Local Look Western Washington Housing Update 8/6/25
Local Look Western Washington Housing Update 8/6/25

Hi. I’m Jeff Tucker, principal economist at Windermere Real Estate, and this is a Local Look at the July 2025 data from the Northwest MLS.
After a bit of a roller coaster in the second quarter following the April rollout of Trump’s tariffs, July just looked slow and steady, especially in sales: We saw 4% more closed residential sales across the Northwest MLS in July than last year, and 3% more pending sales.
On the supply side, there were 12% more new listings than July of last year, and the month ended with 36% more active listings than last July. That’s almost identical to the pace of growth we saw in June.
Finally: the most steady number across the Northwest MLS: median sale price, which was exactly the same as last July: $675,000. The growth of active listings has been weighing down price appreciation, and has now brought it down to 0.
This is yet more data showing a market where buyers are gaining negotiating leverage.
Now I’ll take a closer look at the four counties encompassing the greater Seattle area.
Closed sales climbed here by 1% from last year, led by growth in Pierce County, which offset a tiny decline in King County.
Median sale prices were exactly flat year-over-year here in King County at $1 million; up 10% in Kitsap to almost $600,000; up 1% in Pierece and down 2% in Snohomish County.
Looking ahead, pending sales climbed a modest 1% across the region, including a 2% gain in King County.
On the supply side, the 4-county greater Seattle area had over 9,000 active listings at the end of July, or 38% more than the same time last year. This is continuing the deceleration in inventory growth since we had 45% year-over-year gains in May; most of the deceleration is thanks to King County, where inventory was up 50% just a couple months ago.
All in all, this market looks like a return to a “new normal” where buyers have gained the upper hand, at least enough to grind price appreciation a halt, but not nearly enough to bring prices down as much as they’d like. Inventory is still up, but not accelerating toward a glut. And new listings are continuing to deliver a lot of new options for buyers here in the dog days of summer.
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