Q1 2025 Greater Seattle Real Estate Market Update: What Buyers & Sellers Need to Know
The spring market in Seattle is known for heating up early, and this year was no exception. After a slow winter, we saw signs of renewed energy in the Greater Seattle real estate market starting in February and continuing through March. If you're thinking about buying or selling in King County this year, here's what you need to know based on the latest Q1 2025 data.
🎥 Prefer to watch? Check out our full Q1 2025 King County real estate video update below for deeper insights:
The Spring Market Arrived Early
January started off sluggish, a continuation of the quieter Q4 2024. But as the weather warmed up, so did the housing market. February and March brought a noticeable increase in activity, with more homes hitting the market and well-priced properties moving quickly—especially those under the $2 million price point.
Q1 2025 King County Market Stats (Homes + Condos)
Looking at the combined data for single-family homes and condos in King County, here’s how Q1 2025 compared to Q4 2024:
New listings increased by 71%
Homes sold decreased by 18%
Average days on market rose to 34 days (a 6% increase)
Average sales price remained flat at $1,079,288
This mixed picture suggests a shift toward a more balanced market, with more inventory available but slightly fewer buyers ready to make moves, especially in the condo segment.
Market Takeaways for Sellers
While there are more listings, the data shows that well-prepared and strategically priced homes are still performing well. In fact, homes in the under $1.5 million range in King County sold at 102.7% above list price on average in March. One listing on the Eastside even received 19 offers and went for about 30% over asking!. This is a reminder that demand is strong for homes in desirable areas and price points, especially in the “first time homebuyer” range of under $1.5 million.
If you're considering listing your home, timing and pricing strategy are more important than ever. The right presentation, marketing, and offer review timeline can still lead to competitive results, especially under the $2M mark. Homes in the higher price ranges of $2M to $4M+ still saw about 100% of list price received on their home sales in March, indicating these higher end properties can remain competitive and move in the market if a strategic approach is taken. Just keep in mind that it could take a bit more time on the market as the buyer pool begins to shrink as you move up the price range ladder.
Market Takeaways for Buyers
For buyers, especially first-time buyers, the $1M–$1.5M range continues to be fast-moving. Homes in this bracket had a median of just 6 days on market in March. While competition is high, the increase in listings offers more choices. With mortgage rates hovering around 6.5%, many buyers are getting used to the new norm and jumping back in.
If you're looking in the luxury market, activity varies more. Here's a breakdown of median days on market in March 2025 by price point for single-family homes in King County:
$1M–$1.5M: 6 days
$2M–$3M: 16 days
$3M–$4M: 30 days (up from February)
$4M+: ~45 days (varies by property)
Despite longer timelines, many higher-end homes are still selling at or slightly above asking price. If you are a buyer looking to start making moves, be prepared for a slightly more competitive market than you saw in January and February. You’ll want to move quickly on properties that meet your criteria and ensure you have an agent skilled in negotiation to advise you on how to make sure your offer stands out.
Q1 2025 Condo Trends
Condos saw a 69% increase in the number of new listings from Q4 to Q1, while the number of condos sold increased just over 3%. The median days on market did technically go down from Q4 but only by about 2 days. In good news, condos did go for about 100% of list price in Q1, showing that if you’re a condo seller, you can still receive list price if you price strategically. Just be prepared for your condo to sit on the market a bit longer than single family homes. If you’re buying, there may be some opportunity to negotiate within your offer given the higher amount of inventory on the market.
Looking Ahead: What to Expect in Q2 2025
Based on the consensus from experts, we expect mortgage rates to remain around 6.5% for the remainder of the year. Buyer confidence may continue to grow as people adjust to this rate environment.
That said, the recent volatility in the stock market could bring some unpredictability to Q2. We anticipate seeing some fluctuations in data points to start the quarter, possibly followed by a slowdown heading into the post Memorial Day time period.
Thinking About Buying or Selling This Year?
Whether you're navigating your first home purchase or looking to sell and move up, we’re here to help you make smart, strategic real estate decisions in today’s dynamic market. Reach out for a personalized consultation - we’re always happy to share what’s happening on the ground and how it impacts your goals.
Data sources: NWMLS. All data from Northwest Multiple Listing Service®. Report © 2025 ShowingTime Plus, LLC.