Greater Seattle Real Estate – January 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 market remains strong while inventory continued to increase over last year. The median sale’s price was $615,000 in January which was up from last January ($593,500). San Juan County had the highest median price ($850,000), followed by King ($799,000) and Snohomish ($748,752). January tends to be the slower month for sales. Nonetheless, the modest amount of property sales of 3,727 was still 10.8% higher than January 2024. Inventory at the end of January was 10,241 compared to 7,084 to the same time last year. Still only 2.75 months of inventory which is considered a sellers’ market.
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 32% of the NWMLS real estate market. King County saw sales of 829 homes for median price of $855,000. In contrast, in January 2024 there were 756 sales for a median price of $849,850.
Condo Market in Greater Seattle
King County had 352 condo sold in January 2025 for a median price of $600,000. In comparison, the previous January had 277 sales for a median price of $495,000. Thus, the number of sales and price was up substantially. 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 114 luxury homes sales of over $2 million and 83 luxury condos over $1 million last month. On the other hand, in January 2024, there were only 78 homes and 42 condos in the same price range.
The Eastside generally dominates the local luxury real estate market. While the top sale this January was in Seattle, 8 of the top 10 sales were located east of Lake Washington. Eastside sales include a Hunts Point sale for $16 million and a home on Clyde Hill for $12 million. It was an unusual month in that no Mercer Island home made the top 10. The highest sale of a Mercer Island home was $2.18 million. Other areas on the Eastside include Bellevue (highest sale $5.295 million), Medina ($5.9 million), and Kirkland ($5.4 million).
The overall highest sale in January was a Seattle luxury home on the northern tip of Magnolia. The 15,000+ sq ft Seattle waterfront home sold off-market for $21.5 million.
While luxury homes tend to have many similar features (ex. generally larger homes), but probably the single most common factor is waterfront. However, this January only 3 of the top 10 were waterfront homes which is surprising. Despite this the top 2 sales, were waterfront and their combined sales price ($37.5 million) was more than the next 5 homes combined.
Luxury Condos
As previously mentioned, there were 83 condos sold for over $1 million in January 2025 versus 42 in January 2024. Thus, luxury condos took quite a jump in 2025.
The top three sales include a waterfront condo in Kirkland for $5.350 million, a 19th floor condo in the Millennium Tower in Downtown Seattle for $3.380 million, and a Bellevue condo for $3.25 million.
Is Greater Seattle Real Estate Slowing Down?
The Greater Seattle real estate market continued to grow in sales and in prices to begin 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 Capital Hill 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.
