Greater Seattle Real Estate – August 2025
Northwest MLS Real Estate Report
The Northwest Multiple Listing Service (NWMLS), which closely reflects trends in the Seattle housing market, saw both home sales and listings decline slightly in August 2025 compared to this July as well as compared to August 2024.
At the end of August, there were over 20,000 active listings for the second month in a row—down slightly from July, but up sharply year-over-year. Last year inventory was at 15,453 at the end of August. This ongoing rise in inventory is giving buyers more choices, with 25 counties reporting double-digit gains.
Even with more homes available, buyer activity remained subdued. Closed sales dipped compared to both July and last year, with King and Snohomish counties weighing down overall performance.
Despite more inventory, home prices held steady, with the median sales price actually increasing to $650,000 versus last year’s figure of $645,000. San Juan, King, and Snohomish counties remained the region’s priciest markets, San Juan, with its limited sales, takes the cake yet again at $1,050,000 while King County was $990,000.
Overall, the balance of rising inventory and flat pricing presents an encouraging environment for buyers who have been waiting for more favorable market conditions. Although mortgage rates have only declined slightly (6.72% to 6.56%) they remain relatively stable. With possible interest rate cuts from the Federal Reserve on the horizon, the market may see further shifts in affordability.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
In August there were 200 luxury homes sales of over $2 million in King County. Similarly, last year, there were 216 homes sold in the same price range.
The Eastside generally dominates the local luxury real estate market and this past month was a bit more balanced. There were 2 sales above the $8 million mark on the Eastside with one on the Seattle side. Moreover, there were 13 sales over $5 million across King County; 9 were on the Eastside while 4 were in Seattle. The highest sale in August this year was a waterfront estate on Mercer Island that sold for $15 million. Last August, however, the top seller went for $6.56 million for a waterfront property in Bellevue. Other significant sales last month were in Clyde Hill, Medina, Bellevue, Madison Park and Queen Anne.
Luxury Condos
In August 2025, 86 condos sold for over $1 million, a notable jump from the 55 luxury condo sales in August 2024. High-end condo activity clearly gained momentum this year. 6 of those sales exceeded the $3 million mark. The top condo sale in August highlighted a significant pricing gap: a $3.3 million condo in Kirkland last year versus a $7.85 million condo this year.
This August, an immaculate waterfront Four Seasons residence in Downtown Seattle led the market, closing at $7.85 million. The Eastside’s top condo sale for the month was a Downtown Bellevue residence in the InterContinental that sold for $3.42 million.
Is Greater Seattle Real Estate Slowing Down?
While the market is experiencing some seasonal shifts, it’s far from slowing down in a negative sense. Inventory has grown, giving buyers more options than they’ve had in years, and home prices remain steady which is great news for both sides of the transaction. Interest rates have dipped a bit, which is encouraging for those looking to finance a home. And while future rate changes remain uncertain, the market continues to offer a balanced environment. In short, the market is adjusting – not declining.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
