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For buyers, sellers, and investors interested in making a move, the question of “What’s going on with the real estate market?” is top of mind. However, the answer isn’t always as straightforward as one might expect, especially when analyzing a dynamic market like Seattle’s, with its wide property price point range, mix of condominium residences and single-family homes, and everything from sprawling waterfront estates to fixer-upper houses waiting for a modern makeover.
In Seattle, conditions vary between price points. In the most popular Seattle neighborhoods, inventory within the $1 million to $2.5 million range remains at low levels, creating more competition for buyers searching for a home within this budget. However, this doesn’t mean that sellers should simply list their home and expect immediate competing offers. Homes that aren’t “move-in-ready” sit on the market longer than turnkey properties. Taking the extra time to strategically list a home, meaning making value-boosting repairs, renovations, and upgrades, beautifully staging it, and appropriately pricing it, will pay off in the long run. When sellers work with an experienced broker who understands the market well and has a clear plan in place for how to best navigate it, sellers can go into negotiations with confidence that their listing has value. Anticipating what a buyer might flag during tours or inspections can create a much more seamless process for all involved.
Typically, the longer a home sits on the market, the harder it becomes to sell. However, due to the slower market conditions witnessed throughout the past few years, sellers shouldn’t fret when their home doesn’t immediately sell. In fact, the data backs this up. Realogics Sotheby’s International Realty (RSIR) recently released the Market Trends From Around the Sound report, diving into year-over-year comparisons between Q1 data points for 13 of the Puget Sound region’s distinct communities. (https://www.rsir.com/blog/market-trends-from-around-the-sound-q1-2025/)
As the report reveals, in the Q1-2025 Seattle single-family market, listings spent an average of 34 days on the market. However, demand still outpaced supply, and the market had 2.2 months of inventory, which made it a seller’s market.
A balanced or neutral market has three to six months of supply. Seattle’s condominium market moved at a much slower pace, with residences spending an average of 60 days on the market in Q1-2025. However, other condominium markets in the region saw more activity, like the Eastside market (which includes Kirkland, Bellevue, and Redmond), with its average of 37 days on the market.
If we look at RSIR’s Q1-2025 reporting on the average sales price per foot, we see that in Seattle and the Eastside (both condominium and single-family markets), the figure has increased year-over-year for the past three years’ first quarters. This could be due to the rise of smaller homes on smaller lots. The median sales price has also consistently increased over the past three years in these markets, indicating that a home purchased in these areas will likely see appreciation, if the trends are to be trusted.
Elevated mortgage rates continue to create obstacles for both buyers and sellers. However, as people adjust to the “new normal” and decide to pursue their real estate goals anyway, we see more and more buyers working with the higher rates rather than attempting to wait them out. After all, it’s unclear when they will come down and how significant a decrease it will be. There is never a perfect time to make your move, as the market is constantly shifting.
The best place to start with your buying or selling journey is by identifying your goals — and don’t be afraid to dream big! Reach out to us to discuss what you want and how we can help make it happen. Connect with us at 206-852-0714 or choulinda@gmail.com.