Abstract
From November 2024 through August 2025, Washington’s housing market rode a narrow ridge between stronger listing activity and persistent affordability strain. Northwest Multiple Listing Service (NWMLS) data show a notable pickup in new listings and closed sales early in 2025, but only modest relief on prices and months of supply. By July 2025, the statewide median closed price held flat year over year at $650,000 while inventory improved and activity stabilized despite mortgage rates hovering in the high-6% range. This post synthesizes NWMLS releases and snapshots to highlight key shifts in prices, inventory, and sales—and what they mean for buyers and sellers in the months ahead. NWMLS+4NWMLS+4NWMLS+4
The market at a glance
A brisk finish to 2024. NWMLS reported that November 2024 closed sales totaled $3.88B for residential plus $428.2M for condos, underscoring strong demand heading into winter even as affordability pressures persisted. NWMLS
Early 2025 momentum. In January 2025, closings rose 10.8% year over year (about 3,737 sales), with pending sales up 5.3%—a sign that buyers re-entered as more homes hit the market. NWMLS also noted that the number of homes for sale increased ~25% year over year across the service area, with 21 of 26 counties logging double-digit inventory gains. Seattle Agent MagazineNWMLS
Mid-2025 stabilization. By July 2025, the statewide median sales price was $650,000, unchanged from July 2024 and down from June’s $670,000. New listings reached 10,418 (up ~12% YoY), and closed sales edged up ~3.8% YoY, pointing to a more balanced summer tempo. NWMLS+2NWMLS+2
Context from the full year. For all of 2024, NWMLS members recorded 67,788 residential and condo sales, with total closings valued above $54 billion, illustrating the market’s overall throughput despite rate volatility. NWMLS
Prices, inventory, and rates: how the levers moved
Prices plateaued rather than fell. The July 2025 median of $650,000 matched the prior year, suggesting that added inventory relieved bidding pressure without forcing broad price declines. County breakouts still show wide variation (e.g., higher medians in King and Snohomish than many eastern counties), but the statewide story is sideways prices—not a slide. NWMLS+1
Inventory expanded materially. The ~25% YoY increase in homes for sale early in 2025 widened choices for buyers and reduced the intensity of multiple-offer scenarios in several sub-markets. Summer brought another listing wave (10,418 new listings in July), helping keep months of supply off the floor even during the busy season. NWMLS+1
Demand proved resilient. Closed sales up ~3.8% YoY in July and double-digit gains in January reflect pent-up demand releasing when fresh inventory appears. That said, throughput remains sensitive to payments: when rates tick up, some buyers pause or reprice. NWMLSSeattle Agent Magazine
Mortgage rates remained the swing factor. NWMLS noted the 30-year fixed averaged ~6.72% at the end of July 2025, near its 12-month average—high enough to cap price acceleration, but not high enough to freeze activity outright. NWMLS
What it means for buyers and sellers
- Buyers: Expect more selection than in 2023–early 2024 and occasional price softness on listings with longer market times. Rate dips can quickly tighten competition, so lock strategy and pre-approval agility matter. NWMLS
- Sellers: Pricing to the most recent comps (not peak 2022 expectations) remains crucial. Clean presentation and minor pre-listing improvements still pay off as buyers compare more options. NWMLS
- Outlook: If inventory keeps outpacing demand marginally while rates hover in the high-6s, Washington is positioned for a balanced-to-slightly-buyer-tilted fall: stable median prices, normal seasonal slowing, and selective negotiation leverage. NWMLS+1
Footnotes Northwest Multiple Listing Service. (2024, December 4). Persistently high prices put strain on market affordability [Press release]. https://www.nwmls.com/persistently-high-prices-put-strain-on-market-affordability/NWMLS
- Northwest Multiple Listing Service. (2025, January 6). Mortgage rate increase throws curveball into market[Press release]. https://www.nwmls.com/mortgage-rate-increase-throws-curveball-into-market/ NWMLS
- Northwest Multiple Listing Service. (2025, August 5). Market holds steady as high mortgage rate persists[Monthly Market Update]. https://www.nwmls.com/market-holds-steady-as-high-mortgage-rate-persists/NWMLS
- Northwest Multiple Listing Service. (2025). Monthly Market Snapshot: July 2025 [Dashboard]. https://www.nwmls.com/real-estate-news/monthly-market-snapshot/ NWMLS
- Northwest Multiple Listing Service. (2025, January 17). NWMLS brokers log 67,788 sales during 2024 [News release]. https://www.nwmls.com/nwmls-brokers-log-67788-sales-during-2024/ NWMLS
Note: Figures cited are NWMLS systemwide unless otherwise indicated; July 2025 metrics reflect statewide rollups reported by NWMLS. Where national context or county breakouts are mentioned, the sources are linked to the corresponding NWMLS updates. NWMLS
