November 2025 NWMLS Market Update
November wrapped up with a market that felt pretty familiar for this time of year: slower pace, more homes available, and buyers still out there exploring their options. According to the latest Northwest Multiple Listing Service (NWMLS) report, inventory continues to trend upward compared to last year, even as we settle into the usual winter slowdown.
Inventory Continues to Rise
The biggest standout this month was the jump in active listings. Inventory climbed nearly 24% year-over-year, giving buyers more breathing room and more choices. Even though month-over-month inventory dipped (totally normal as we move deeper into winter), the overall supply is still meaningfully higher than last fall.
Some counties saw especially strong gains, including:
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Jefferson (+47.9%)
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Thurston (+46.6%)
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Snohomish (+41.7%)
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Walla Walla (+38.7%)
Across the NWMLS service area, 20 out of 27 counties posted double-digit increases.
Sales Softened
Closed sales slowed in November, dropping 10.6% year-over-year and 21.7% month-over-month. As usual, this lines up with the seasonal dip, fewer new listings, holiday travel, and shorter days all play a part.
Some counties felt the shift more than others, including Okanogan, Chelan, and Skagit.
Prices Adjusted Slightly
The median sales price settled at $630,000, a mild 2.3% drop from last year. Month-over-month, prices dipped by 1.6%. While that’s not a major slide, it shows the market adjusting as rates, inventory, and demand continue to rebalance.
Counties with the highest median prices:
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San Juan – $1,025,000
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King – $830,000
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Snohomish – $719,000
Counties with the most affordable medians:
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Pacific – $283,400
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Columbia – $295,000
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Adams – $320,000
Mortgage Rates Held Steady
Rates leveled off in November, ending around 6.23%. According to Steven Bourassa of the Washington Center for Real Estate Research, rates paired with typical seasonal patterns played a major role in the month’s lower sales and softer pricing.
Buyer Activity Stayed Stable
Even with the slowdown, buyers didn’t disappear:
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Property showings were almost identical to last year, up 0.9%.
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Keybox activity increased 6.3% year-over-year, showing steady interest.
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Month-over-month activity dipped, but that’s expected with the holidays.
More Down Payment Help Available
One bright spot: nearly 76% of listings were eligible for NWMLS Down Payment Resource programs, a big jump from last year. This keeps opportunities open for buyers who may need extra support getting into a home.
Bottom Line
November’s data paints the picture of a market shifting into winter mode: more homes available, stable buyer interest, and gently adjusting prices. For sellers, thoughtful pricing and good presentation matter more than ever. For buyers, choice and opportunity continue to grow. Especially with so many homes offering down payment assistance options.
source: https://www.nwmls.com/rising-inventory-amid-slower-sales/
