As we move further into the year, the real estate market is starting to take shape. Interest rates edged down slightly in February, and median prices saw a modest uptick, but inventory remains tight. While it’s still too early to predict long-term trends, these shifts provide some insight into where the market may be headed. Let’s take a look at the latest numbers across Seattle and King, Snohomish and Pierce counties, or jump to the analysis for a deeper dive.
INTEREST RATE
On February 28, 2025, the average mortgage rate for a 30-year fixed rate loan was 6.74%.
(Source: Mortgage News Daily)
Jump to: Seattle | King County | Snohomish County | Pierce County | Analysis
Seattle
NEW LISTINGS
There were 1,118 new listings in Seattle in February 2025. In February 2024, there were only 976 new listings.
INVENTORY
In February, there were only 2.4 months of housing supply in Seattle. However, this is a better outlook than a year ago when there were only 1.8 months of housing supply.
MEDIAN SOLD PRICE
Seattle’s median sold price rose to $828,000 in February 2025. It was $792,000 in January. However, it’s lower than it was a year ago: The median sold price was $850,000 in February 2024.
MINIMUM SOLD:
SINGLE-FAMILY
A 2-bedroom, 1.75-bath fixer-upper in southeast Seattle sold for $490,000 in February. There was only one other homes that sold for under $500,000 last month.
MINIMUM SOLD:
CONDO
A .75-bath co-op studio unit in Capitol Hill sold for $190,000 in February. This was the only condo or co-op unit that sold for under $200,000.
King County
NEW LISTINGS
In King County there were 2,723 new listings in February 2025. There were 2,505 new listings in February 2024.
INVENTORY
In February, there were 1.9 months of housing inventory in King County, very similar to the count in January (1.8 months) and in February 2024 (1.5 months).
MEDIAN SOLD PRICE
The median price of sold homes in King County jumped up to $820,000 in February. This is an increase compared to January, when the median was $789,000. But it’s steady when you look at the same period a year ago: In February 2024, the median sold price was $827,800.
MINIMUM SOLD:
SINGLE-FAMILY
A 3-bedroom, 1-bath starter home in the Des Moines area sold for $365,000 in February. The original asking price was $314,999 and it received multiple offers.
MINIMUM SOLD:
CONDO
A 1-bedroom, 1-bath condo in Federal Way sold for the asking price of $189,000 in February. In King County, five condos sold for less than $200,000.
Snohomish County
NEW LISTINGS
There were only 860 new listings in Snohomish County in February 2025, compared to 920 new listings in February 2024.
INVENTORY
In February, Snohomish County reported 1.4 months of inventory. This is a slight but insignificant increase compared to last year, when Snohomish County had a one-month supply.
MEDIAN SOLD PRICE
The median price of homes sold in February was $710,000. It’s just slightly lower than January’s median ($725,000) and slightly higher than February 2024 ($699,000).
MINIMUM SOLD:
SINGLE-FAMILY
A 3-bedroom, 2.75-bath home in Granite Falls sold for $393,820. It was originally listed for $400,000.
MINIMUM SOLD:
CONDO
In Everett, a ground floor, 1-bedroom, 1-bath condo sold for $240,000. Five other condos in Snohomish County also sold for under $300,000.
Pierce County
NEW LISTINGS
Pierce County saw 999 new listings in February. For the same period in 2024, there were 1,095 new listings.
INVENTORY
Pierce County had two months of inventory in February 2025. This is consistent with the same period in 2024 (1.9 months), but a decrease from last month when there were 2.2 months of supply.
MEDIAN SOLD PRICE
The median price of homes sold in Pierce County dropped from January to February—$530,000. However, it’s on par with the same period last year. In February 2024, the median sold price was $525,000.
MINIMUM SOLD:
SINGLE-FAMILY
A 4-bedroom, 1.5-bath home in Sumner sold for $235,000 last month. Like the previous month, there were a handful of other properties that sold in the $200s—all of them were sold “as is.”
MINIMUM SOLD:
CONDO
In February, a 1-bedroom, .75-bath co-op unit in Puyallup sold for $184,500. There were no other units in Pierce County that sold for under $200,000. However, nine condos or co-ops in the $200s sold in February.
Analysis
Where the market stands
As we enter peak spring selling season, single family homes that are well priced and presented are selling fast and with multiple offers. The condo market, which was slow in the second half of 2024, appears to be breaking loose. Condo sellers seem to have accepted the reality of the condo market and are pricing accordingly. Some sellers (house and condo) are still over estimating the speed and trajectory of the market and overpricing their homes. Homes that linger on the market for more than two to three weeks present an opportunity for buyers to negotiate and avoid multiple offer situations.
What sellers need to know
We are squarely in a seller’s market—inventory has remained low. However, with interest rates still in the high sixes and low sevens, buyers are price-sensitive and paying attention to condition. They are willing to pay premium prices for turn-key homes but are less willing to take on homes that they feel will need significant upgrades. Savvy sellers who are willing to make strategic upgrades to their homes can facilitate quick sales for top dollar.
What buyers need to know
It’s a competitive market and buyers need to be ready to act. That means being fully pre-approved with a mortgage lender and viewing properties as soon as they hit the market. Buyers waiting until the weekend to tour homes might miss out on opportunities.