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Ready to Buy a Home in 2025?

If you are thinking you’re ready to buy a home in the Seattle area in 2025, there are many avenues to do it, as the market offers more inventory and less intense competition compared to previous years. To prepare, it’s a good idea to speak to an experienced Realtor. There are home buying down payment assistance programs that can help you cover your down payment, and the income levels for assistance are higher than you think!

Be sure to talk to an experienced Realtor so that you know exactly how to plan, ans well as the home buying process. That way, you’ll be pointed in the right direction with an action plan, as well as referrals to mortgage lending institutions that will assist you in the loan process of getting approved. A prequalification can happen very quickly, and a pre-approval subsequently is issued thereafter.

Speaking with top professionals will help to ensure you don’t pay off old debt that will hurt your credit score, plus they will tell you how much money you will need to buy a home, and your approximate mortgage payment.

Currently, the market is expected to stay competitive, but less frantic than in the past, with predictions of continued, though possibly slower, price growth. 

Financial readiness

• Save for a down payment and closing costs: The more you can save for a down payment, the better your chances of securing a lower interest rate or loan amount.
• Budget like a homeowner: Set aside extra money each month to simulate mortgage payments, which helps you practice living on a future homeowner’s budget and builds additional savings.
• Get pre-approved for a mortgage: This step will give you a clear picture of how much you can afford to borrow and show sellers you are a serious buyer. 

Market conditions

• Increased inventory: There is more housing inventory on the market than in recent years, which can lead to a more balanced market with less intense competition and fewer bidding wars.
• Slower price growth: While prices are still high and expected to continue climbing, the rate of growth may slow in 2025.
• Competitive but less frantic: Despite increased competition, the market is less frenzied than in previous years. This is because homes are selling more slowly on average, and fewer multiple offers and escalation clauses are being used. 

How to prepare for the market

• Find an experienced REALTOR: A local agent can help you navigate the market and find properties.
• Stay informed about your local market: Continue to research specific neighborhoods and property types that interest you.
• Consider different property types: Some experts have noted that deals may be more plentiful in certain sectors, such as condos or older townhouses.
• Be patient: With more inventory and less intense competition, you may have more time to find the right home without the pressure of a frantic market. 

Looking for a great Realtor and Team to Assist? Call Debra Teal at REMAX Exclusive CALL NOW

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Seattle, WA | 2025 Real Estate Market Recap

By Debra Teal
March 7th, 2025

Home Inventory Surge! What it means for Buyers and Sellers

Overall, there’s good news. Inventory is still low, which means that buyers are still able to buy homes. The only thing still inhibiting buyers ability to purchase a home, are rates. Although rates were ticking down at a healthy pace, we may not see another rate reduction. This could potentially be harmful to the real estate sector.

In my recent chats with multiple escrow offices around the Puget Sound, they are telling me numbers are low. Offices are still bare. Just 5 years ago, escrow worked past closing and agents until 2 am. There was limitless business and a most outstanding economy. Many agents, lenders and title and escrow officers either retired or found new fields of employment. I know that the ones that stayed would love to get back to that place.

The good news is there are more homes coming on the market. In some areas, the homes are going much faster than others. Homeowners with a 2% rate don’t want to lose it. With that being said, we have definitely seen an uptick of both buyers and sellers! At the moment there are a lot of pre-listings sitting in escrow about to list.

Typically in the Seattle and Greater Puget Sound area, we see a huge uptick in closings in February and March. Let’s see how things play out as we get out of the wet season and into the dry.

Now, let’s take a look at what happened in February.

Median Prices Still increasing

The median price for residential homes and condos in February 2025 reached an impressive $630,000—a noteworthy 3.6% increase from $608,111 in February 2024. But wait, there’s more! Compared to January 2025, which saw a median price of $615,000, we’ve observed a solid uptick of 2.4%.

Curious about where the most expensive homes are? Look no further than these three counties leading the pack:

• San Juan: $880,000
• King: $820,000
• Snohomish: $734,975

On the flip side, if you’re hunting for more budget-friendly options, check out these counties with the lowest median prices:

• Columbia: $224,000
• Pacific: $292,500
• Okanogan: $322,500
  

Active Listings: A Surge in Choices

We experienced a whopping 39.4% increase in active listings year-over-year! As of the end of February 2025, there were 10,448 properties on the market, a significant rise from 7,495 last year. Even compared to January 2025, we saw an increase of 207 listings (+2%).

Counties across the NWMLS coverage area are buzzing with new opportunities! 24 out of 26 counties experienced double-digit growth in active inventory. The standout stars with the highest increases in active listings include:

New Listings: A Slight Dip

In February 2025, NWMLS brokers introduced 6,346 new listings—a 2.6% decline from 6,513 in February 2024. Compared to January 2025, when 6,693 new listings were added, this represents a 5.2% drop.

(Article continued below)

Pending Sales: A Mixed Bag

There were 5,863 residential and condo units under contract in February 2025, marking a slight decline of 1.4% from 5,945 in February 2024. However, month-over-month, we saw a 5.4% increase from January’s 5,564 pending listings.

The changes in pending sales tell a tale of contrasts: while nine counties celebrated double-digit increases, another nine faced declines. The remaining counties are somewhere in between, showcasing the market’s dynamic nature.

Closed Sales: A Positive Turn

Closed sales nudged up by 1.9% year-over-year, with 4,268 transactions in February 2025 compared to 4,189 in February 2024. Compared to January 2025, where there were 3,727 closed sales, this is a robust 14.5% increase! Notably, 12 out of 26 counties reported an uptick in closed sales year-over-year.

Low Inventory Continues: A Seller’s Market

Experts suggest a balanced market exists within a 4 to 6 month inventory range. Currently, with the pace of sales, it would take less than two and a half months (2.45) to sell every active home in the NWMLS inventory. It’s a seller’s paradise out there if your home is priced right!

Wrap Up

The February 2025 real estate market is buzzing with activity, showcasing both challenges and opportunities. Whether you’re a buyer, seller, or simply a market enthusiast, there’s plenty to watch as we move forward. Stay tuned for more updates, and happy house hunting! 🏡✨

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If you’ve considered Buying a home in Seattle, WA or surrounding areas, it may be a good thing to look into. There are still great Low Down and Zero Down programs, as well as lender programs you may qualify to take advantage of. The key is, to always check them out and see if you qualify. If you’re looking for an experienced Agent to help you, we know where to look.

Learn How to Buy a Home in Seattle, WA area with any type of financing or cash.
Call Now | Debra Teal, Real Estate Broker has 28 years experience in Sales and Marketing and 19 years experience in Real Estate, with Many Hundreds Sold!

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Copyright 2024 © Debra Teal, Real Estate Broker Coldwell Banker Danforth | All Rights Reserved

Many Articles Authored by Debra Teal, Licensed Real Estate Broker #87597 Coldwell Banker Danforth