Every year, spring is known as the peak home buying season. But this year? Things are moving a little slower than usual in the Puget Sound real estate market.
Here’s what I’m seeing—and what the latest data from the Northwest MLS is showing for April 2025:
Inventory Is Way Up
- 14,459 homes were for sale at the end of April, up nearly 50% from April 2024.
- King County alone saw a 71% increase in available listings. Snohomish County? 84.8% more homes on the market than a year ago.
If you’re a buyer, there’s good news—there are way more homes to choose from.
So, sellers are ready. But…
Buyers Are Slowing Down
Despite more options and steady mortgage rates (still around 6.76%), buyers seem to be holding off a bit.
- Property showings were down 5% from last April.
- Home tours scheduled through showing software also dipped by 4.7% compared to March.
That doesn’t mean homes aren’t selling—but it’s clear buyers are being more cautious, maybe waiting for better rates or more negotiating power.
Home Prices Are Holding Steady
You might expect prices to drop with all this inventory, but so far, they’ve stayed flat.
- The median home price in April was $650,000—up $1 from last month (yes, just one dollar) and 0.2% lower than a year ago.
- King County led the pack at $907,000, while Snohomish came in at $755,500.
So prices are holding, even as competition cools off a bit.
Sales Are Still Happening—Just Not at Lightning Speed
Homes are still selling, just not as fast.
- There were 5,887 closed sales in April, a small 0.7% increase from last year.
- It would take about 2.5 months to sell all the homes currently on the market. That’s still a seller’s market (a balanced market is 4–6 months), but it’s a lot calmer than what we’ve seen in the past few years.
What This Means If You’re Thinking About Selling
Your home can still sell—and for a great price—but you’ve got more competition now. The homes that are staged well, priced right, and marketed properly are still standing out and moving quickly.
What This Means If You’re a Buyer
You’ve got options—and you’ve got room to negotiate. It’s not the frenzy we saw in 2021 or 2022. If you find a home you love, you might not have to fight through 10 offers to get it.
Curious what homes are selling for in your neighborhood?
RI’d be happy to send you a local market report or schedule a walk-through of your home if you’re considering selling.
