2025 Statewide NWMLS Annual Recap

2025 NWMLS Sales Recap: What the Data Means for Puget Sound

Northwest MLS brokers reported 67,929 residential and condominium sales in 2025, totaling more than $55 billion in closed volume. Sales increased by only 0.21% from 2024, confirming that market activity remained largely unchanged.

Median prices also showed minimal movement. The median sale price reached $644,500, up 0.7% year over year. However, this still reflects long-term appreciation. In 2015, the median price stood at $310,000, illustrating a decade of sustained growth.

Inventory Increased, Competition Eased

Inventory was the most notable shift. Average active listings rose more than 34%, while new listings increased just 8.9%. Consequently, homes stayed on the market longer, and buyers faced less pressure to overbid. Homes sold for an average of 99.6% of list price, indicating more balanced negotiations.

Months of supply improved to 2.83 months, up from 2.11 months in 2024. However, this remains below the 4–6 months typically associated with a balanced market.

Affordability Remained the Constraint

Despite increased inventory, affordability continued to limit demand. Mortgage rates declined only slightly, averaging about 6.6% in 2025. As a result, sales volume stayed flat even as selection expanded.

According to housing researchers, meaningful affordability relief may depend on further rate declines rather than price adjustments.