Western Washington Real Estate Market Trends

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Q3

2023

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Our Western WA real estate market data is updated quarterly to aid in your real estate forecasts. Historical Western WA real estate data and trends are included below the latest update. We break down our data by county, but we cover major cities in this region including Seattle, Tacoma, and Everett.

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Q3 2023 Market Report

Western Washington
Real Estate Market Update

by Windermere Economics

Below is the latest Western WA housing market trends analysis. Additional links:

Historical Western WA Data
Eastern WA Data
Central WA Data
Other Regional Data

 

Hi. I’m Jeff Tucker, principal economist at Windermere Real Estate, and this is a Local Look at the March 2025 data from the Northwest MLS.

Last month I said our local real estate market was on a roller coaster, and that proved true again, this month, as sales trends turned sharply downward after a strong March.

Pending sales fell below last month’s, and last year’s levels, as many buyers pressed “Pause” on their home purchase decisions, in the face of rising economic uncertainty and stock market volatility.

Here are the four key metrics I watch to track supply and demand in the market: closed and pending sales, which tell us a lot about demand; and listings – new and active – which tell us a lot about supply.

Across the Northwest MLS, closed sales of single-family homes grew just 1% in April from their year-ago levels, after growing 5% in March. Pending sales, which are more of a real-time demand indicator, dipped 4% from last year, a disappointing reversal after climbing 7% in March.

On the supply side, about 11% more new listings hit the market this April, and the tally of active listings ended the month 42% higher than April 2024’s inventory. Buyers are still seeing a lot more options than they had last spring.

Finally: the median price for those closed single-family home sales was exactly the same this April as last year: $680,000. The extra inventory and cautious buyers seem to have brought price growth to a halt, for now.

Putting it all together: the market is looking pretty balanced across Washington, now that buyers took a step back in April, as they’re taking time to digest the impact of tariffs and stock market volatility.

Now I’ll dig into the four counties encompassing the greater Seattle area, where buyers pulled back even more.

Residential closed sales dipped 1% year over year here in the 4-county region, largely due to a 2% drop in King County. Closed sales dipped 1% in Kitsap County; climbed 2% in Pierce County, including Tacoma; and were flat in Snohomish County, including Everett.

This is especially surprising because there was healthy pending sales growth around the region in March, suggesting either more cancellations, or that this dropoff happened mostly in the end of the month of April.

The median sale price kept marching upward in King and Kitsap Counties, by 5-6%, while prices were flat year-over-year in Pierce and Snohomish Counties.

Looking ahead, pending sales dropped 8% in the 4-county area: down 9% in King, down 10% in Kitsap, down 9% in Pierce, and down 4% in Snohomish County. This is a sharp reversal from March’s gains, and suggests we will see closed sales slide in May.

On the supply side, the 4-county greater Seattle area had just over 6,000 active listings at the end of April, up about half from the same time last year. Just like in March, the inventory growth is especially dramatic in King and Snohomish Counties, where listings are up 50% and 79% respectively.

All in all, these indicators from April show that the forward momentum in sales we saw in March has fizzled out for now, at least, because buyers have been hit by economic uncertainty and stock market volatility that’s caused some of them to pause their home buying search. Looking ahead, we saw stock markets actually end April about where they started, after a wild ride down and back up, so that may be cause for optimism that April’s negative shocks start to fade in the rear-view mirror. What comes next depends on whether the economic outlook and stock market movements stabilize and firm up.

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Major Western WA cities covered in this report:

Seattle

Tacoma

Everett

Bellevue

Kirkland

Kent

Renton

Federal Way

Auburn

Vancouver

Bellingham

Marysville

Redmond

Sammamish

Lakewood

Olympia

>

Western WA counties covered in this report:

King

Peirce

Snohomish

Clark

Thurston

Kitsap

Whatcom

Skagit

Island

Grays Harbor

San Juan

Lewis

Jefferson

Mason

Cowlitz

Callam

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Market Report Archive

Western Washington
Historical Reports

2023
Q1 2023 Western Washington Real Estate Market Trends

Q1 2023
POST

Q2 2023 Western Washington Real Estate Market Trends

Q2 2023
POST

Q3 2023 Western Washington Real Estate Market Trends

Q3 2023
POST

2022
Q1 2022 Western Washington Real Estate Market Trends

Q1 2022
POST

Q2 Western Washington Real Estate Market Trends

Q2 2022
POST

Q3 2022 Western Washington Real Estate Market Trends

Q3 2022
POST

Q4 2022 Western Washington Real Estate Market Trends

Q4 2022
POST

2021
Q1 2021 Western Washington Market Trends

Q1 2021
POST

Q2 2021 Western Washington Market Trends

Q2 2021
POST

Q3 2021 Western Washington Market Trends

Q3 2021
POST

Q4 2021 Western Washington Real Estate Market Trends

Q4 2021
POST

2020
                    Western Washington Real Estate Market Update

Q1 2020
POST

                    Western Washington Real Estate Market Update

Q2 2020
POST

Market Trends Report Western Washington Q3 2020. Click to view full report.

Q3 2020
POST

Q4 2020 Western Washington Market Trends

Q4 2020
POST

2019
                    Western Washington Real Estate Market Update

Q1 2019
POST

                    Western Washington Real Estate Market Update

Q2 2019
POST

                    Western Washington Real Estate Market Update

Q3 2019
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                    Western Washington Real Estate Market Update

Q4 2019
POST

2018
                    Western Washington Real Estate Market Update

Q1 2018
POST

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Q2 2018
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Q3 2018
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Q4 2018
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2017
                    Western Washington Real Estate Market Update

Q1 2017
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                    Western Washington Real Estate Market Update

Q2 2017
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                    Western Washington Real Estate Market Update

Q3 2017
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                    Western Washington Real Estate Market Update

Q4 2017
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2016
                    Western Washington Real Estate Market Update

Q1 2016
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                    Western Washington Real Estate Market Update

Q2 2016
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                    Western Washington Real Estate Market Update

Q3 2016
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                    Western Washington Real Estate Market Update

Q4 2016
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These Western Washington real estate reports, data, forecasts, and market trends are provided for informational use. If you find it useful, please properly attribute this resource with a link. This region of Washington State is also referred to as the Puget Sound, the Seattle Metro Area, Seattle-Tacoma-Bellevue, and the Greater Seattle Area.