Local Market Update – July 2025 - Windermere Capitol Hill

Local Market Update – July 2025

June Brings Another Boost in Inventory Across Puget Sound
Housing inventory continued its climb in June, marking another month of strong year-over-year growth in active listings. While buyers now have more to choose from than they’ve seen in years, demand still lags slightly behind the rising supply. That said, buyer momentum is slowly building. Interest rates hovering near 7% are keeping some on the sidelines, but across the region, the market is showing more signs of balance.

What’s Happening in Seattle?

Seattle was the standout in June, with the city’s residential market showing the strongest gains in the region. The median price for single-family homes jumped 13% from last year, reaching $1,079,950. Listings rose 35%, giving buyers more options—but demand kept pace. Pending sales rose 16%, closed sales climbed 23%, and homes moved fast: 86% sold within 30 days. Competition remained strong, too—nearly 4 in 10 homes sold above list price.
Seattle’s condo market was also on the rise. The median price grew 7% year over year to $589,000, with a 26% increase in active listings.

King County at a Glance

Across King County, home prices posted a solid 7% gain in June, with the median reaching $1,033,950. Buyer activity picked up slightly—pending sales rose 4%, and closed sales nudged up 3%. But inventory continues to grow faster than demand, with active listings jumping 50% compared to last year.
Condos followed suit, with a 4% increase in median price to $576,000 and a 41% rise in listings, signaling more opportunities for buyers looking for entry-level or downsizing options.

Eastside Snapshot

The Eastside saw one of the largest jumps in inventory—active listings rose 92% year over year. With more choices available, buyers gained leverage. The median home price for single-family residences dipped 2% to $1,610,000, and over half of homes sold either below asking or after a price adjustment. Closed sales also fell slightly, down 2%.
However, the condo market painted a brighter picture: median prices rose 22% to $780,000, and listings nearly doubled, up 91%.

Snohomish County Trends

Snohomish County’s market is shifting toward balance. Inventory climbed 45% from last June, while the median price for single-family homes ticked down 2% to $815,000—marking the first year-over-year decline in 2025. Nearly half of homes sold below list price or after a reduction, suggesting more room for negotiation. On the other hand, closed sales rose 5%, a sign that demand is still holding steady.
The condo segment was particularly active, with prices jumping 13% to $600,000 and listings surging 81%.

Looking Ahead to Late Summer

As inventory continues to grow, the question remains: will buyers respond? Interest rates and economic uncertainty are still shaping decision-making, but the increased selection and leveling prices could entice more activity as we move deeper into summer. One thing is certain—opportunities are expanding.

Thinking about buying or selling?
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