Greater Seattle Real Estate Market Snapshot – October 2025
The Northwest Multiple Listing Service (NWMLS) just released its October 2025 Market Snapshot, and there’s a lot to unpack! While affordability remains a challenge, we’re seeing more inventory, slightly lower prices, and a hint of stabilization that could give buyers a better shot heading into the holidays.
🏡 Rates & Overall Market
Mortgage rates continued to trend lower in October, ending the month around 6.17% for a 30-year fixed loan — the lowest we’ve seen since early fall last year. That dip helped bring a little more movement back into the market, with both sales and prices ticking up slightly from September.
Compared to last year, though, sales dropped about 4%, and median prices dipped 1.5%, while the number of homes for sale jumped 27% year-over-year.
In short: buyers have more choices, sellers are facing more competition, and the market is still finding its balance.
“One month of data doesn’t make a trend,” said Steven Bourassa of the Washington Center for Real Estate Research. “But we’re seeing positive signs that could continue if rates hold steady.”
📈 Key Numbers from October
Active Listings:
There were 18,791 homes for sale across NWMLS counties in October — up from 14,795 a year ago. Inventory dropped slightly from September but is still much higher than last fall.
Counties like Thurston (+49%), Snohomish (+42%), and Jefferson (+37%) saw the biggest boosts in available homes.
Closed Sales:
We saw 6,222 closings in October, down 4% year-over-year but up slightly from September.
Counties that stood out for sales growth include Grays Harbor (+44%), Chelan (+31%), and Kittitas (+26%) — showing that smaller markets are seeing more buyer activity.
Median Price:
The median home price across all NWMLS areas was $640,000, down from $650,000 a year ago but up from $630,700 in September.
King County continues to lead the pack at $887,300, followed by San Juan ($764,750) and Snohomish ($739,500).
🔑 Showings & Buyer Activity
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Keybox openings (a good indicator of buyer showings) were down 9.9% month-over-month but nearly flat year-over-year, showing a steady stream of buyer interest even as the season slows.
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Showings scheduled through NWMLS software fell slightly from September but were up 3.4% compared to last October.
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Nearly 74% of listings in October were eligible for down payment assistance programs, giving first-time buyers more opportunities.
💡 What This Means
If you’ve been waiting for more homes to choose from — this is your window. Inventory is higher, rates are dipping, and sellers are becoming more flexible. While we can’t predict how long this balance will last, the current market offers a rare mix of motivation on both sides.
Thinking about buying or selling before the year wraps up? Let’s talk strategy — whether that’s locking in a lower rate, prepping your home to stand out, or finding a property that fits your long-term goals.
