Market Update | October 2025
More Listings and Lower Rates
Published November 5, 2025 | Courtesy of NWMLS
Market Recap
Mortgage interest rates continued to trend lower in October, ending the month at 6.17% for 30-year fixed-rate loans, the lowest level since early October 2024. Across NWMLS counties, the number of sales and median prices fell year-over-year by 4% and 1.5%, respectively, while active listings jumped 27%, giving buyers more options in the market despite ongoing affordability challenges. Compared to September, both sales and median prices increased modestly, by about 1% and 1.5%, following declines in the previous month.
“The year-over-year numbers suggest that potential buyers continue to be constrained by high interest rates. While it might be tempting, it would be overreaching to attribute the latest month-over-month changes to lower interest rates. One month of data does not constitute a trend, and it is very difficult to predict whether the current moderating trend will continue,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington.
Active Listings
There was a 27% increase in total number of properties listed for sale year-over-year, with 18,791 active listings on the market at the end of October 2025, compared to 14,795 at the end of October 2024. When compared to the previous month, active inventory decreased by 1,261 listings (-6.3%), down from 20,052 in September 2025.
The number of homes for sale year-over-year increased in all of NWMLS’s coverage area, with 24 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Thurston (+49%), Snohomish (+42.2%), Jefferson (+37.4%), Clallam (+37.2%), Ferry (+35.7%), and Okanogan (+34%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NWMLS brokers added 7,991 new listings to the database in October 2025, a year-over-year increase of 3.4% compared to October 2024 (7,726). When compared to the previous month (September 2025), new listings decreased by 13.1%, when 9,193 listings were added to the NWMLS database.
When looking at the 27 individual counties in NWMLS’s primary service area, the number of new listings increased year-over-year in 20 counties and decreased year-over-year in 7 counties. The six counties with the largest year-over-year increases were Clallam (+38.6%), Adams (+25%), Pacific (+21.7%), Grays Harbor (+18.2%), Grant (+17.4%), and Walla Walla (+14.6%).
Year Over Year New Listings
Island, King and Snohomish County
Pending Sales
There were 6,739 residential units & condo units under contract in October 2025, a decrease of 6.4% when compared to October 2024 (7,199). When compared to the previous month, the number of pending listings decreased by 8.1%, down from 7,335 listings under contract in September 2025.
Closed Sales
The number of closed sales decreased by 4% year-over-year (6,222 in October 2025 compared to 6,479 in October 2024). When compared to the previous month, the number of closed sales increased slightly by .8%, up from 6,170 sales in September 2025.
16 out of 27 counties saw a decrease in the number of closed sales year-over-year, while 10 saw an increase, and 1 showed no change (Wahkiakum). The six counties with the largest increases were Grays Harbor (+44.3%), Chelan (+30.7%), Kittitas (+26.1%), Grant (+24.3%), Clallam (+19.8%), and Douglas (+13.5%). The total dollar value of closed sales in October 2025 for residential homes was $4,646,829,146 and was $490,930,169 for condominiums ($5,137,759,315 in total).
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take around 3 months (3.02) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in October 2025 were Kitsap (2.06), Snohomish (2.39), Douglas (2.53), Thurston (2.59), Clallam (2.6), and King (2.67).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
The median sales price for residential homes and condominiums sold in October 2025 was $640,000 — a slight decrease of 1.5% when compared to October 2024 ($650,000). Compared to the previous month, the median price increased by 1.5% ($630,700 in September 2025).
The three counties with the highest median sale prices were King ($887,300), San Juan ($764,750), and Snohomish ($739,500), and the three counties with the lowest median sale prices were Ferry ($219,900), Columbia ($242,498), and Pacific ($315,000).
