Greater Seattle Real Estate – November 2025
Northwest MLS Real Estate Report
The Northwest Multiple Listing Service (NWMLS), which tracks real estate activity across the greater Seattle area and much of Washington state, continued to reflect signs of a market in transition this November. Inventory remains higher than last year, giving buyers more choices even as seasonal slowdown sets in.
There were 15,557 active listings, up 23.9% year-over-year. While inventory dipped from October, which is typical this time of year, overall supply is still much stronger than last fall. Most counties across the NWMLS saw notable increases in available homes, highlighting a broader move toward a more balanced market.
Sales activity eased in November. Closed sales fell 10.6% year-over-year, and were down month-over-month as well. This cooling trend is consistent with both seasonal patterns and the influence of steady mortgage rates.
Home prices also softened slightly. The median sales price reached $630,000, slightly down from both October (-1.6%) and last year (-2.3%). Despite the decline, buyer activity remained steady, with showings staying close to last year’s levels.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
November saw 123 luxury home sales over $2 million in King County, compared to 171 during the same month last year. While the Eastside typically leads the region’s high-end market, this past month’s top sales were more evenly distributed across the county.
Of the seven homes that sold for more than $5 million, the Eastside claimed four and Seattle three. November’s highest sale was a custom-built home in Clyde Hill that closed for $6.85 million. By comparison, last year’s top November sale was an $8.2 million waterfront estate on Kirkland’s Champagne Point. Additional notable sales this year were recorded in West Seattle, Laurelhurst, Bellevue, and Kirkland.
Luxury Condos
58 condos sold for more than $1 million this November, slightly below the 65 recorded in November 2024. Among them, five units exceeded $2 million, evidence of continued strength in the upper-tier condo market.
The month’s top condo sale was a 4,500-sq-ft penthouse at The Escala in downtown Seattle, which closed at $6.5 million. That’s just above last November’s leading sale: a $6.2 million waterfront condo near downtown Kirkland.
Is Greater Seattle Real Estate Slowing Down?
Not really. November brought the usual seasonal cooling, but not a market decline. Inventory was up nearly 24% year-over-year, giving buyers more options, even as month-over-month supply dipped heading into winter. Buyer activity stayed solid, with showings close to last year’s levels. Overall, the market shows rising supply, modest price adjustments (down 2.3% as stated above), and steady demand.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.