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How’s the Market? Q1 2025 Review of Seattle Area Real Estate
Q1 started the year off strong for Seattle-area real estate with the majority of homes selling in the first 10 days on the market and for at or above their listed prices. Median sales prices were also up compared to Q1 of last year. Buyers enjoyed more choice with new listings outpacing sales, steadily increasing our supply of available homes for sale.
What the numbers don’t show yet is that the spring market sprang early, in January and February; now that prime inventory is hitting the market, demand appears to be waning. Our advice to Home Shoppers: don’t take any chances. Just because the last new listing didn’t sell in a competitive situation, doesn’t mean the next one won’t. If you love the home, act with confidence. Our advice to Home Sellers: don’t take any chances. Prep well, price appropriately, and take that first buyer seriously. It’s unpredictable out there.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
The Seattle real estate market continues to show encouraging signs of strength and stability as we step into 2025. Median home prices rose 6% year-over-year to $960,000, building on the 9% increase we saw in Q1 2024 and rebounding from $830,000 in Q1 2023. That’s a remarkable $130,000 gain in just two years. Inventory is also trending in the right direction, with 2,293 new listings this quarter—up 14% from Q1 2024 and significantly higher than the 1,958 new listings in Q1 2023. It appears that need is outweighing the pull of a sub 3% interest rate when considering whether or not to make a move.
Momentum is visible across several neighborhoods. West Seattle, for instance, saw 75% of homes sell at or above list price (up from 71% last year and 70% the year before), while North Seattle maintained its reputation for competitive sales—70% sold at or above list and 66% sold in the first 10 days. Madison Park & Capitol Hill remained a strong performer with an impressive median price of $1,100,000; holding steady year-over-year after a 10% jump last year.
Citywide, 71% of homes sold at or above list price—up from 69% in Q1 2024—and the average price per square foot increased to $580, up 2% from last year. Quick market movement also continues to be a theme, with 62% of homes going pending in the first 10 days.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The Eastside market continues its upward momentum, with a 5% year-over-year increase in median sale price to $1,680,000 in Q1—building on the 14% jump reported in Q1 2024 and the remarkable recovery from Q1 2023’s $1,400,000 low. This marks a $280,000 increase over two years, a clear signal of sustained buyer demand and market strength.
Homes are moving quickly, with 69% selling in the first 10 days—up from 65% last year. Additionally, 72% of homes sold at or above list price, improving consistently from 68% in 2024. East Bellevue (E of 405) stood out with 83% of homes selling in the first 10 days and a 10% jump in median price—continuing its leadership in market competitiveness in recent years.
We also saw notable activity in Redmond, where sales rose 10% and 75% of homes sold in the first 10 days. Kirkland held strong as well, with an 8% increase in median price to $2.21M after last year’s 32% gain. And despite West Bellevue’s sharp 18% price dip, it remains one of the most valuable submarkets with a median price of $3,200,000.
The listing count jumped 21% year-over-year, with 1,833 homes hitting the market—finally turning a corner after multiple years of historically low inventory. Overall average price per square foot also increased 4% to $699.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
Mercer Island’s real estate market launched into 2025 with remarkable momentum. Median sale prices surged 17% year-over-year to $2,937,000—outpacing both Q1 2024’s 13% growth and 2024’s full-year 11% rise. This continued appreciation reflects strong buyer demand and an increase in high-value transactions across neighborhoods like Southend and Northend, which posted some of the highest median sales at $4,401,000 and $4,012,000 respectively.
While total sales volume declined by 21% from Q1 2024, due in part to seasonally low inventory, the market remained highly competitive. Over half (53%) of homes sold within the first 10 days—down from 73% in Q1 2024 but still a strong indicator of buyer urgency. Likewise, 47% of homes sold at or above list price, a notable drop from last year’s 65%, but consistent with Q1’s evolving pace as buyers exercise more discretion amid shifting macro conditions.
