The May housing data shows a market in transition. New listings rose significantly across the region, and inventory climbed for the second month in a row—reaching a level in Seattle not seen in over a decade. Median prices moved in different directions depending on location, and interest rates ticked up slightly from earlier this spring. As we head into summer, these shifts may start to change the balance between buyers and sellers. Below are the latest numbers for Seattle and King, Snohomish and Pierce counties, or jump to the analysis for more insight.
INTEREST RATE
In May, the average mortgage rate for a 30-year fixed rate loan was 6.95%.
(Source: Mortgage News Daily)
Jump to: Seattle | King County | Snohomish County | Pierce County | Analysis
Seattle
NEW LISTINGS
There were 2,002 new listings in Seattle in May. That’s the most listing activity we’ve seen in Seattle this year by far.
INVENTORY
With the influx of new listings in May, Seattle’s inventory rose to 4 months for the first time since 2012.
MEDIAN SOLD PRICE
The median price of sold homes in Seattle in May was $869,663. This is a 3.1% decrease from April.
MINIMUM SOLD:
SINGLE-FAMILY
A 3-bedroom, 1-bath home in Rainier Valley sold for $470,000. It was originally listed for $515,000; there were only two other homes that sold in May for under $500,000.
MINIMUM SOLD:
CONDO
A 1-bedroom, 1-bath, 387-square-foot condo in Capitol Hill sold for the asking price of $246,950.
King County
NEW LISTINGS
There were 5,170 new listings in King County in May. This is a 20.5% increase over April.
INVENTORY
There were 3.5 months of housing supply in King County in May. Numbers remain low but continue to trend upward.
MEDIAN SOLD PRICE
King County homes sold for a median price of $860,000 in May. This is a 4.4% decrease compared to April.
MINIMUM SOLD:
SINGLE-FAMILY
A 2-bedroom, 1-bath home in Auburn sold for $315,000 in May. It was originally listed for $250,000 and was advertised as a fixer.
MINIMUM SOLD:
CONDO
A Burien condo with 1 bedroom and 1 bath sold for $150,000 in May. This was below the original asking price of $165,000.
Snohomish County
NEW LISTINGS
There were 1,766 new listings in Snohomish County in May. This represents a 32% increase in new listing activity from the previous month.
INVENTORY
Housing inventory remains low in Snohomish County, despite a significant increase from April to May. In May there were 2.5 months of housing supply.
MEDIAN SOLD PRICE
The median sold price in Snohomish County in May was the highest it’s been this year, at $780,000. This is a 7.6% increase since January.
MINIMUM SOLD:
SINGLE-FAMILY
An 896-square-foot bungalow with 2 bedrooms and 1 bath sold in Everett for $330,000. The original listing price was $265,000.
MINIMUM SOLD:
CONDO
In Lynnwood, a 1-bedroom, 1-bath condo sold for the asking price of $237,113.
Pierce County
NEW LISTINGS
There were 1,951 new listings in Pierce County in May, which represents a 20.3% increase over April.
INVENTORY
In May there was 3.2 months of housing supply. This was the first time this year that Pierce County crossed over the 3-month threshold.
MEDIAN SOLD PRICE
The median sales price in Pierce County increased to $569,975 in May, a 5.6% jump from April.
MINIMUM SOLD:
SINGLE-FAMILY
In Tacoma, a 2-bedroom, 1-bath home sold for $275,000—under the original asking price of $299,500.
MINIMUM SOLD:
CONDO
The least expensive condo sale in Pierce County in May was a 2-bedroom, 1.75-bath unit in a 55+ community. It sold for just under asking at $220,777. There were 10 other condos that sold in the $200s in May.
Analysis
Where the market stands
May brought another round of increased listings across the region, with inventory continuing to climb. Seattle now has a four-month supply of homes—the highest level in over a decade—which may signal a shift toward a more balanced market, at least in certain price ranges. Median prices softened slightly in Seattle and King County but rose in Snohomish and Pierce counties. Combined with rising interest rates, these mixed signals point to a market where pricing and strategy matter more than ever.
What sellers need to know
More competition means sellers need to work harder to stand out. Homes that are move-in ready and well-priced still draw serious interest, but the days of minimal prep and quick sales are fading in some areas. With inventory on the rise, buyers have more options and are willing to wait or walk if a home doesn’t show well or feels overpriced. Preparation, presentation, pricing and promotion continue to be key.
What buyers need to know
Growing inventory are somewhat reshaping the buyer experience. There’s more to choose from, especially in Seattle, and price reductions are becoming more common in certain segments. That said, well-positioned homes still move quickly, and bidding wars haven’t disappeared entirely. Buyers who stay flexible and focused will have more leverage than they did earlier in the year, especially when it comes to homes that have been on the market for a few weeks.
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