Market Update — October 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 September 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 5 years in the Greater Seattle area over the past five years:
Homes sold: 6,170 homes were sold in September 2025 increasing by 5.9% YOY. The median price of $630,700 which represents a slight decrease of 0.7% YOY. This total sale volume translates to a dollar value of about $4.9B.
New construction: 732 new construction homes were sold in September 2025. The median sale price of new construction homes was $739,475.
Months of inventory: Given the current quantity of supply, it’ll take 3.25 months for every listed home to sell. To put this number in perspective, 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 August 2025 were Kitsap (2.23), Snohomish (2.43), Thurston (2.67), Pierce (2.84), Cowlitz (2.88), and King (3.15). This data point indicates the persistent shortage of supply relative to demand in the area.
New listings: 9,193 new listings were added to the NWMLS database in September 2025 representing an increase of 8.1% YOY.
Mortgage rates: The Freddie Mac rate shows no significant monthly change.
Primary Mortgage Market Survey — Average 30-Year Fixed Mortgage Rates over the past 5 years (Source: Freddie Mac)
Broader U.S. economy
Fed Minutes Reveal Deep Divide: Minutes from the Fed’s September 17 meeting highlight differing views among officials on the direction of interest rates, the pace of inflation, and the strength of the labor market. At that meeting, the Fed delivered a widely expected 25-basis-point rate cut – its first of the year – after holding rates steady through its previous five meetings. The move reflects the Fed’s ongoing effort to balance persistent inflation with growing concerns about a weakening labor market.
Retail Sales Cool in September, But Annual Gains Hold Strong: After two strong months of back-to-school spending, retail sales slowed in September compared to August, according to the National Retail Federation (NRF). Month over month, five of nine retail categories saw declines. Still, year-over-year growth remained solid, with all but one category posting gains – led by online sales, sporting goods and apparel.
