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After two years of hectic housing market conditions and short supply, Seattle-area home buyers are finally getting some good news as home price gains have slowed and mortgage rates seem to have stopped rising.
These trends and reports have a lot of folks wondering the same thing:
Could we see a buyer’s market in Seattle in 2025?
That’s a hard prediction to make, given all of the variables involved. That said, it’s likely that Seattle will continue to remain a seller’s market this year.
If you keep up with housing market trends in the Seattle area, you’ve probably heard that the real estate scene has cooled down. But after a short period of eased market conditions, Seattle’s market continues to be “very competitive” according to RedFin.
One of the main reasons for this: tight inventory.
According to a recent report, the Seattle-area real estate market has experienced significant supply shortages over the recent past. That said, the report showed a 31.7% increase in the number of homes sold within the Seattle area.
At this point, any kind of inventory growth is a win for buyers. However, experts predict a housing market recovery in Seattle in 2025, as interest rates dip slightly and a few more homes may come up on the market.
Supply levels remain tight across the Seattle metro housing market. Among the nation’s major cities and metro areas, the Seattle area currently has one of the lowest levels of real estate inventory.
As of early 2025, there is very little inventory available for buyers (a 2.52-month supply, according to one source).
We still have a ways to go before we approach a “balanced” real estate market in the Seattle area. But in the meantime, buyers could have an easier time finding and purchasing a home, in 2025 if housing supply inches up.
According to RedFin, Seattle’s median selling price was $878,944 as of early 2025, marking an 8% increase year-over-year. That’s a relatively significant increase. It will be interesting to see how the market in Seattle pans out for the remainder of the year,
All of this brings us back to the question we started with: Will it continue to be a Seattle seller’s market in 2025?
Given the current supply-and-demand situation in the area, a classic buyer’s-market scenario doesn’t seem likely. That’s due to the ongoing supply shortage.
Inventory is also still very tight in the Seattle real estate market, and that’s not so great news for home buyers. Supply levels remain very low by historical standards.
A classic or “textbook” buyer’s market occurs when supply levels greatly exceed demand. In other words, it’s when there are many more homes for sale than buyers seeking them. That’s not the current situation within the Seattle-area real estate market.
However, the potential gain in inventory, albeit very marginal, may give home buyers a few more properties to choose from, while putting pressure on sellers. Higher housing costs, meanwhile, have reduced the number of qualified buyers.
So we might see a new kind of real estate market in 2025. Buyer’s could gain some negotiating leverage in spite of the ongoing supply shortage, though it will likely continue to be a seller’s market in Seattle.
Do you have questions about rates this week and home loans? Or are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Among our programs includes the Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Contact us today with any questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.