Greater Seattle Real Estate – March 2025
Northwest MLS Real Estate Report
Are Seattle home prices dropping? The trends of Seattle follow closely 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 $649,999 in March which was up from last March ($633,717). In addition, in the county were Seattle real estate is located, the King County median sales price was $855,000. Inventory at the end of March was 11,640 which was up 43.7% from the previous year. While inventory was up dramatically, sales were up only 4.7%. Nevertheless, the 5,406 closed sales meant there was only 2.2 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 March there were 248 luxury homes sales of over $2 million in King County. On the other hand, last year, there were 239 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 28 sales over $4 million across the NWMLS, 25 were on The Eastside while 3 were in Seattle. The highest sale was a waterfront property on Mercer Island that fetched $13,125,000. Other significant sales on the Eastside were in Bellevue, Medina, Kirkland, Yarrow Point, Woodinville and Redmond. On the other hand, the highest sale in Seattle was a home in Windermere that sold for $4,450,000.
Luxury Condos
There were 127 condos sold for over $1 million in March 2025 versus 94 last March. Thus, luxury condos took quite a jump in 2025. There was one sale over $4 million while the highest sale the year before was just under $2.8 million. This March, a stunning 3,424 sq ft waterfront Kirkland condo sold for $4.75 million. Furthermore, the highest Seattle condo sale this March was a waterfront condo in Leschi that sold for $2.7 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 Madison Park or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
