Facebook
X
Pinterest
Copy Link
Hi. I’m Jeff Tucker, principal economist at Windermere Real Estate, and this is a Local Look at the November 2025 data from the Northwest MLS.
This November, the Washington housing market continued with its normal seasonal cooldown. And compared to last year, this month looked particularly cool, because 2024 featured an especially strong fourth quarter, which has NOT been repeated this year.
Across the Northwest MLS, closed home sales came in 10% below last November’s total. And pending sales, which give some signal about next month’s sales, actually inched up by 3% from the same time last year.
On the supply side, the flow of new listings was almost identical, or down just 1%, from last November’s pace. Finally, the month ended with 26% more active listings than last November, swinging negotiating power in buyers’ favor .
Those higher inventory levels are starting to put some downward pressure on prices, which dipped by $15,000, to a median of $650,000 for a residential home sale in November.
Now I’ll turn to a closer look at the four counties encompassing the greater Seattle area.
Closed sales dropped by 13% from last November, and none of the four counties was spared from double-digit declines, led by an 18% drop in Kitsap County.
Median sale prices showed roughly no gains around the region: 1% lower in King; 8% higher in Kitsap; 1% higher in Pierce, and 4% lower in Snohomish County. It seems clear now that inventory growth this year has dragged price appreciation down to about 0 for the time being.
Looking ahead, pending sales dipped only 2% across the region in November, thanks mainly to Snohomish’s 6% decline, while the other 3 counties were nearly flat.
On the supply side, the 4-county greater Seattle area had 30% more active listings than at the end of November 2024. I’ve highlighted before that this pace of growth is decelerating, but that deceleration itself may have stalled out: October had a nearly identical 31% growth rate of inventory.
This continues to bode well for buyers, who are now set up to approach the new year with more inventory and bargaining power than they’ve seen in years. For anyone who can squeeze house hunting in between their holiday gift shopping this month, they’ll be well-positioned to find a bargain, even now that Black Friday deals are gone from the stores!
