The start of the new year always brings speculation about how the real estate market will play out. Will interest rates come down? Will housing prices stay flat or will prices continue to rise? January’s data offers some early clues. Let’s take a look at the latest numbers across Seattle and King, Snohomish and Pierce counties, or jump to the analysis to learn what this data means.
INTEREST RATE
On January 31, 2025, the average mortgage rate for a 30-year fixed rate loan was 7.05%.
(Source: Mortgage News Daily)
Jump to: Seattle | King County | Snohomish County | Pierce County | Analysis
Seattle
NEW LISTINGS
Seattle saw 1,149 new listings in January 2025, a sharp increase from 793 in January 2024.
INVENTORY
In January, there was only 2.2 months of housing supply in Seattle. Supply has sharply declined since September 2024, when there was 3.5 months of supply.
MEDIAN SOLD PRICE
Seattle’s median sold price rose to $792,000 in January 2025, up from $756,000 a year ago.
MINIMUM SOLD:
SINGLE-FAMILY
A 2-bedroom, 1-bath urban cottage in Crown Hill sold for $450,000 in January. There were only two other homes that sold for under $500,000 last month.
MINIMUM SOLD:
CONDO
A 1-bedroom, 1-bath condo in Bitter Lake sold for $199,000 last month. There were no other condos that sold for under $200,000; however, there were a handful of condos in the $200s that sold in January.
King County
NEW LISTINGS
There were 2,683 new listings in King County last month, compared to 1,890 new listings in January 2024.
INVENTORY
If no new listings were to hit the market, King County would run out of inventory in 1.8 months. This is roughly on par with the market a year ago, when inventory was at 1.3 months.
MEDIAN SOLD PRICE
The median price of sold homes in King County last month was $789,000. At this time last year, it was $760,000.
MINIMUM SOLD:
SINGLE-FAMILY
A 2-bedroom, 1-bath starter home in Carnation sold for $365,000 last month. The original asking price was $448,880, with a tenant on site.
MINIMUM SOLD:
CONDO
The minimum sold price of a condo in King County last month was $178,000. This was for a 492-square-foot unit near White Center/Burien with one bedroom and one bath.
Snohomish County
NEW LISTINGS
Snohomish County added 974 new listings in January. For the same period in 2024, only 679 new listings were added to the market.
INVENTORY
Similar to its neighbor King County, in January Snohomish County had less than two months of housing supply—1.3 months.
MEDIAN SOLD PRICE
The median price of homes sold last month was $725,000. This is considerably higher than the same period last year, when the median price was $670,000.
MINIMUM SOLD:
SINGLE-FAMILY
Selling for $358,500 was a 3-bedroom, 1-bath, 1,748-square-foot rambler in Darrington. The listing price was $345,000.
MINIMUM SOLD:
CONDO
A 2-bedroom, 2-bath condo in Everett sold for $268,000 last month. There were only two other condo units that sold for under $300,000.
Pierce County
NEW LISTINGS
There were 1,104 new listings last month in Pierce County. For the same period in 2024, there were 863 new listings.
INVENTORY
In January, there was only 2.1 months of housing supply in Pierce County. Summer 2024 was the only period in the last three years where it hit the 3-month mark.
MEDIAN SOLD PRICE
The median price of homes sold in Pierce County last month was $548,975. In comparison, in January 2024, the median sold price was $514,950.
MINIMUM SOLD:
SINGLE-FAMILY
A 1-bedroom, 1-bath home in Tacoma sold for $240,000 last month. There were a handful of other properties that sold in the $200s—all of them were sold “as is.”
MINIMUM SOLD:
CONDO
Selling for $207,000 was a 419-square-foot studio in Tacoma. There were six other condos in Pierce County that sold for under $300,000.
Analysis
Where the market stands
It continues to be a tale of two markets. Well priced and presented single family homes are selling fast and with multiple offers, but there is still some stale inventory that buyers may want to take a second look at. Homes that have been 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
Overall it’s a tight sellers market—inventory is low, and there are still more buyers than homes to buy. However, buyers are price-sensitive and paying attention to condition. They are willing to pay top dollar for homes in above average condition, but are not as willing to take on homes that are outdated with a lot of work.
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.