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Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its 2025 Annual Report on sales and listing activity. The report reflects the work of its more than 31,000 real estate brokers in over 2,400 member offices.
Sales Recap
NWMLS brokers reported 67,929 residential and condominium sales in 2025, totaling more than $55 billion in closed volume. Residential homes accounted for nearly 86.5% of all sales, with condominiums comprising the remaining 13.5%.
The number of closed sales showed a slight year-over-year increase of 0.21%, up by 141 transactions compared to 2024’s total of 67,788. Total dollar volume also edged upward from just under $54.5 billion.
The median sales price for completed transactions reached $644,500, a 0.7% increase over 2024’s median of $640,000. For perspective, the median price in 2015 was $310,000, illustrating a decade of sustained home value growth. Homes sold for an average of 99.6% of the list price, reflecting a market that has gradually shifted away from the extremely competitive bidding conditions seen in earlier years.
Despite increased inventory, affordability constraints continued to weigh on market activity. Average active listings rose more than 34% compared to 2024, while new listings increased by only 8.9%, implying a longer time on the market for listings. As a result, sales transactions remained virtually unchanged, and median prices rose by less than 1%.
“Affordability constraints continue to put a damper on sales activity,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington. “Average 30-year mortgage rates dropped only slightly last year, from 6.72% in 2024 to 6.60% in 2025, which was not enough to overcome buyers’ affordability issues, particularly when prices were more or less stable. However, rates were declining toward the end of 2025, which could lead to greater affordability and more transactions in 2026 if the trend continues.”
Listing Activity
Brokers added 101,363 new listings in 2025; an 8.9% increase compared to the 93,077 listed in 2024. New listings peaked in May with 13,129 added to the market.
When reviewing the overall inventory of all active listings, on average there were 16,007 active listings in the NWMLS database each month in 2025, a 34.4% increase from 2024’s average of 11,910.
Months of supply averaged 2.83 months, an improvement from the previous year’s 2.11 months, but still short of the 4–6 months typically associated with a balanced market. Inventory levels were lowest in March at 2.15 months and highest in September at 3.25 months.
Snapshot of Prices
Both the residential median price ($660,000) and condominium median ($500,000) remained virtually unchanged year-over-year compared to 2024.
Seven of the state’s ten highest priced school districts were in King County, led by Mercer Island with a $2.5 million median price. Outside King County, Bainbridge Island topped the list at $1.31 million.
Three-bedroom home prices varied significantly across Washington, from $1,030,000 in San Juan County to $282,000 in Columbia County. King County recorded the highest number of 3-bedroom sales with 7,222 homes sold.
Snapshot of Condominiums
Condos represented 13.5% of all 2025 sales (9,200 units). King County accounted for the majority, with over 60% of all condo transactions Snohomish County had the second most condominium sales with 17.57%.
The area wide median condo price was $500,000, nearly identical to the previous year. King County led the state with a median price of $560,000, up 1.83% year over year. Grays Harbor County recorded the lowest median at $105,000.
Snapshot of New Construction
NWMLS brokers closed 9,035 new construction sales, making up approximately 13.3% of all sales. The median price for newly built homes and condos rose slightly to $745,000, up 0.68% from 2024. New residential homes had a median sales price of $720,000, while the median price of new construction condos reached $900,000. While the average number of listings for newly constructed units increased by 29%, total new listings declined by about 3%, indicating that these new homes remained on the market for longer periods. Sales of new units dropped by 6% between 2024 and 2025; however, sales of single-family units dropped by 10% while sales of condos rose by 22%.
2025 Statistical Review & Highlight Report
View the comprehensive 2025 Statistical Review & Highlights Report for more information.
2025 County Statistical Reports
Download the individual PDF county reports
Market Trends & Statistics
View Historical Real Estate Statistics.
Get granular on real estate statistics with interactive charts encompassing the length of active, new, and additional metrics.
About Northwest Multiple Listing Service
As the leading resource for the region’s residential real estate industry, NWMLS provides valuable products and services, superior member support, and the most trusted, current residential property and listing information for real estate professionals. NWMLS is a broker-owned, not-for-profit organization with more than 2,400+ member offices and 30,000+ real estate brokers in Washington state and Oregon. NWMLS operates regional service centers throughout its coverage area, providing dedicated support to its members and fostering a robust, cooperative brokerage environment.
NWMLS offers a home listing search and comprehensive broker database at https://www.nwmls.com.