Inventory began to bounce back with 66 new listings—12% more than Q1 2024—signaling renewed confidence from sellers. Price per square foot rose modestly by 4% to $846, continuing the stable value trend seen in prior quarters.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
The condo market is off to a strong and balanced start in 2025. With a 15% year-over-year increase in Seattle’s median condo price—now at $635,000—and a 9% increase on the Eastside to $735,000, it’s clear that confidence is returning to this sector. Seattle posted a 19% rise in condo sales, while Eastside transactions grew 15%, building on the momentum established last year. Go Seattle Go! We’re always rooting for downtown condo recovery.
Woodinville condos were the breakout stars this quarter, with a remarkable 108% rise in median sale price and 41% more units sold. Likely due to new construction projects in wine country. Redmond followed suit, reporting a 27% price jump and 36% growth in volume. Meanwhile, West Bellevue remains the most expensive submarket at $1,045,000, despite some pricing fluctuations. Seattle’s North End also had a strong showing, with prices up 3% and more than half of condos selling at or above list price.
In terms of competitiveness, Mercer Island stood out with 80% of its (5) sales happening in the first 10 days—up from 52% last year. This level of demand echoes across the Eastside, where 44% of homes sold within 10 days, up from 39% last year. Seattle mirrored this pace with 35% selling in the first 10 days.
Inventory has expanded as well. New condo listings rose 34% over last year, providing buyers with more choice while keeping upward pressure on prices. The condo market is proving to be as unpredictable as all things in the US today. There are certainly bright spots and it we are cautiously optimistic that Home Shoppers are considering condos a realistic option, unlike years past.
Check out area-by-area details the full condo report.
WATERFRONT
Seattle led the pack with 10 waterfront sales in Q1 of 2025, including the highest sale in the region—an immense 15,321 square foot Magnolia home on over 3 acres and 293 feet of waterfront that sold for $21,500,000. All but 3 of Seattle’s waterfront homes sold within the first 10 days on the market with one Lake Forest Park home going for $160,000 above the asking price.
The Eastside also posted some impressive Q1 sales, including a $16m Hunts Point sanctuary and a $13.125m Italian-inspired stunner at Mercer Island’s southern tip. The most modest waterfront sale was an original 1968 beach house on 58 feet of lakefront in Bellevue that sold for $1,750,000.
This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.
Find a Home | Sell Your Home | Property Research
Neighborhoods | Market Reports | Our Team
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com
© Copyright 2025, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Brooke Davis and Northwest’s Best Real Estate Video & Photography. Eastside cover photo courtesy of Joe C. Liu and Clarity Northwest Photography. Condo cover photo courtesy of Andrea Iverson and Andrew Webb, Clarity Northwest Photography.
How’s the Market? Annual Review of Seattle Area Real Estate
Happy New Year! Whew, we made it! With 2024 now in the books, we’re looking back fondly on a real estate market that showed positive signs of growth in virtually every sector. Median sales prices posted strong double-digit gains on the Eastside along with a healthy 8% rise in Seattle. Listings also rose, easing the strain for buyers grappling with our housing shortage.
If you’ve waited long enough and 2025 is the year for you to make a move, we recommend front loading that decision. Pent up demand (both sellers waiting to sell and buyers waiting to buy) should give us a spring full of blossoming and beautiful inventory. There is less volatility in interest rates than there has been in recent months, you’ll see that the average rate has been rock steady around 6.75% in 2023 and 2024. Overall, this is a great time to buy or sell and I know your real estate professional is excited to help you!
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
From a statistical/real estate perspective, the numbers don’t really reflect the overall vibe of the year. In a good way! It’s all positive news: prices are up, listings are up, and market time is down. The City of Seattle is in full recovery mode. Homeowners are awaiting the new density plan and eager to learn what the city has in store for the core neighborhoods around transit. It’s an exciting time. Median sold price city-wide reached a record $945,000 (modest, as that is $5000 above the previous record set in 2022) and homes sold for an average 104% of list price when they attracted a sale in the first 10 days (58% of the total sales).
