As the year moves further into fall, all four of our local regions remain balanced. Rising inventory and easing interest rates are having a measured impact on affordability, creating a steadier environment across the Puget Sound. With supply elevated and prices holding relatively firm, both buyers and sellers are adjusting to a more even playing field. How the market evolves through winter will depend largely on interest rate trends and broader economic confidence.
KING COUNTY
King County saw 4% annual price growth in October, with the median sold price for single-family homes rising from $960,000 to $997,000. Inventory remained strong, up 33% year over year, though it dipped 7% month over month as some sellers paused ahead of the seasonal slowdown. Sales activity was mixed: pending transactions fell 11% annually and 10% from September, while closed sales were down 8% year over year but rose 12% month over month, reflecting a slower pipeline of new deals but solid follow-through on earlier summer contracts. In the condo segment, the median price dipped 2% to $550,000, while active listings climbed 13%.
SEATTLE
Seattle’s market remained active in October. The median residential sold price climbed 8% year over year to $1,049,999, up from $972,500. Active listings grew 21%, offering buyers more selection. Still, pending sales fell 5% from last year and 9% from September, suggesting measured buyer engagement despite growing supply. Meanwhile, closed sales increased 7% annually and 29% month over month, signaling that demand remains solid for well-priced listings. Median condo prices held steady at $577,562, with inventory up 13%.
EASTSIDE
The Eastside’s median sold price for single-family homes held flat at $1,550,000, unchanged from October 2024. Inventory continued its sharp year-over-year rise, up 76% annually, but down 8% from September, as sellers stepped back for the slower season. Buyer activity softened: pending sales declined 14% year over year and 19% month over month, though closed sales rose 7% from September, hinting that demand remains steady for competitively priced homes. In the condo market, prices edged up 1% to $746,701, while active listings expanded 22%.
SNOHOMISH COUNTY
In October, Snohomish County’s median residential sold price fell 5% year over year to $770,000, as inventory surged 39%. Buyer activity slowed across both timelines: pending sales declined 8% annually and 9% from September, while closed transactions were down 9% from last year. In contrast, the condos market saw modest gains, with prices rising 3% to $525,000 and listings jumping 53%, giving buyers increased choice at more accessible price points.
With mortgage rates at their second lowest level since November 2024 and inventory still well above last year’s levels, both local and national markets continue to stabilize. Sellers are becoming more flexible, buyers are gaining leverage, but affordability remains a challenge for many. As winter sets in, the pace of new listings will naturally slow, but declining rates and broader selection may keep the market moving for those ready to act. As market conditions evolve, a trusted Windermere advisor can provide real-time pricing strategies and personalized guidance.
