Seattle’s red-hot housing market continues to set records, but a surge in available listings is offering some long-awaited breathing room for buyers.
New data shows that as of June 2025, the Emerald City recorded its highest number of active home listings since 2015, just over 10,700 homes were on the market, representing a nearly 50% increase compared to the same time last year.
At the same time, Seattle’s median sales price hit a new all-time high of $766,725, making it the third-highest among major U.S. cities. Only Urban Honolulu ($780,000) and San Francisco ($1,212,500) reported higher figures, according to REMAX. King County as a whole saw even steeper prices, with the median sale in June reaching $1,034,000, up nearly $79,000 from the previous year.
The combination of rising prices and growing inventory might seem unusual. But real estate professionals say Seattle’s strong job market and steady demand from high-income earners are keeping prices afloat, even as more homes sit unsold for longer periods.
“It’s a strange dynamic,” said John Manning, Managing Broker at REMAX Gateway in Seattle. “Typically, when inventory spikes like this, we’d expect to see downward pressure on prices. But Seattle’s economic engine continues to give buyers the ability to compete at higher price points.”
Homes are now sitting on the market for an average of 24 days, compared to just 18 days in June 2024, a shift that’s giving buyers more time, more choices, and more leverage.
Jeff Tucker, Principal Economist at Windermere Real Estate on Lake Union, says this cooling pace could actually benefit those looking to buy.
“With more listings and longer market times, buyers are gaining back some negotiating power,” Tucker said. “We’re seeing more concessions, things like sellers covering closing costs or agreeing to repairs that wouldn’t have been on the table a few years ago.”
Tucker also cautioned against waiting for mortgage interest rates to drop significantly, noting that rate movements are currently tied up in broader political and economic uncertainty.
“Even if the Federal Reserve cuts short-term rates, that doesn’t automatically translate into cheaper mortgages,” he explained. “Those are more closely tied to long-term bond yields like the 10-year Treasury.”
Instead, he advises buyers to focus on what they can afford now, and to think long-term.
“If you find a home you love and can afford, don’t hold off waiting for the perfect rate. You can always refinance down the road if the market shifts,” he said.
With far more homes to choose from and less competition at open houses, many believe now may be the best shot buyers have had in years to find a place that fits their needs, and negotiate a better deal in the process.
“In a diverse city like Seattle, every neighborhood offers something unique,” Tucker said. “When you have 50% more listings to explore, your chances of landing the right home are better than they’ve been in a long time.”
