The Seattle housing market continues to show that home buying demand is returning, even as interest rates are only moving down slowly. We will look at some of the best data in the Pacific Northwest from NWMLS.com. If you’re a home buyer, you will know how to prepare to win that home in the coming year. And if you’re a homeowner, you’ll gain insights on how to time the market to sell your home quickly.
Percentage of Homes Pending Under 30 Days
All of the buildup of inventory was being bought up for November. Looking at how fast homes are going under contract can show us the demand, and it’s a leading indicator versus sold properties; these can take 30 days to close.
In the 750K-1M range, 63% of homes were going pending within 30 days. For 1M-1.5M, it was 59%, and for 1.5M-2.0M, it was 66%. This is quite impressive for the winter months.
Home for Sale in Seattle
Active listings (homes available) for sale are still below 2022 levels, which means our inventory is still low compared to years before COVID. In November 2022, active listings were about 2,600, and in November 2024, we are at 2,100 homes for sale.
Pending Sales
Pending Listings (Homes Under Contract) are showing more buyer demand in 2024 than in 2022 and 2023 in the months after September. Homebuyers may be tired of waiting for the low rates and are starting to see the higher rates as normal and needing a home to live in.
Pending also shows a lot more homes going in under contract this this year versus last year. We can see this for August, September, October and November.
New Listings
New Listings are up higher than 2023 in the Seattle Housing Market for most of the months beginning from March 2024. In December 2024, new listings were almost doubled what is was in 2023.
Mortgage Application Index
Housingwire Mortage Application Index
Home Buying Demand & Activity
Home tours, mortgage applications, and even pending sales are all on the rise as mortgage rates continue to decline, according to Redfin. This recent shift has brought a fresh wave of energy to the market, with buyers eager to take advantage of the more favorable conditions. It’s a stark contrast to the months leading up to the election when things felt slower than usual.
Back then, demand was softer than expected, and house hunters seemed to be taking a break. I saw it firsthand with my own listings—they sat on the market longer than I’m used to seeing. It was a reminder of how uncertainty can put the brakes on activity.
But now, after the election, home buying has bounced back. The demand is right where we’d expect it to be, and it’s exciting to see the market moving again. For sellers, this is a great time to capitalize on renewed interest, and for buyers, it’s a window of opportunity to jump back in.
More Homes Going Under Contract
The Seattle Housing Market is picking back up after the election. The current versus same MTD 1 year ago shows buyer demand is 37% more than the previous year.
From 12/1/23-12/11/24, pending homes were at 237 homes. As for this year MTD from 12/1/24-12/11/24, pending home are currently at 326 units for King County.
Overall in the Seattle housing market, I believe that buyers will face more competition in the real estate market, while sellers will have a better year when it comes to selling in 2025. This shift can be attributed to various factors, including an increase in demand driven, rates will still be high, and a limited inventory of homes available for purchase. As a result, buyers may need to be more prepared to make a decision more quickly and act quickly to secure their desired properties. On the other hand, sellers stand to benefit from this competitive environment, as they can command higher prices and benefit from quicker sales, leading to a more favorable market dynamic overall.
