Greater Seattle Real Estate – July 2025
Northwest MLS Real Estate Report
The Northwest Multiple Listing Service (NWMLS), which closely reflects trends in the Seattle housing market, is experiencing a notable shift, with more homes coming on the market than we’ve seen in recent years. In July, active listings reached 20,781- a 4.76% increase from June. 26 out of 27 counties reported double-digit, year-over-year increases in inventory. With a stable 6.72% 30-year fixed mortgage rate, right now is great time to buy!
The median sales price across the NWMLS in July was $650,000, which is unchanged from a year ago and down 2.99% from June 2025 at $670,000. This is still encouraging news for prospective homebuyers, as greater inventory means more options and potentially less competitive pressure.
In King County, home to Seattle, the median sales price reached $875,000. However, it trailed close behind San Juan County, which recorded a median sales price of $906,250.
Sales activity also showed positive movement. There was an increase in closed sales at 6,867 for July which increased by 3.81% year-over-year. This was also an increase in sales from the previous month at 6,694. Thus, the number of closed NWMLS sales in July was up 3.81% compared to July 2024, and up 2.58% from June 2025. Still, sales have not kept pace with the surge in new listings. For instance, 10,418 listings were added in July 2025 which well outpaced the number of sales this July.
In short, buyers now have more choices than in recent years, while sellers continue to benefit from a strong market as we head into the end of summer.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
In July there were 214 luxury homes sales of over $2 million in King County. Similarly, last year, there were 248 homes sold in the same price range.
The Eastside generally dominates the local luxury real estate market and this past month was no different. There were 7 sales above the $8 million mark on the Eastside. Moreover, there were 12 sales over $5 million across the NWMLS; 11 were on the Eastside while 1 was in Seattle. The highest sale was a waterfront estate in Bellevue that sold for $20,250,000. Other significant sales on the Eastside were in Clyde Hill, Kirkland, Medina and Mercer Island. On the Seattle side, an architectural stunner in Washington Park was the top seller.
Luxury Condos
In July 2025, 83 condos sold for over $1 million, a notable jump from the 66 luxury condo sales in July 2024. High-end condo activity clearly gained momentum this year. Two of those sales exceeded the $3 million mark. By contrast, the top sale in July 2024 highlighted a significant pricing gap: a $6.6 million condo in Kirkland last year versus a $3.5 million condo this year.
This July, a stunning waterfront penthouse in West Seattle led the market, closing at $3.5 million. The Eastside’s top condo sale for the month was a Downtown Kirkland new construction that sold for $3 million.
Is Greater Seattle Real Estate Slowing Down?
While inventory across Greater Seattle has grown, home prices have held relatively steady compared to last year. For buyers, this is a welcome shift, offering more choices than the market has provided in recent years. Sellers, meanwhile, can take comfort in the fact that inventory remains below historic norms and prices continue to show resilience. The market is evolving but not declining!
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.
