March showed some signs of movement in the local real estate market, with new listings on the rise and modest shifts in inventory. Median prices increased across the board, but overall conditions remain tight. As we move further into the spring season, supply and demand continue to shape how quickly homes sell—and at what price. Let’s take a look at the latest numbers across Seattle and King, Snohomish and Pierce counties, or jump to the analysis for more insight.
INTEREST RATE
In March, the average mortgage rate for a 30-year fixed rate loan was 6.77%.
(Source: Mortgage News Daily)
Jump to: Seattle | King County | Snohomish County | Pierce County | Analysis
Seattle
NEW LISTINGS
There were 1,411 new listings in Seattle in March 2025. This is a significant increase since February, when there were 1,118 new listings.
INVENTORY
Inventory is still limited. In March, there were 2.6 months of housing supply in Seattle. This is a slight increase compared to February (2.4 months).
MEDIAN SOLD PRICE
Seattle’s median sold price rose to $853,500 in March. This is a $25,000 increase since February.
MINIMUM SOLD:
SINGLE-FAMILY
A 2-bedroom, 1-bath home in southwest Seattle sold for $480,000 in March. It was listed at $399,900—so it sold for more than $80,000 over asking.
MINIMUM SOLD:
CONDO
A 2-bedroom, 1.75-bath condo in Bitter lake sold for $240,000. It was on the market for only one day.
King County
NEW LISTINGS
King County had 3,647 new listings in March. This is a 34% increase from the previous month.
INVENTORY
King County crossed into at least two months of inventory for the first time this year. There were 2.2 months of housing supply in March.
MEDIAN SOLD PRICE
The median sold price in King County in March was $860,000. This represents a 4.9% increase compared to February.
MINIMUM SOLD:
SINGLE-FAMILY
$360,000 would have gotten you a 2-bedroom, 1-bath, 1,010-square foot home in Kent in March. The original asking price was $385,000.
MINIMUM SOLD:
CONDO
A 2-bedroom, 2-bath condo in Auburn sold below asking ($225,000) for $190,000. No appliances were included in this sale.
Snohomish County
NEW LISTINGS
New listings increased by more than 46% in Snohomish County since February. In March, there were 1,262 new listings.
INVENTORY
Even with a big jump in new listings, Snohomish County reported only 1.5 months of housing supply in March.
MEDIAN SOLD PRICE
The median price of homes sold in Snohomish County in March was $739,975.
MINIMUM SOLD:
SINGLE-FAMILY
A small home in Arlington (2 bedrooms, 0.75 bath, 1,114 sq. ft.) sold for $419,000. There were only 15 other homes that sold in the $400s in March.
MINIMUM SOLD:
CONDO
In Edmonds, a 1-bedroom, 1-bath condo with two parking spots sold for $220,000. This was originally listed in January for $329,950.
Pierce County
NEW LISTINGS
There were 1,362 new listings in Pierce County in March, a 36% increase over February.
INVENTORY
Pierce County’s housing supply is remaining steady. It started the year with 2.1 months, dipped slightly to 2 months in February, and was back at 2.1 months in March.
MEDIAN SOLD PRICE
Although the median sales price dipped in February, it was back up to $545,000 in March.
MINIMUM SOLD:
SINGLE-FAMILY
If you were interested in living in Lakebay, you could have bought a 3-bedroom, 2-bath split-level home for $280,000, well below the original asking price of $325,000.
MINIMUM SOLD:
CONDO
A 1-bedroom, 1-bath condo in Tacoma sold for $165,000. The original asking price was $250,000. This was the only Pierce County condo to sell for under $200,000 in March.
Analysis
Where the market stands
We’re in the thick of the spring selling season, and multiple offers on well-priced, well-positioned homes have become commonplace. Single-family homes that show well and are strategically priced are moving quickly. The condo market, which was sluggish in the second half of 2024, is showing new signs of life as sellers adjust their pricing expectations. Still, some sellers—both in the condo and single-family markets—are overshooting, which can lead to extended days on market. For buyers, homes that linger for more than two to three weeks may offer opportunities to negotiate and avoid the competition of a bidding war.
What sellers need to know
Multiple offers are back. The “Four P’s” (preparation, presentation, pricing and promotion) are critical for sellers looking to capture top dollar. We remain squarely in a seller’s market—inventory is low relative to the number of buyers in the market. However, with interest rates still in the mid-to-high sixes, buyers are price-sensitive and paying attention to condition. This isn’t 2021 where anything will sell. Buyers are happy to pay premium prices for move-in ready homes but are less willing to take on homes that they feel will need significant upgrades.
What buyers need to know
Mortgage rates have dipped to the lowest levels we’ve seen in months, and buyers are taking notice. Competition is heating up, so preparation is key. If you’re planning to buy, make sure you’re fully pre-approved and ready to tour new listings as soon as they hit the market. Waiting for the weekend or hoping for a price drop could cost you the home.