Lake Forest Park and Madison Park saw the greatest price gains at 11% and 12% respectively. North Seattle was over all the “strongest” with 66% of homes selling in the first 10 days and 70% of homes selling for at or above list price. There was a modest gain in new listings across the board at 8769, while still lower than typical. The ten-year average is around 10,500 listings per year. No bad news here with average price per square foot gains of 5% to $564!
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
Welcome 2025! We (the real estate community) are feeling hopeful and bullish about what’s to come. So far, the numbers year over year support that. When we reviewed 2023 for the Eastside, the only positive statistic reported was Mercer Island’s 2% rise in the number of home sales. Looking at the 2024 report with that perspective it is ALL good news. New listings are up 14% for the year, while the number of sales are up nearly 10%. This is absorption of inventory to be excited about. Prices are up 11% to a record high of $1,600,000!
Woodinville and the area S of I-90 saw the largest price gains at 16% and 14% respectively, likely enjoying the benefits of buyers ‘pushing out’ because of the pressure of affordability in the core neighborhoods. Kirkland and West Bellevue were among the highest total sales and still a strong showing in price gains at 11% and 8%. Even though Bellevue (E of 405) saw the most modest price gains this was arguably the most popular neighborhood with 74% of homes selling in the first 10 days and 71% selling for at or above asking price!
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
2024 was a solid year for Mercer Island: 11% overall price growth, on average 98% list to sales price ratio, and a respectable 32 cumulative days on market. This was a year of calm and confident decisions made by the entire real estate market. Home buyers and sellers alike. Looking to the neighborhoods there were two that stood out in relation to 2023: The Eastside and The Lakes where total sales had massive growth. 26 homeowners (vs 11 in 2023) moved on the Eastside and in the Lakes there were 4 transactions, a whopping change given that there were no sales reported on the MLS in 2023. The Island has not yet reached the peak prices from 2022, but we’re on our way!
Shifting to the condo market, 2024 was a sleepy year. With 47 new listings and 33 sales (both about 20% lower than in 2023), the average list to sales price ratio of 101% surprised us! Total median price is down YOY by about 8%, but with such little data to draw from this number tends to swing more than most. The overall price swing was from $339,000 for a studio to $1,775,000 for a 2 bedroom luxury unit. 19 of the 33 sales were 2 bedroom units. All in all condos on the island are a necessary market segment that we continue to watch closely as an overall indicator of market health.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
In reviewing last years’ report, there was so much RED! This year is a refreshing change with some positive numbers sprinkled in. Even the pockets that remain flat feel like good news, after all, a push is a win! Perspective is everything, in life and in real estate. This year was absolutely a bright spot for condos in the last several months. This was due in large part to external factors: affordability issues in single family, perceived ‘high’ interest rates, continued density issues in the ‘burbs, and major employers recall to office. Urban life in both Seattle and on the Eastside are experiencing a renaissance and we’re here for it!
The headline in Seattle is that prices are UP! Downtown saw an increase of 8% to a median price of $650,000. Though, North Seattle carried the day with an eye popping 18% increase in median price. While price per square foot was flat on average, new listings are up 21% YOY. Sellers are dipping their toes back in the market at higher prices (up 5.3%) and seeing moderate success with total sales down 3% (compared to a 26% drop in 2023). Buyers know they have options and will wait to pick off the low hanging fruit: best perceived value for their dollar.
Meanwhile, on the Eastside: prices are up, listings are up, sales are up. A nice headline, but let’s break it down. New listings rose a whopping 34% year over year (which you may remember saw a 23% dip from 2022). Demand was steady with total sales up 15% YOY; we didn’t quite absorb all of the new inventory but that is to be expected. So, even with a relatively high absorption rate prices rose to a record high median of $695,000. The stars of this price gain are, not surprisingly, Kirkland and West Bellevue at 28% and 24% respectively. We can’t wait to see what 2025 will bring!
Check out area-by-area details the full condo report.
