Greater Seattle Real Estate – April 2025

Northwest MLS Real Estate Report

Are Seattle home prices dropping? The trends of Seattle follow closely with what happens across the Northwest Multiple Listing Service. The home and condo prices remain strong while inventory continued to increase over last year. The NWMLS median sale’s price was $650,000 in April which was virtually unchanged from both March ($649,999) and last April ($651,000). In addition, King County, where Seattle real estate is located, the median sales price was $907,000. It was the county with the highest median sales price. Inventory at the end of April was 14,459 which was up 47.4% from the previous year. While inventory was up dramatically, sales were up 8.9% from March. Nevertheless, the 5,887 closed sales meant there was only 2.46 months of inventory at the end of the month. Anything under 4 months is a seller’s market. Thus, the market remains strong as we head into spring.

Seattle Luxury Market

Following is a more detail look at luxury real estate and waterfront homes in Seattle for the past month.

Luxury Homes

In April there were 257 luxury homes sales of over $2 million in King County. Similarly, last year, there were 255 homes sold in the same price range.

The Eastside generally dominates the local luxury real estate market and this past month was no exception. This March there were 15 sales over $5 million across the NWMLS; 11 were on The Eastside while 2 were in Seattle, 1 was a 10-acre estate on Vashon Island, and a view property in Shoreline. The highest sale was a waterfront property in Hunt’s Point that fetched $12,500,000. Other significant sales on the Eastside were in Bellevue, Kirkland, Yarrow Point, Woodinville and Gig Harbor. On the other hand, the highest sale in Seattle was a home in Capitol Hill that sold for $5,500,000.

Luxury Condos

There were 85 condos sold for over $1 million in April 2025 versus 82 last April. This is a notable increase in the luxury condo market. There was one sale over $4.5 million while the highest sale the year before was just under $3.5 million. This April, a stunning 3,363 sq ft Penthouse in Bellevue sold for $4.6 million. Furthermore, the highest Seattle condo sale this April was a Penthouse in Belltown that sold for just under $2 million.

Is Greater Seattle Real Estate Slowing Down?

The Greater Seattle real estate market has seen increases, for the most part, in the early part of the year. So to answer the original question: are home prices dropping in Seattle? The answer is NO.

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 Hunt’s Point or your first Seattle home, please contact us.

For this blog the information and statistics were derived from the Northwest Multiple Listing Service.