Local Market Update – November 2025 - Windermere Capitol Hill

Local Market Update – November 2025

Balance Holds as Rates Ease and Inventory Stays Elevated

As we move deeper into fall, all four of our regional markets remain balanced. Rising inventory and easing interest rates are contributing to a steadier housing environment across the Puget Sound. Prices continue to hold relatively firm, even as both buyers and sellers adjust to this more even playing field.

With supply elevated and borrowing costs improving, the stage is set for a calmer close to the year. How the market performs through winter will depend largely on rate trends and overall economic confidence.

King County: Prices Rise, Sales Mixed

King County posted 4% annual price growth in October, with the median single-family price increasing from $960,000 to $997,000. Inventory stayed strong, up 33% from last year, though it dipped 7% month over month as some sellers stepped back ahead of the seasonal slowdown.

Sales activity was uneven. Pending sales fell 11% annually and 10% from September, while closed transactions declined 8% year over year but rose 12% month over month, reflecting steady follow-through on earlier deals. In the condo market, the median price slipped 2% to $550,000, while active listings grew 13%, expanding options for buyers seeking affordability.

Seattle: Prices Climb, Buyers Stay Selective

Seattle’s median residential price rose 8% year over year to $1,049,999, up from $972,500. Active listings grew 21%, giving buyers more choice. Pending sales dipped 5% annually and 9% month over month, showing continued caution among buyers.

However, closed sales told a more optimistic story, up 7% from last year and 29% from September, demonstrating strong demand for well-priced listings. Condo prices held steady at $577,562, while inventory climbed 13%, offering opportunities for first-time or urban-focused buyers.

Eastside: Inventory Eases, Market Finds Stability

The Eastside’s median single-family price held flat at $1,550,000, unchanged from a year ago. After months of rising supply, active listings remained 76% higher than last year but fell 8% from September as seasonal slowdowns set in.

Pending sales softened, down 14% year over year and 19% month over month, though closed transactions increased 7% over September, suggesting continued interest for competitively priced homes. Condo prices edged up 1% to $746,701, and inventory expanded 22%, sustaining a healthy level of choice for buyers.

Snohomish County: Prices Slip, Buyers Gain Flexibility

In Snohomish County, the median residential price fell 5% year over year to $770,000 as inventory surged 39%. Buyer activity cooled, with pending sales down 8% annually and 9% month over month. Closed transactions also dipped 9% from last year.

Conversely, the condo market showed modest strength. Prices rose 3% to $525,000, while listings jumped 53%, giving buyers increased access to more attainable homes.

Looking Ahead: A Steady Finish to the Year

With mortgage rates at their second-lowest level since November 2024 and inventory still elevated, the Puget Sound market continues to move toward lasting stability. Sellers are showing greater flexibility, buyers have more leverage, and affordability remains the key factor shaping demand.

As winter approaches, fewer new listings are expected, but declining rates and strong supply may keep activity steady for those ready to make a move. Whether buying or selling, a Windermere advisor can help you navigate the market with clarity, strategy, and confidence.