WATERFRONT
The Eastside saw a huge boost in waterfront sales with 50% more sold in 2024 than 2023. Mercer Island and Lake Sammamish posted similar sales gains of 45% and 43% respectively. While Seattle had 2 fewer sales than the year prior, its waterfront homes sold faster than in any other area and fetched higher selling prices as compared to list prices.
The highest waterfront sale was $38,900,000 for an immense 13,590 sq. ft. Medina estate on 117 feet of Lake Washington shoreline. The most modest sale was $1,400,000 for a 1960 Ralph Anderson original on Seattle’s Arroyo Beach.
This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.
Find a Home | Sell Your Home | Property Research
Neighborhoods | Market Reports | Our Team
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com
© Copyright 2025, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Michael Fleming and Clarity Northwest Photography. Mercer Island cover photo courtesy of The Sirianni Group and Clarity Northwest Photography. Condo cover photo courtesy of Luke Bartlett and Matthew Gallant, Clarity Northwest Photography.
How’s the Market? Q3 2024 Review of Seattle Area Real Estate
While Q3’s summertime market slowed a bit from the frenetic spring pace of Q2 (we call this the “Summer Slump”), median home values are up across the region compared to this time last year. Most homes still sold at or above their listed prices in the first 10 days on market. However, buyers had more choice with higher inventory levels AND some room to negotiate on price for those homes that stayed on the market past the 10-day mark.
What does this mean for the rest of 2024? We typically see buyer activity decrease as we head into the holidays, and of course, it’s also election season. If you’ve been considering a purchase and are of the mindset that you don’t want to compete, THIS IS YOUR MARKET! For sellers the average days on market in Q3 was 20 for Seattle and 18 for the Eastside. Which means: if your price didn’t attract a buyer in the first two weeks, it’s probably time to re-evaluate. Interest rates are better than they’ve been since mid 2022. Quality inventory is being presented to the market. If you see a great house, be prepared to move quickly. Opportunity Knocks.
Click or scroll down to find your area report:
Seattle | Eastside | Mercer Island | Condos | Waterfront
SEATTLE
Lots of good news in Seattle during our post-summer glow. Prices are up year over year by 5% to $937,000. While we’re still under the peak median of $1,000,000 set in Q2 of 2022 and $970,000 from last quarter, this is so typical for Q3. We’ve seen it every year from Q2 to Q3 going back to 2018 (except in 2020 largely because the real estate market shut down completely in Q2). Buyers had lots of choice, with more inventory to end the quarter than we’ve had since Q3 of 2022. Even with these buyer bright spots we still saw 56% of homes sell in the first 10 days and 34% over the asking price.
Average price per square foot and median price were in positive territory across the board this quarter in all neighborhoods. Richmond Beach/Shoreline and Madison Park/Capitol Hill both saw larger than typical gains in $/sq.ft. (11%) and median price (10%) respectively. North Seattle appeared to be the “hottest” market around with 64% of homes selling in the first 10 days. Again, really great numbers in Seattle given that Summer Slump was in full effect.
Click here for the full report and neighborhood-by-neighborhood statistics!
EASTSIDE
The Eastside continues to be the region’s crown jewel of real estate. Median prices are up again year over year by 8%. Most of us felt what we lovingly call the Summer Slump, and the numbers confirmed this. Prices (median) AND transactions were down 6% overall when compared against Q2 of 2024. That’s a $100,000 dip in median sales price if you missed the spring market. This is absolutely typical for the PNW and Metro King County. Seasonally our peak seasons are spring and post Labor Day/pre-holiday. This year that may be disrupted by election distractions. Time will tell if it’s a market lacking in consumer confidence or simply existential distraction.
The micro markets across the Eastside are fairly homogeneous. Among the 8 neighborhoods that we track, the median price swing was 3-11% but all in a positive direction. Total transaction volume is up 18% signaling that eventually life changes will trump a 2.5% interest rate. While homes were mostly selling in the first 10 days, multiple offers/paying over asking price were not the norm. In fact, the split between at, above, and below was relatively even.
Click here for the full report and neighborhood-by-neighborhood statistics!
