Rising Inventory Amid Slower Sales

Published on: December 3, 2025

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

Market Recap

November 2025 saw more homes on the market year-over-year, with active listings up nearly 24%. Month-over-month, inventory declined as expected for this time of year, reflecting the typical seasonal slowdown heading into winter. Closed sales softened as well, falling 10.6% compared to last year and 21.7% month-over-month. The median sales price edged down slightly to $630,000.

Buyer activity remained steady, with property showings holding close to last year’s levels. Nearly 76% of listings were eligible for the NWMLS Down Payment Resource program, offering continued support and opportunities for homebuyers. Overall, the data reflects a market experiencing rising supply, moderate price adjustments, and stable buyer engagement heading into winter.

“Mortgage interest rates leveled off in November, ending the month at 6.23%. Persistent interest rates, combined with the usual seasonal downturn at this time of the year, have caused prices and sales to drop both month-over-month and year-over-year.” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington.

November 2025 Key Takeaways

Active Listings

• There was a 23.9% increase in total number of properties listed for sale year-over-year, with 15,557 active listings on the market at the end of November 2025, compared to 12,558 at the end of November 2024. When compared to the previous month, active inventory decreased by 3,234 listings (-17.2%), down from 18,791 in October 2025.
• The number of homes for sale year-over-year increased in all of NWMLS’s coverage area, with 20 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Jefferson (+47.9%), Thurston (+46.6%), Snohomish (+41.7%), Walla Walla (+38.7%), Clallam (+35.6%), and Okanogan (+33.8%).

Closed Sales

• The number of closed sales decreased by 10.6% year-over-year (4,870 in November 2025 compared to 5,446 in November 2024). When compared to the previous month, the number of closed sales decreased by 21.7%, down from 6,222 sales in October 2025.
• 18 out of 27 counties saw a decrease in the number of closed sales year-over-year, while 6 saw an increase, and 3 showed no change. The six counties with the largest decreases were Okanogan (-34.3%), Chelan (-26.7%), Skagit (-23.2%), Kitsap (-20.1%), Mason (-14.6%), and Snohomish (-14.6%).

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in November 2025 was $630,000 — a decrease of 2.3% when compared to November 2024 ($645,000). Compared to the previous month, the median price decreased by 1.6% ($640,000 in October 2025).
• The three counties with the highest median sale prices were San Juan ($1,025,000), King ($830,000), and Snohomish ($719,000), and the three counties with the lowest median sale prices were Pacific ($283,400), Columbia ($295,000), and Adams ($320,000).
• The total dollar value of closed sales in November 2025 for residential homes was $3,379,724,300 and was $374,081,902 for condominiums ($3,753,806,202 in total).

Consumer and Broker Activity

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

• Keyboxes located at listed properties were accessed 118,500 times in November 2025, a 6.3% increase in year-over-year activity, with keyboxes being accessed 111,482 times in November 2024. Month-over-month, keybox activity decreased 18.5% from 145,459 accesses in October 2025.
• The total number of property showings scheduled through NWMLS-provided software increased .9% year-over-year, from 84,997 showings in November 2024 to 85,729 in November 2025. Compared to the previous month, the number of showings decreased 19.9% (106,980 in October 2025).
• In November 2025, there were 17,913 listed properties that were eligible for the Down Payment Resource program offered by NWMLS. This was a 20.3% year-over-year increase from 14,887 eligible listings in November 2024. 75.9% of listings in the NWMLS database were eligible for down payment program assistance, a month-over-month increase of 2.7% compared to October 2025, when 73.9% of listings were eligible.