Greater Seattle Real Estate Market Update – February 2025
February was another month of shifting dynamics in the real estate market, with buyers and sellers navigating affordability concerns, rising prices, and fluctuating inventory.
🏡 For Buyers:
- Rates & Prices: Mortgage rates dipped slightly to 6.76%, but home prices continued to rise, with the median price increasing 2.4% to $630,000.
- More Choices, but Still Tight Inventory: Active listings are up 39.4% year-over-year, giving buyers more options, but inventory remains low at just 2.45 months' supply—still a seller’s market.
- New Construction Costs Rising: Builders are bracing for increased material costs due to new tariffs, which could push home prices even higher.
🏡 For Sellers:
- More Homes Hitting the Market: More homeowners are listing, but the pace of sales isn’t keeping up. Closed sales rose just 1.9% year-over-year—meaning competition is increasing.
- Buyers Are Out There: Showing activity remains steady, and demand continues, especially for well-priced homes.
- Pricing Strategy Matters: With affordability challenges, buyers are price-conscious. Competitive pricing and home presentation will be key in 2025.
📊 Market Snapshot:
- Median Sales Price: $630,000 (+3.6% YoY)
- Closed Sales: 4,268 (+1.9% YoY)
- Active Listings: 10,448 (+39.4% YoY)
- New Construction Median Price: $773,420 (+5.9% YoY)
As we head into spring, expect continued movement, but pricing and affordability will be top of mind for buyers. If you're thinking of buying or selling, now’s the time to strategize! Let’s chat. 📩
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