I get asked all the time, "How is the market?" It is a tricky question to ask right now, for several reasons, but here is what we know based on June's market performance...
Housing inventory across the Puget Sound climbed again in June, marking another month of double-digit year-over-year growth in active listings. While more homes on the market offer buyers greater selection, the gentle uptick in demand hasn’t yet caught up to the surge in supply. In all four of our local markets (below), conditions continue to shift in buyers’ favor. Compared to May, signs of buyer movement improved slightly in June – but overall, many remain hesitant, especially as interest rates hover near 7%.
In King County, the median sold price for residential homes rose 7% in June, reaching $1,033,950. Buyer activity gained modest ground, with pending sales up 4% and closed sales rising 3%. Even so, inventory continued its upward climb – active listings increased 50% compared to last year. The condo market showed similar momentum, with a 4% bump in the median price to $576,000 and a 41% gain in active listings.
The Eastside continues to feel the weight of rising inventory. Active listings jumped 92% compared to last June, giving buyers more leverage. As a result, the median price for a single-family home dipped 2% to $1,610,000. Closed sales also slipped 2%. Notably, over half of June’s homes sold below list price or after a price reduction – an indication that negotiations are playing a bigger role. However, the condo market told a different story: prices rose 22% to $780,000, while listings increased 91%.
Seattle’s housing market was the most active last month. The median residential sold price jumped 13% year over year to $1,079,950, as demand remained strong despite a 35% increase in listings. Homes moved quickly – 86% sold within 30 days – and competition stayed high, with 39% of properties selling above asking. Pending sales climbed 16%, and closed sales were up 23%. The city’s condo market also gained ground, with median prices up 7% to $589,000 and listings increasing 26%.
In Snohomish County, a more balanced market began to take shape. Inventory rose 45% from June 2024, while the median single-family home price declined 2% to $815,000 – the first year-over-year price dip of 2025. Increased competition among sellers likely contributed to nearly half of homes selling below list price or after a price adjustment. Closed sales rose 5%. Meanwhile, the condo segment surged: median prices climbed 13% to $600,000, and active listings soared 81%.
Across the region, inventory continues to build as buyers weigh their options amid affordability concerns and high mortgage rates. Whether these dynamics persist – or give way to renewed buyer confidence – remains to be seen. In a shifting real estate environment like this, having an experienced Windermere advisor by your side can make all the difference.
For more market info relative to your area, visit HERE.
CHEERS!
