Seattle Real Estate Market Update – April 2025

As we move further into spring, Seattle's real estate market continues to show signs of resilience and activity. Here's a snapshot of the latest developments:

Market Overview

• Median Sale Price: Seattle’s median home price stands at $857,000, reflecting a 1.4% increase year-over-year
  Source: Redfin

• Inventory Levels: The market remains tight with approximately 1.6 months of inventory, indicating a seller's market
  Source: The Madrona Group

• Days on Market: Homes are selling quickly, with an average of 9 days on the market
  Source: Redfin

Buyer and Seller Insights

For Buyers:
Despite rising prices, the slight increase in inventory offers more options. Mortgage rates are hovering around 6.74%, which—while higher than in past years—are motivating many buyers to act sooner rather than later.
Source: HomePro Associates

For Sellers:
The low inventory continues to favor sellers, but pricing competitively and ensuring your home is market-ready remains essential to stand out.

Notable Market Activity

• Luxury Market Highlight: Jeff Bezos sold his Hunts Point mansion for a record-breaking $63 million, marking the most expensive residential transaction in Washington State's history
  Source: NY Post

• Zoning Changes: Seattle’s City Council approved a rezone in the SoDo district to allow residential housing. However, the Port of Seattle has filed a legal challenge, citing concerns over preserving industrial land use
  Source: Axios Seattle

Looking Ahead

As we progress through April, the market is expected to maintain its momentum. Buyers should be prepared to act swiftly, and sellers can capitalize on high demand by presenting their properties in the best possible light.

Stay tuned for next week's post, where we'll dive into the latest mortgage trends and what they mean for your real estate decisions.