September Market Update: Inventory Rises, Prices Ease Across King, Snohomish & Pierce Counties


Fall Market Shift: More Inventory, Calmer Prices, and Real Options for Buyers & Sellers

Published: October 6, 2025

The latest Northwest Multiple Listing Service (NWMLS) data confirms what we’re feeling on the ground across King, Snohomish, and Pierce Counties: this fall is bringing more balance.

  • Inventory is up and buyers finally have choices.

  • Prices are easing off the steep climbs of prior years.

  • Rates have ticked down slightly, improving affordability at the margins.

“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. “Sellers have been listing properties at a faster rate than buyers have been purchasing them. At some point, the laws of supply and demand may prevail, and prices may lose some of their stickiness.”

Washington At-A-Glance (September 2025)

  • Active listings: 20,052 (+27.3% YoY)

  • Closed sales: 6,170 (+5.9% YoY)

  • Median sales price: $630,700 (-0.7% YoY; -3% MoM from August’s $650,000)

  • Total value of closed sales: $4.9B

  • Down payment assistance-eligible listings: 20,979 (+25.7% YoY)

These numbers reflect a market in transition: more selection for buyers and a nudge toward realistic pricing for sellers.

What We’re Seeing in Our Core Counties

King County

  • Median price: $850,000

  • Trend: Gentle month-over-month softening, but underlying demand remains steady.

  • Buyer takeaway: More listings = more negotiation room and less multiple-offer pressure.

Snohomish County

  • Median price: $722,525

  • Trend: Inventory up 41.7% YoY, among the largest increases statewide.

  • Buyer takeaway: Expanding options for mid-range homes; great window for move-up and first-time buyers who are prepared.

Pierce County

  • Trend: Rising inventory with leveling prices—mirroring the broader region.

  • Buyer takeaway: Fresh opportunities are emerging for first-time and move-up buyers, especially on well-priced, move-in-ready homes.

What This Means for You

Buyers

Higher inventory brings more choice and less urgency. While rates remain elevated historically, the recent dip plus increased supply can translate into:

  • Better terms (seller credits, concessions, inspection flexibility)

  • Time to comparison-shop

  • Opportunities to layer down payment assistance with rate-buydowns or closing-cost credits

Sellers

This market rewards strategy. Homes that are properly priced, well-presented, and expertly marketed are still moving quickly. With more listings to compete against, success hinges on:

  • Accurate pricing aligned with today’s comps

  • Pre-list preparation (repairs, light updates, staging)

  • Professional marketing that captures attention online and in-person

“Seattle’s housing market is continuing to rebalance following large swings in prices and demand,” said Selma Hepp, Chief Economist at Cotality. “Improved affordability is helping attract buyers—especially for mid-range homes that are now facing less competition than in prior years.”

Looking Ahead

Most experts expect prices to move sideways through winter, with activity picking up into early 2026. Appreciation will likely be more modest than in past cycles. For both buyers and sellers, this balanced environment is an opportunity to make confident, well-timed decisions.

Let’s Make the Market Work for You

Every block, neighborhood, and price band behaves a little differently. If you’re weighing a purchase, planning a sale, or just want to game-plan your next step, we’re here to help.

Katrina Eileen Real Estate
Serving King, Snohomish & Pierce Counties
📞 425-931-3275
🌐 www.katrinaeileen.com

Fawn Morgan