If you’ve been keeping an eye on local real estate, you might be wondering: How much has the market changed since last year? After all, 2024 was already full of big moves. Here’s a breakdown of where we are now vs. where we were  what’s changed, what’s held steady, and what that means for buyers and sellers.

Inventory Has Exploded (in a Good Way for Buyers)

• As of October 2025, the number of active listings in the NWMLS region climbed to 18,791, which is 27% higher than the same time in 2024. 
• Back in October 2024, there were 14,795 active listings, which was already up significantly year over year at the time. 
• Bottom line: There’s a lot more choice on the market now, giving buyers more leverage.

Sales Are Slower Than Last Year

• Pending sales (homes under contract) in October 2025 dropped to 6,739, a 6.4% decline versus October 2024. 
• Closed sales also fell: 6,222 homes closed in October 2025, down 4% compared to 6,479 in October 2024. 
• Interpretation: While inventory is rising, fewer buyers are locking in contracts. That signals a more cautious or selective market.

Prices Are Slightly Softer Than Last Year

• The median sales price for October 2025 was $640,000, which is about 1.5% lower than October 2024’s median of $650,000. 
• In 2024, the median price had been rising strongly  like in October 2024, when prices were higher than they’d been in prior years. 
• What this means: Prices aren’t soaring like in some peak years, but they’re not crashing either. We’re seeing a modest pullback + stabilization.

Months of Inventory Are Increasing — But It’s Not Full Balance Yet

• In October 2025, the NWMLS reported a 3.02-month supply of inventory. 
• That’s notably higher than more typical “seller’s market” conditions, but lower than what’s often considered a balanced market (4–6 months). In October 2024, King County’s months of inventory were even tighter (~1.98 months) per the NWMLS report at the time. 
• Translation: The market has more breathing room than last year, though demand is still there — we’re not flooded.

Mortgage Rate Trends and Buyer Sentiment

• One reason for these shifts: mortgage rates are moderating. In October 2025, 30-year fixed rates averaged around 6.17%, one of the lower points since late 2024. 
• According to NWMLS commentary, while more homes are on the market, many buyers are still constrained by these higher borrowing costs. 
• In short: More inventory + slightly lower rates = opportunity for buyers, but affordability still matters.

Takeaways: What This Means for You

• As a buyer: This could be a very favorable window. You’ve got more homes to choose from, and sellers are less likely to dominate with over-the-top competition. Stay ready, do your homework, and lean into value.
• As a seller: It’s no longer a full-blown feeding frenzy, but the market is still solid. Smart pricing, great presentation, and patience will be your friends.
• Looking ahead: Keep an eye on interest rates and whether inventory continues climbing. Small rate drops or seasonal shifts could make the market more active heading into 2026.

Bottom line: Compared to 2024, the King County market today feels more balanced — not volatile, not broken. It’s an opportunity to be strategic, whether you’re buying, selling, or just thinking about your next move.