Greater Seattle Real Estate – February 2025
Northwest MLS Real Estate Report
Are Seattle home prices dropping? The trends of Seattle follow closely what happens across the Northwest Multiple Listing Service. The home and condo prices remain strong while inventory continued to increase over last year. The NWMLS median sale’s price was $630,000 in February which was up from last February ($608,111). In addition, in the county were Seattle real estate is located, the King County median sales price was $820,000. Inventory at the end of February was 10,448 which was up 39.4% from the previous year. While inventory was up dramatically, sales were up only 1.9%. Nevertheless, the 4,268 closed sales meant there was only 2.45 months of inventory at the end of the month. Anything under 4 months is a seller’s market. With mortgage rates trending down as we head into March, the real estate prices will likely continue to hold strong.
Seattle Real Estate Market
Following is a more detail look at homes, condos, luxury real estate, and waterfront homes in Seattle for the past month.
Greater Seattle Homes
King County prices, which include Seattle real estate as well as Bellevue, Mercer Island and beyond, make up nearly 27% of the NWMLS real estate market. King County saw sales of 1,172 homes in February versus only 829 in January. In addition, last February there was 1,047 sales. King County homes (not including condos) had a median price of$933,000 this February. In contrast, last February median price was $942,995. Thus, prices did dip slightly in King County when compared to last year.
Condo Market in Greater Seattle
King County had 459 condo sold in February 2025 for a median price of $624,999. In comparison, the previous February had 406 sales for a median price of $584,000. Thus, the number of sales and price both increased. Ewing & Clark is a full-service real estate brokerage. With Ewing and Clark’s headquarters located just north of Pike Place market, we are uniquely equipped to assist with Downtown/Belltown condos.
Greater Seattle Luxury Real Estate Market
In King County there were 147 luxury homes sales of over $2 million last month. On the other hand, last year, there were 131 homes sold in the same price range.
The Eastside generally dominates the local luxury real estate market. This February, there 13 sales over $4 million, 10 were on The Eastside. Although, the overall highest sale in February was a Seattle luxury home north of Ballard. The sprawling home sits on nearly 2.5 acres with stunning views of Puget Sound. The Seattle luxury home never was on the open market and sold for $10.5 million.
Other significant sales were in areas such as Mercer Island, Bellevue, Medina, Kirkland, Broadmoor, Lake Forest Park, Yarrow Point, Woodinville and Redmond.
Luxury Condos
There were 89 condos sold for over $1 million in February 2025 versus 69 last February. Thus, luxury condos took quite a jump in 2025. There were two sales of $4 million. A condo in Bellevue Towers sold for $2.8 million. In addition, a luxury Seattle condo sold for $4.150 million in the Four Seasons.
Is Greater Seattle Real Estate Slowing Down?
The Greater Seattle real estate market has seen increases, for the most part, in the early part of the year. So to answer the original question: are home prices dropping in Seattle? The answer is NO.
Every real estate market is different. To navigate the current issues, contact one of Ewing and Clark’s real estate brokers. Ewing and Clark has provided exceptional real estate service to Greater Seattle since 1900. Whether you are looking for a Belltown condo, a luxury home in Windermere, or your first Seattle home, please contact us.
For this blog the information and statistics were derived from the Northwest Multiple Listing Service.
