Greater Seattle Real Estate – September 2025
Northwest MLS Real Estate Report
The Northwest Multiple Listing Service (NWMLS), which reflects housing activity across the greater Seattle area and beyond, continued to show signs of a market shift in September 2025. Although the number of homes for sale dipped slightly from August, overall inventory remains much higher than this time last year. This is giving buyers more choices and signaling a move toward a more balanced market.
At the end of September, there were 20,052 active listings which is a 27.3% increase compared to the same time last year. This marks the second month in a row with more than 20,000 homes for sale. Although inventory declined slightly from August (down 0.8%), buyers are still seeing far more options than they had a year ago.
New listings are up 8.1% from a year earlier and 5.3% higher than in August. More than half of the areas served by NWMLS posted year-over-year increases in new listings, suggesting that seller confidence remains relatively strong heading into fall. On the buyer side, pending sales saw a 2.4% increase year-over-year, and closed sales rose by 5.9%, totaling 6,170 for the month.
The median sales price for residential homes and condos was $630,700, a 0.7% decrease compared to a year ago and down 3% from August. This softening in prices, along with increased inventory, could present new opportunities for buyers.
At the current pace of sales, it would take just over three months to sell all active inventory, a sign that the market is moving toward a more balanced position. Industry experts generally consider a 4 to 6 month supply to be a sign of a neutral market, so sellers still maintain a slight advantage.
Seattle Luxury Market
Following is a more detailed look at luxury real estate and waterfront homes in Seattle for the past month.
In September, there were 186 luxury home sales over $2 million in King County. Similarly, last year, there were 167 homes sold in the same price range in King County.
The Eastside generally dominates the local luxury real estate market and this past month was no different. The top 13 sales above $5 million were on the Eastside. There were 2 sales above the $8 million mark on the Eastside along with 11 sales over $5. The highest sale in September this year was a newly constructed waterfront estate on Mercer Island that sold for $10.4 million. Last September, the top seller was also a waterfront estate on Mercer Island that sold for $9.3 million. Other significant sales last month were in Clyde Hill, Medina, Bellevue, and Kirkland.
Luxury Condos
A total of 74 condos sold for over $1 million this September, marking an increase from the 65 luxury condo sales recorded in September 2024. Of those, six transactions surpassed the $2 million mark, highlighting sustained demand in the high-end market.
The top sale this September was a rare penthouse on First Hill in Downtown Seattle, which closed at $3.3 million, leading the market. This compares closely with last September’s top condo sale at a $3.7 million transaction for a luxury condo in Bellevue.
Q1 - Q3 Recap
The first three quarters of this year reflect a resilient and evolving real estate market, with some exciting growth in the luxury condo sector. So far, 13,276 homes have sold, just slightly below the 13,538 sold during the same time last year. This is a small change that shows the market is holding strong, even with some shifts in the economy.
In the luxury home market, 96 properties sold above $5 million, showing continued strength at the top of the market, even as that figure slightly adjusted from 112 sales last year.
The condo market, on the other hand, delivered a strong performance with 4,420 sales, an 8.5% increase over the 4,073 sales during the same period in 2024. Most notably, the luxury condo segment ($2M+) surged, with 101 sales which is a remarkable 40% year-over-year increase from 72 transactions last year. This shows a rising interest in high-end, urban living and continued confidence in the condo lifestyle.
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.
