Market Update | September 2025
Inventory Rises, Prices Ease Across Washington
Published October 6, 2025 | Courtesy of NWMLS
Market Recap
Inventory is climbing, giving buyers more options, while home prices are showing signs of moderation after years of rapid growth. The median sales price in September dipped 0.7% year-over-year, from $635,000 to $630,700, and fell 3% month-over-month from August’s $650,000. Similar month-over-month declines were seen in King, Snohomish, and Pierce counties. Interest rates have declined slightly, but not enough to significantly impact the market.
House prices in the NWMLS service area have generally been sluggish in response to high interest rates,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Initially, high interest rates discouraged both sellers and buyers, but in recent months, sellers have been listing properties at a faster rate than buyers have been purchasing them. To some extent, these changes may reflect typical seasonal fluctuations, but at some point the laws of supply and demand may prevail, and prices may lose some of their stickiness.
Active Listings
There was a 27.3% increase in total number of properties listed for sale year-over-year, with 20,052 active listings on the market at the end of September 2025, compared to 15,748 at the end of September 2024. When compared to the previous month, active inventory decreased by 167 listings (-0.8%), down from 20,219in August 2025.
The number of homes for sale year-over-year increased in most of NWMLS’s coverage area, with 23 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 Ferry (+61.5%), Thurston (+48.1%), Island (+45.7%), Snohomish (+41.7%), Walla Walla (+40.5%), and Columbia (+40%).
Year Over Year Active Listings
Island, King and Snohomish County
New Listings
NNWMLS brokers added 9,193 new listings to the database in September 2025, a year-over-year increase of 8.1% compared to September 2024 (8,508). When compared to the previous month (August 2025), new listings increased by 5.3%, when 8,730 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 17 counties, decreased year-over-year in 7 counties, and did not change in 3 counties (Lewis, San Juan, and Columbia). The six counties with the largest year-over-year increases were Okanogan (+81.1%), Chelan (+34.7%), Walla Walla (+25.9%), Whatcom (+23%), Island (+22.5%), and Cowlitz (+22.4%).
Year Over Year New Listings
Island, King and Snohomish County
Pending Sales
There were 7,335 residential units & condo units under contract in September 2025, an increase of 2.4% when compared to September 2024 (7,165). When compared to the previous month, the number of pending listings decreased by 3.7%, down from 7,613 listings under contract in August 2025.
Closed Sales
The number of closed sales increased by 5.9% year-over-year (6,170 in September 2025 compared to 5,828 in September 2024). When compared to the previous month, the number of closed sales decreased by 2.7%, down from 6,341 sales in August 2025.
19 out of 27 counties saw an increase in the number of closed sales year-over-year, while 5 saw a decrease, and 3 showed no change. The six counties with the largest increases were Lewis (+68.2%), Okanogan (+48.2%), Cowlitz (+46.8%), Island (+39.4%), Douglas (+27.3%), and Clallam (+24.4%). The total dollar value of closed sales in September 2025 for residential homes was $4,427,282,546 and was $477,418,943 for condominiums ($4,904,701,489 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 a little longer than 3 months (3.25) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in September 2025 were: Kitsap (2.23), Snohomish (2.43), Thurston (2.67), Pierce (2.84), Cowlitz (2.88), and King (3.15).
Year Over Year Months of Inventory
Island, King, and Snohomish County
Median Price
The median sales price for residential homes and condominiums sold in September 2025 was $630,700 — a slight decrease of 0.7% when compared to September 2024 ($635,000). Compared to the previous month, the median price decreased by 3% ($650,000 in August 2025).
The three counties with the highest median sale prices were San Juan ($1,050,000), King ($850,000), and Snohomish ($722,525), and the three counties with the lowest median sale prices were Columbia ($290,000), Pacific ($330,000), and Ferry ($335,000).
