February 2025 Seattle Real Estate Market Update: Trends in King County, Kirkland & Bellevue
Welcome to Spring 2025 in greater Seattle! Is the housing market heating up as we enter into these warmer, less rainy days? Our local real estate market in February 2025 exhibited notable trends from January to February 2025 across King County, Seattle, Kirkland, and Bellevue. Understanding these patterns is essential for buyers and sellers looking to enter the market and navigate it effectively. In this article, we provide an overview of the most recent King County home price trends & market data, dive into Bellevue & Kirkland neighborhood specific insights, explore the latest Seattle housing market update, and discuss what to expect for the rest of spring 2025.
King County Real Estate Overview
In February 2025, King County's housing market demonstrated an uptick from a slow January coming off of the holiday season. Key data points we are considering when reviewing these numbers are:
Average Home Price: The average sales price for residential homes in the county was $1.183M, up 0.5% from January but down about 1% from February 2024.
Market Activity: Residential homes sold after an average of 30 days on the market, compared to 45 days in January, which is a significant decrease. This indicates that there are more buyers who entered the market to scoop up some of the current inventory.
Average % of List Price Received: The average percent of list price received for residential homes in the county was 102% compared to 99.7% in January. For context, we haven’t seen numbers this high since June of 2024! This tells us that not only are homes being sold at a faster pace but they are selling above list price. This is great news for sellers, but does mean that there is some healthy competition for some homes on the buyer’s side.
Condo Sales & Inventory: Pending sales for February were up almost 30% from February 2024 and up about 8% from January. Median sales price and average sales price also increased from February 2024 (13.2% and 3.6% respectively), but were mixed from January 2025 (median sales price was up 1.6% and average sales price was down 2%). The most astonishing statistic regarding condos though was that inventory increased 70% from last year, which means there are a lot more condos on the market than there were at this same time in 2024. Condos in general did not do great compared to single family homes in 2024 so these numbers indicate that there may be an opportunity for condo buyers to leverage the large amount of inventory to their favor when it comes to offers and negotiations.
Kirkland Housing Trends
The Kirkland market is still down a bit from last year but condo inventory boomed in February. Here are key trends from the popular 98033 zip code:
Average Home Price: The average sales price for residential homes in February was $2.217M, a 15% decrease from February of 2024 but a 3% increase from January 2025, meaning we still have a ways to go before prices are back to where they were last year.
Condo Prices & Inventory: The average condo sales price decreased 20.5% from February of 2024, sitting at $1.165M. Inventory on the other hand increased 152% year over year (but essentially stayed the same from January). If you’re thinking about buying a condo on the Eastside, this may be a great opportunity to get the condo of your dreams at a great price given the large amount of inventory and therefore likely lower competition.
Bellevue Market Insights
Bellevue, specifically the 98004 neighborhood, saw similar trends in prices to Kirkland in regards to residential sales prices but differed in condos:
Average Home Price: The average sales price for residential homes in February was $2.815M, a 22% decrease from February of 2024 and a 38% decrease from January, although the average price is still quite high.
Condo Prices & Inventory: The average condo sales price increased 4.6% from February 2024 coming in at $1.404M and had a healthy increase of 27% from January. Inventory was down almost 17% from February of last year but did tick up 25% from January. The increase in both price and inventory indicates a stronger demand for condos from buyers and perhaps not quite enough inventory to drive down competition, causing those average prices to increase.
Seattle Housing Market
Seattle is more difficult to summarize as the neighborhoods vary widely across the city. We analyzed February 2025 data from single family homes in the neighborhoods from the I-90 line up to Northgate and uncovered the following trends:
Of the 300 homes that sold, half of those homes were on the market for 6 days or less
Majority of those homes went for over list price as well
This indicates that buyers have perhaps adjusted to the current interest rate climate, which current sellers are able to take advantage of by getting a higher price for their home
Conclusion
The February 2025 real estate market in King County and its key neighborhoods presents a varying yet promising landscape for the spring market. Seattle showed strong demand given low days on market and higher % of list price received, while Kirkland experienced a dip in prices from last year but some growth since the start of the year. Bellevue's appeal and average prices remain high, but lower than previous years and months. The key takeaways for sellers are that buyers are still looking for quality, well maintained homes and are willing to pay for this level of quality. For buyers, it’s important to have a real estate guide you can trust to help you navigate the complexities of the market. For personalized guidance on how to navigate these evolving market conditions, feel free to reach out to discuss your real estate goals.
For a more detailed analysis and insights, check out our 6 minute video from our Youtube channel: February Market Stats and Updates.
Data sources: NWMLS, Current as of February 3, 2025. All data from Northwest Multiple Listing Service®. Report © 2025 ShowingTime Plus, LLC.