 2024, reflecting continued demand for lower-priced housing options relative to single-family homes. The area-wide median condo price was $500,000, essentially flat year-over-year.
King County dominated the condo market with over 60% of all condo transactions and posted the highest median condo price in the state at $560,000, up 1.83% from 2024. Snohomish County followed with 17.57% of condo sales, while Grays Harbor County recorded the lowest median condo price at $105,000. Overall, the Greater Seattle condo market in 2025 was stable, with prices holding firm despite higher inventory levels.
Greater Seattle Luxury Real Estate Market
The luxury real estate market remained active in 2025, though at a slightly cooler pace than the record-setting highs of 2024. There were 152 home sales over $5 million across the NWMLS, with 127 of those located on the Eastside. Three homes sold for over $20 million, all in Bellevue and Mercer Island.
The top-selling home in 2025 was a stunning waterfront property in Bellevue that sold for $26 million. While impressive, this was below the $38.9 million off-market sale in Medina that topped the charts in 2024. As in prior years, waterfront homes (particularly along Lake Washington) continued to dominate the highest price points in the market.
Luxury Condos
Luxury condos also performed well in 2025. There were 143 condo sales over $2 million, with 96 located on the Eastside. Nine condos sold for over $5 million, with an interesting shift: five of those high-end condo sales occurred in Seattle.
The top-selling condo of 2025 closed at $7.85 million in the Four Seasons Private Residences in Downtown Seattle. By comparison, the highest condo sale in 2024 was $8.975 million at the InterContinental Residences in Bellevue. Overall, the luxury condo segment remained strong, particularly for newer, full-service buildings offering premium amenities.
Is Greater Seattle Real Estate Slowing Down?
As seen throughout this blog, the Greater Seattle real estate market in 2025 did not experience falling prices, but rather a period of stabilization. Sales activity was nearly identical to 2024, prices shifted slightly higher, and inventory increased enough to ease seller leverage. So, to answer the original question: are home prices dropping in Seattle? The answer in 2025 is still NO. Prices have largely leveled off, but the market remains resilient, especially when viewed through a long-term lens.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
