King County Real Estate Market Update – February 2025

The market is showing early signs of momentum, with inventory increasing across the board, yet prices holding steady — a strong indicator of continued demand despite more options for buyers.

📊 Inventory Is Up — But So Is Buyer Activity

Residential inventory rose 35% year-over-year, giving buyers more leverage and choices than they had at this time last year. Condo inventory saw an even bigger jump at 70%, yet we’re still seeing healthy absorption rates, especially in urban cores where buyers are seeking more affordable entry points.

💵 Median Prices Stay Strong, Especially for Condos

• Median Residential Price: $930,975 (-0.8% YoY)

• Median Condo Price: $625,000 (+13.2% YoY)

Condo prices have surged, likely due to renewed urban demand and relatively lower price points compared to single-family homes. Residential prices dipped slightly, but sellers are still getting 102.3% of list price on average, signaling competitive offers are still common — especially for well-priced properties.

🕒 Days on Market & Buyer Behavior

• Residential DOM: 30 days

• Condo DOM: 50 days

Homes are still moving quickly. The 30-day average for single-family homes reflects serious buyer activity, even with rising interest rates. Condos are taking longer to sell, but with rising prices and more inventory, this could be a window of opportunity for buyers before competition heats up further.

🔍 What This Means for Buyers and Sellers

• Buyers: Now is a good time to explore options with more inventory on the market — but expect competition on quality listings. Interest rates may be stabilizing, but acting before the spring surge could offer better value.

• Sellers: Demand is still strong, especially for homes priced accurately and in desirable locations. With buyers paying over asking on average, you can still capture strong value even with more listings hitting the market.

⚡ Final Takeaway

We’re seeing a balancing market, but demand is holding strong. If you’re thinking about buying, investing, or selling in 2025, it’s worth keeping an eye on inventory trends and neighborhood-specific activity — the best opportunities will go fast.

Need help navigating the market? Let’s connect and strategize your next move.