Market Update — July 2025
We firmly believe timely and relevant data is key to making good decisions. To this end, we are committed to providing our community and clients with actionable data and insights about the local real estate market.
Local real estate market
With the data from June 2025 in, here’s an overview of the key aspects of the local real estate market. The real estate data below is collected from Northwest Multiple Listing Service (NWMLS).
Median price: The chart below shows the latest median sales prices of homes over the past 10 years in the Greater Seattle area over the past three years:
Homes sold: 6,694 homes were sold in June 2025. The median price of $670,000 which represents a 3.8% increase YOY. This total sale volume translates to a dollar value of about $5.7B.
New construction: 770 new construction homes were sold in June 2025. The median sale price of new construction homes was $749,990.
Months of inventory: Given the current quantity of supply, it’ll take 2.96 months for every listed home to sell. To put this number in context, note that the months of inventory for a balanced market is considered to be 4 to 6 months. The counties with the lowest months of inventory in June 2025 were Kitsap (2.05), Snohomish (2.12), Thurston (2.19), Pierce (2.65), and King (2.72). This data point indicates the persistent shortage of supply relative to demand in the area.
New listings: 10,965 new listings were added to the NWMLS database in June 2025 representing a increase of 9.83% compared to June 2024.
Mortgage rates: This month the Freddie Mac rate shows no major month-over-month change.
Primary Mortgage Market Survey — Average 30-Year Fixed Mortgage Rates over the past 12 months (Source: Freddie Mac)
Broader U.S. economy
Existing Home Sales Hit 9-Month Low: Closings on existing homes declined by 2.7% in June compared to May, dropping to an annual rate of 3.93 million units. This was a larger dip than the 0.7% economists had expected and marks the slowest pace since last September. The median home price reached a record high of $435,300 for the month of June. Note that this figure tracks the midpoint of homes sold, not appreciation or depreciation.
Unemployment Claims Show It’s Still Tough to Find Work: New unemployment claims dropped to 217,000 last week, marking the sixth straight weekly decline and the lowest level since April. However, a more important number to watch is continuing unemployment claims – people who are still receiving benefits after their first week. That number rose by 4,000 to 1.955 million, one of the highest levels since late 2021.