MERCER ISLAND
Fall has come for Mercer Island. The summer construction on Island Crest is done, school buses are out en force, and those filtered views that only come out in winter are starting to show. It’s time to look back fondly at the summer real estate market: prices are up YOY by 3% to $2,440,000 to end the quarter. This is likely more about trailing gains from a robust spring than it is about actual gains from Q3, given the indicators. A whopping 40% of homes sold under list price. It took 40% longer than 10 days to sell (not necessarily the same 40%) but only for about a 2% discount. This suggests that seller pricing and buyer motivation are evenly matched. There were 50 active listings at end of quarter, the most since Q2 of 2020 when real estate shut down completely.
Focusing on neighborhoods, The Lakes, Mercerwood, Mercerdale, and Mercer Island Estates saw 100% of homes sell in the first 10 days for an average of 102% of sales price. This goes to show that in any market, despite overall conditions, there will always be “hot homes.” Mid-Island had the most overall activity with 22 of the 68 sales across the Island. These occurred at $865/foot and 16 of the 22 homes sold in the first 10 days for at or above list price.
Click here for the full report and neighborhood-by-neighborhood statistics!
CONDOS – SEATTLE & EASTSIDE
Once again, we’re rooting for the Seattle condo market as it proves to be the little engine that could! Chugging along toward modest price gains even when the rest of the market seems to be struggling a bit, Seattle condo prices have held steady for the last 6 quarters, with mostly positive change. Eastside condos hit a median price all-time high in Q2 at $709,000. We’re off of that a touch to $690,000 in Q3, to be expected after a beautiful summer. The Eastside ended the quarter with 29% more listings than this time last year and only 13% more sales. Mounting inventory tends to lead to price softening. Overall, nearly 50% of condos sold for at or above their list price!
When you compare the charts in the report, there is admittedly more positive news on the Eastside than in Seattle. Overall, we’re encouraged that despite many neighborhoods experiencing a drop in sales, average price per sq. ft. held flat and median price is up overall. On the Eastside it’s still great news all around for the market, especially in West Bellevue with 26% median sales price gains and total sales up 55%.
Friendly PSA: PLEASE remember that there is a ‘first rung’ of the property ladder. CONDOS create an affordable option to start building wealth at a younger age. It’s an important real estate product that has been overlooked. I am hopeful that enterprising young homeowners return to the condo market in droves this next real estate cycle.
Check out area-by-area details the full condo report.
WATERFRONT
While a bit slower compared to last quarter, waterfront sales remained strong in Q3 with 10 on the Eastside and 8 in Seattle. Lake Sammamish moderated in summer with just 5 sales compared to the crazy 15 we saw in spring, while Mercer Island stayed fairly steady with 4 (compared to 6 in spring). The highest sale was nearly $18 million for an immense Wendell Lovett designed 6,920 sq. ft. home on 125 feet of prime “gold coast” waterfront in Medina. The most modest sale was also on the Eastside—an original 1943 cottage on 53 feet of west-facing waterfront in Kennydale.
This brief overview of the entire Seattle-Eastside private waterfront market, including Mercer Island and Lake Sammamish, illustrates the trends occurring in our region over time. This data is interesting and insightful but cannot replace an in-depth waterfront analysis with your trusted professional.
Find a Home | Sell Your Home | Property Research
Neighborhoods | Market Reports | Our Team
We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative, and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.
2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446
mercerisland@windermere.com
© Copyright 2024, Windermere Real Estate/Mercer Island. Information and statistics derived from Northwest Multiple Listing Service and Trendgraphix, and deemed accurate but not guaranteed. Seattle cover photo courtesy of Kathryn Buchanan and Brandon Larson, Clarity Northwest Photography. Mercer Island cover photo courtesy of The Sirianni Group and Clarity Northwest Photography. Condo cover photo courtesy of Julie Wilson and Bobby Erdt, Clarity Northwest Photography. Waterfront cover photo courtesy of Anni Zilz and Andrew Webb, Clarity Northwest Photography.
