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Affordability and inventory remain challenges for the market
Published on: March 5, 2025
Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for the month of February 2025.
Market Recap
Traditionally a quiet month, February’s market activity reflected consumer sentiment in two important areas: affordability and available inventory.
30-year mortgage rates dropped slightly from 6.95% to 6.76%, but that may not be enough to encourage buyers when faced with continuing rising prices. The median price for residential homes and condominiums rose 2.4% from $615,000 in January 2025 to $630,000 in February 2025.
Although the number of active listings is significantly higher than a year ago (39.4% greater), the annual growth in the number of transactions is much smaller (only 1.9%). “On balance relative to a year ago, more homeowners are wanting to sell,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER), “but buyers continue to be challenged by affordability.”
Overall, inventory levels remain stubbornly low. Most industry experts consider a balanced market to have 4 to 6 months of inventory. However, at the current rate of sales, it would take less than two and a half months (2.45) to sell every home that is for sale in the NWMLS service area. Read More
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