NWMLS: Housing Inventory Rises, Prices Ease Across Washington in September

Housing inventory is climbing, giving buyers more options, while home prices are showing signs of moderation after years of rapid growth, the Northwest Multiple Listing Service reported today in its September market report for the 27 counties it covers.

The median sales price of single-family homes and condominiums combined in September dipped 0.7% year-over-year, from $635,000 to $630,700, and fell 3% month-over-month from August’s $650,000, for all counties combined, NWMLS said, noting similar month-over-month declines in King, Snohomish, and Pierce counties.

Interest rates have declined slightly, but not enough to significantly impact the market, it said.

The average 30-year fixed-rate mortgage was 6.34% for the week ending Oct. 2, according to Freddie Mac’s Primary Mortgage Market Survey. That was up from 6.12% for the corresponding week in 2024. The 2025 rate peaked in January at 7.04%.

“House prices in the NWMLS service area have generally been sluggish in response to high interest rates,” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said in the report. “Initially, high interest rates discouraged both sellers and buyers, but in recent months, sellers have been listing properties at a faster rate than buyers have been purchasing them. To some extent, these changes may reflect typical seasonal fluctuations, but at some point the laws of supply and demand may prevail, and prices may lose some of their stickiness.”

In King County, the median sales price of single-family homes and condominiums combined was $850,000 last month, down 1.2% from September 2024.

In Snohomish County, the combined median sales price was $722,525, down 4.9%.

Examining single-family home sales only, the median sales price in King County last month was $957,000, up 0.7% from a year ago. On the county's Eastside, where home prices are highest, the median was $1.575 million, up 3.1%. Bellevue, west of Interstate 405, posted the highest median sales price on the Eastside: almost $3.7 million, up 5.4%, on 23 sales.

The median sales price for single-family homes in Snohomish County last month was $750,000, down 3.2%. The southeast county was the county’s priciest submarket, $1.225 million, up 7.8% on 112 sales.

“Seattle’s housing market is continuing to rebalance following large swings in prices and demand in the last few years,” Selma Hepp, chief economist at Cotality, said in the NWMLS report today. “Improved affordability is certainly helping attract home buyers — especially for mid-range and tech-enhanced homes, that are now facing less competition than in the years prior. Home prices are expected to move sideways and pick up again in early 2026 with the spring home buying market, though overall rate of appreciation will be slower as buyers’ incomes catch up and affordability remains the top concern.”