The Seattle housing market is heating up as summer begins, with new data showing a noticeable rise in listings, pending sales, and buyer activity across King County and Snohomish County.
In his weekly market update for June 24, 2025, local real estate expert Zach McDonald shared insights into how the Seattle-area housing market is shifting into a more balanced phase.
“We’re seeing more new listings and pending sales this week, which is encouraging for the overall market,” McDonald said. “Buyers are still active, even with summer vacations underway.”
New Listings Increase in Seattle and Surrounding Areas
Inventory is on the rise across the Puget Sound region. King and Snohomish counties saw 959 new listings last week, up from 868 the week prior. Pending home sales also increased to 938, a solid jump from 839.
McDonald explained this uptick may be temporary, noting that activity often tapers as summer travel picks up.
“This might be a high point before things settle down,” he said. “But it’s a great sign that sellers are still bringing homes to market and buyers are stepping up.”
More Price Reductions Create Opportunities for Buyers
A growing number of sellers are adjusting their expectations. The number of price reductions rose to 707, compared to 622 two weeks ago. This suggests homes that were initially overpriced are now entering a more competitive range, boosting buyer engagement.
McDonald pointed out that some of these adjustments are likely fueling the higher rate of pending sales.
Seattle Mortgage Rates Dip Slightly Below 7%
Buyers also received a bit of good news on the financing front. Mortgage rates dropped slightly from 6.91% to 6.82%, according to Mortgage News Daily.
While still high compared to historic norms, this small dip improves affordability slightly. McDonald noted that mortgage rates are closely tied to bond market trends and Federal Reserve commentary.
King County Home Prices Near $1M in June 2025
In King County, the median home price rose to $999,000, up from $985,000 the previous week. Homes are selling for an average of 98% of their listing price, a sign that bidding wars have cooled but demand remains steady.
Key King County Stats:
-
Median Sales Price: $999,000
-
Homes Selling Below Asking: On average, 98% of list price
-
Multiple Offers: 28% of sales
-
Offers with Escalation Clauses: 11%
-
Offers with Inspection Contingency: 35%
-
Offers with Financing Contingency: 63%
Snohomish County Real Estate Trends Mirror King County
In Snohomish County, home prices also moved upward. The median price rose to $827,500, up from $807,000. Like King County, most homes are selling slightly under asking, with an average sale-to-list ratio of 98%.
Key Snohomish County Stats:
-
Median Sales Price: $827,500
-
Multiple Offers: 27%
-
Escalation Clauses: 7%
-
Inspection Contingencies: 42%
-
Financing Contingencies: 76%
Is Seattle in a Buyer’s Market Yet? Not Quite
Despite the cooling from spring’s hot market, McDonald doesn’t believe Seattle has shifted into a true buyer’s market.
Seattle Housing Market Outlook for July 2025
Looking ahead, the Seattle real estate market is expected to remain active through early summer, although buyer activity may slow slightly due to seasonal factors. With rising inventory, moderate price gains, and stable mortgage rates, both buyers and sellers should find favorable conditions in the coming weeks.
Need help buying or selling a home in Seattle, King County, or Snohomish County? Reach out to Emily Hawkins.
