Seattle, WA Housing Market Report

The Seattle-Tacoma-Bellevue housing market is currently undergoing a significant transition toward more balanced conditions, though it remains a challenging environment for both parties. As of December 2025, the median home value stands at $832,857, reflecting a modest year-over-year decline of 2.11%. The most striking shift in the market is the surge in active inventory, which has climbed by over 24% compared to last year. With 6,857 homes currently available and properties sitting on the market for an average of 67 days—two weeks longer than a year ago—buyers finally have the breathing room and selection that were absent during the hyper-competitive post-pandemic years.

Despite the annual dip in values, a closer look at the last six months reveals a resilient recovery trend. After hitting a low point in August 2025 at $823,927, prices have climbed steadily for four consecutive months. This suggests that while the market corrected from previous highs, demand in the Pacific Northwest remains fundamentally strong. The sale-to-list ratio currently sits at exactly 1, indicating that homes are generally selling for their asking price. This stability suggests that sellers have adjusted their expectations to meet current mortgage rate realities, while buyers are finding value in a less frantic bidding environment.

Looking ahead, the rental market continues to show strength with a median rent of $2,182, up 2.76% year-over-year. For potential buyers, this narrowing gap between the cost of renting and the cost of ownership may provide further incentive to enter the market. Sellers should be prepared for longer marketing periods and must ensure their homes are priced accurately from day one to compete with the increased inventory. For buyers, the current climate offers a rare window of opportunity to negotiate and conduct thorough due diligence without the pressure of immediate multiple-offer scenarios that previously defined the Seattle metro area.