December 2025 NWMLS Market Update
December 2025 Market Update: A More Balanced Market Takes Shape
The Northwest Multiple Listing Service (NWMLS) has released its December 2025 Market Snapshot, and the story is becoming clearer as we head into the new year. The housing market continues to shift toward balance, with rising inventory, modest price softening, and buyer activity that hasn’t fully caught up to the number of homes available.
December closely mirrored what we saw in October and November—more choices for buyers, fewer bidding wars, and a market that rewards thoughtful timing and strong preparation.
Inventory: More Options, Even After Seasonal Slowdown
Active listings were up 23% year over year, with 11,718 homes on the market at the end of December, compared to 9,524 last year. While inventory dropped month over month (a typical seasonal slowdown after November), the bigger picture is clear: buyers have significantly more options than they did a year ago.
Nearly every NWMLS county saw inventory growth, with 19 of 27 counties posting double-digit increases. Some of the largest gains were in:
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Jefferson (+55.7%)
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Ferry (+54.6%)
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Thurston (+54.4%)
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Clallam (+44%)
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Okanogan (+39.5%)
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Walla Walla (+38%)
This increase in supply is giving buyers more negotiating room and more time to make decisions—something we haven’t seen much of in recent years.
Closed Sales: Activity Is Up, But Slowly
Closed sales rose 4.1% year over year, with 5,010 homes sold in December. That’s a modest increase and a sign that buyers are active—but cautious.
Sales were up in 21 of 27 counties, though the pace of buying still hasn’t matched the surge in inventory. In other words, homes are available, but buyers are taking their time and being more selective.
Prices: Slight Softening Continues
The median sales price for residential homes and condos in December was $612,250, down 1.8% year over year and 2.8% from November. This marks the third consecutive month of year-over-year price declines.
Price trends varied widely by county:
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Highest median prices:
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San Juan – $900,000
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King – $808,500
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Snohomish – $730,000
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Lowest median prices:
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Columbia – $237,500
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Okanogan – $300,000
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Pacific – $365,000
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This spread highlights how hyper-local the market really is—what’s happening in King County can look very different from nearby counties.
Total sales volume for December reached $3.83 billion, combining residential and condo sales.
Mortgage Rates & Affordability
Mortgage rates ended 2025 at their lowest point of the year, averaging 6.15% for a 30-year fixed loan. Even so, affordability continues to be a challenge for many buyers.
As UW real estate researcher Steven Bourassa noted, lower rates alone haven’t been enough to fully offset higher home prices and overall borrowing costs. This is why strategy—financing, timing, and negotiation—matters more than ever right now.
Buyer Activity: Showing Fatigue Is Real
Consumer and broker activity dipped month over month, which is typical for December:
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Keybox activity was up slightly year over year (+1.4%) but down nearly 30% from November
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Property showings declined 2.4% year over year and 27.6% month over month
Buyers are still looking—but they’re being more intentional, often narrowing their focus to homes that truly fit their needs and budget.
A Positive Note: Down Payment Assistance
One bright spot for buyers is access to assistance programs. In December:
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13,911 listings were eligible for down payment assistance
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76.9% of listings statewide qualified for some form of help
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That’s a 22.2% increase from last year
For many first-time and move-up buyers, these programs can make a real difference.
What This Means Going Into 2026
We’re entering 2026 with a market that feels calmer, more balanced, and more negotiable—especially compared to the last few years. Buyers have more leverage and choices, while sellers need to price and prepare thoughtfully to stand out.
If you’re thinking about buying or selling this year, the right strategy will depend heavily on your specific goals, location, and timeline. The headlines only tell part of the story—the details matter.
If you’d like to talk through what this market means for you, I’m always happy to help.
