"Lindsey, how is the market doing?" It is a question I get asked all the time! It is a tricky question to answer right now, for several reasons, but here is what we know based on August's market performance...
Prices have softened and inventory is still rising. Today’s discerning buyers have more choices and are taking the time to wait, watch, and negotiate for the right home. And with the days of 3% interest rates being the norm, affordability remains a hurdle for many across the Puget Sound. Getting buyers off the sidelines may depend on seller flexibility and local economic forces.
In July, King County’s median sold price for a single-family home held steady at $1,000,000, nearly unchanged from 2024. But, the number of active listings climbed 43% year over year, while pending sales rose just 2% and closed sales dipped 1%. Still, competition was brisk for the homes that did sell — 76% of all homes that sold last month went under contract within 30 days. King County condos followed a similar pattern: the median price remained flat at $530,000 and active listings jumped 41% compared to last year.
On the Eastside, July’s median residential sold price dipped 2% year over year to $1,580,000, as buyers faced no shortage of options. Pending sales were down 6% and closed sales fell 8%, helping put active listings up 90% from last year to their highest level since 2011. And buyers took advantage — more than 60% of homes sold below asking or after a price change. Meanwhile, Eastside condos held steady at a median sold price of $629,000 and active listings surged 84% from a year prior.
Seattle’s active listings rose a modest 19% compared to July 2024, hinting at inventory leveling off. Pending sales were up 18% year over year — the strongest gain among our four markets — which likely helped lift the median residential sold price to $1,010,000, a 4% increase. Competition remained strong, with 81% of homes selling in 30 days or less. In Seattle’s condo market, active listings climbed 29% while the median price edged down 2% to $550,000.
Snohomish County’s inventory levels grew 48% from last July, pushing the area into a balanced market. Closed sales rose just 1% year over year, while pending sales remained flat. The median sold price for a single-family home slipped 2% to $805,000. The county’s condo market saw more dramatic shifts: active listings soared 83% and the median sold price dropped 5% to $529,975.
Across the Puget Sound, current trends point to a market in transition — one where pricing is has stabilized but sales momentum hasn’t yet caught up. Elevated inventory is creating opportunities for buyers, while sellers refine their strategies to stand out. The second half of the year may hinge on how economic confidence and seasonal demand play out.
For more market info relative to your area, visit HERE.
CHEERS!
