February 2025
Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of January 2025.
Market Recap
Traditionally a quieter month in the winter season, January’s activity continued the year-over-year growth trends observed in market activity over the last twelve months. The number of closed sales increased by 10.8% year-over-year (3,727 in January 2025 compared to 3,364 in January 2024), and NWMLS brokers added 6,693 new listings to the database in January 2025, an increase of 35.1% compared to January 2024 (4,954).
“For-sale inventories are continuing to rise from historical lows, and that’s helping bring some life to housing market activity in the NWMLS area,” said Selma Hepp, chief economist at CoreLogic.
But questions still abound regarding one of the most critical aspects of today’s market – affordability – and the political and economic factors that influence it.
“Both prices and interest rates continued to increase, having a negative effect on affordability,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. “The median price rose by nearly 4% to $615,000, while interest rates rose from 6.69% at the end of January 2024 to 6.95% now…..