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Medawar Market Musings | June 2025

Housing Market Updates

From the NWMLS: Available inventory in all NWMLS areas experiences highest growth since 2022

Published on: July 3, 2025

Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for June 2025.

Market Recap

Inflation and unemployment concerns prompted the Federal Reserve to maintain the federal funds rate at its current level, “giving a general indication of trends that may affect mortgage rates,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER). Mortgage rates remain stubbornly high at 6.77%, making affordability a challenge for prospective buyers. “The continued anticipation of inflation and concerns about increasing government debt suggests that mortgage interest rates are not likely to go down any time soon,” continued Bourassa.

However, June did show some positive signs for future buyers. The number of active listings reached 19,837 , marking the first time since September 2022 that all 27 counties in the NWMLS service area experienced double-digit, year-over-year increases in inventory. In addition, the median home price remained relatively stable from May 2025 (increasing 1.52% from $660,000 to $670,000 in June 2025) and increased just 3.08% year-over-year from June 2024’s median price of $650,000.

Selma Hepp of Cotality indicated that though mortgage rates may be daunting, the “increase in the availability of homes for sale and the softening of home prices” indicates the NWMLS service area “is experiencing a re-balancing of housing market trends.”

“As prices moderate, opportunities open up for buyers who have been priced out, which may help stabilize the home market,” continued Hepp.

June 2025 Key Takeaways

Active and New Listings

• There was a 38.82% increase year-over-year in the total number of properties listed for sale in the NWMLS service area, from 14,393 in June 2024 to 19,837 active listings in June 2025. When compared to May 2025, June experienced an 8.34% increase from 18,310 listings.

• All 27 counties in the NWMLS service area experienced double-digit, year-over-year increases in active listings.

• The six counties with the highest increases in active inventory were Columbia (+70%), Grant (+61.59%), Snohomish (+50.96%), Whatcom (+49.02%), King (+46.69%) and Adams (+46.51%).

Closed Sales and Months of Inventory

• The number of closed sales increased by 1.01% year-over-year, up from 6,627 in June 2024 to 6,694 in June 2025. When compared to the previous month, the number of closed sales increased by 3.51% , up from 6,467 sales in May 2025.

• 13 out of 27 counties saw an increase in the number of closed sales year-over-year. The six counties with the largest increases were Adams (+55.56%), Columbia (+33.33%), Lewis (+29.73%), Kittitas (+17.53%), Douglas (+10.87%) and Mason (+7.37%).

• A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take a little less than 3 months (2.96) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in June 2025 were Kitsap (2.05), Snohomish (2.12), Thurston (2.19), Pierce (2.65), King (2.72) and Skagit (2.9).

Median Sales Price and Total Dollar Value

• Overall, the median price for residential homes and condominiums sold in June 2025 was $670,000, a slight increase of 3.08% when compared to June 2024 ($650,000). When compared to last month, the median price increased 1.52% from $660,000 in May 2025.

• The three counties with the highest median sale prices were San Juan ($1,035,000), King ($913,563) and Snohomish ($775,000), and the three counties with the lowest median sale prices were Columbia ($275,000), Adams ($320,000) and Ferry ($340,000).

• The total dollar value of closed sales in June 2025 for residential homes was $5,165,615,491 and was $561,482,665 for condominiums ($5,727,098,155 in total).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during the month of June 2025:

• Keyboxes located at listed properties were accessed 171,595 times in June 2025, a 4.5% decrease from May 2025 when they were accessed 179,613 times. Keybox activity increased year-over-year by 4.9% , with keyboxes being accessed 163,536 times in June 2024.

• The total number of property showings scheduled through NWMLS-provided software decreased 6.8% from 132,501 in May 2025 to 123,541 in June 2025. This was a year-over-year increase of 3.1% from the number of showings in June 2024 (119,775).

• In June 2025, there were 19,942 listed properties that were eligible for the Down Payment Resource program offered by NWMLS, a 2.3% decrease from 20,416 in May 2025. This was a 24.5% year-over-year increase from 16,015 eligible listings in June 2024.

King County- Residential - Source: NWMLS