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Click here for a current, at-a-glance look at the Snohomish County Real Estate Housing Forecast. Please continue reading for our expanded report.
Northwest MLS, the source for the most current, accurate market listing data in Washington state, today released its Market Snapshot for January 2025.
Market Recap
Traditionally a quieter month in the winter season, January’s activity continued the year-over-year growth trends observed in market activity over the last twelve months. The number of closed sales increased by 10.8% year-over-year (3,727 in January 2025 compared to 3,364 in January 2024), and NWMLS brokers added 6,693 new listings to the database in January 2025, an increase of 35.1% compared to January 2024 (4,954).
For-sale inventories are continuing to rise from historical lows, and that’s helping bring some life to housing market activity in the NWMLS area.
But questions still abound regarding one of the most critical aspects of today’s market – affordability – and the political and economic factors that influence it.
“Both prices and interest rates continued to increase, having a negative effect on affordability,” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. “The median price rose by nearly 4% to $615,000, while interest rates rose from 6.69% at the end of January 2024 to 6.95% now.”
“Moreover, new immigration policies are expected to have an inflationary impact on home construction costs,” he continued, “And the National Association of Home Builders has warned that tariffs on imports from Canada and Mexico would have a significant impact on materials such as lumber and gypsum, while multiple researchers have documented the possible impact of immigration policy on labor supply for home builders.”
All of this suggests that the affordability of homeownership, which has been declining, will continue to do so.
February 2025 Key Takeaways
Active Inventory for sale
- The number of homes for sale increased 44.6% year-over-year throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit increase compared to January 2024. There were 10,241 active listings on the market at the end of January 2025, compared to 7,084 at the end of January 2024.
- The five counties with the highest increases in active inventory for sale were Snohomish (+96.9%), King (+62.6%), Skagit (+54.4%), Kittitas (+53.8%) and Grant (+48.8%).
- At the current rate of sales, there are less than three months (2.75) of available inventory.
Closed Sales
- There were 3,727 closed sales of residential homes and condominium units in January 2025, an increase of 10.8% when compared to January 2024 (3,364).
- The total dollar value of closed sales in January 2025 for residential homes was $2,471,486,679 and $377,558,816 for condominiums ($2,849,045,495 in total), an increase of 17.4% when compared to January 2024.
Median Sales Price
- The median price for residential homes and condominiums increased by 3.6% year-over-year from $593,500 in January 2024 to $615,000 in January 2025.
- The three counties with the highest median sale prices were San Juan ($850,000), King ($799,000), and Snohomish ($748,752), and the three counties with the lowest median sale prices were Ferry ($239,000), Okanogan ($318,000) and Grays Harbor ($329,000).
New Construction
- NWMLS brokers reported 722 closed sales of new construction units in January 2025. This was a year-over-year increase of 17% when compared to January 2024 (617 units).
- The median sales price for new construction homes sold in January 2025 was $760,500, an increase of 8.6% from the January 2024 price of $700,000.
Consumer and Broker Activity
NWMLS also provided insights into consumer activities during January 2025:
- Keyboxes located at listed properties were accessed 115,922 times in January 2025, a 40% increase in activity from December 2024 when they were accessed 82,655 times. Keybox activity increased by 10% year-over-year, with keyboxes being accessed 105,253 times in January 2024.
- The total number of property showings scheduled through NWMLS-provided software increased 57% from 63,610 in December 2024 to 99,979 in January 2025. This was a year-over-year increase of 7% from the number of showings in January 2024 (93,530).
- In January 2025, there were 12,785 listed properties that were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 12% year-over-year increase from January 2024.
Active Listings
There was a 44.6% increase in total number of properties listed for sale year-over-year, with 10,241 active listings on the market at the end of January 2025, compared to 7,084 at the end of January 2024. When compared to last month, active inventory increased by 717 listings (+7.5%), up from 9,524 in December 2024.
The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit year-over-year increase. The counties with highest year-over-year increases in active inventory for sale were Snohomish (+96.9%), King (+62.6%), Skagit (+54.4%), Kittitas (+53.8%), Grant (+48.8%), and Island (+48.7%).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
New Listings
NWMLS brokers added 6,693 new listings to the database in January 2025, an increase of 35.1% compared to January 2024 (4,954). When compared to last month (December 2024), new listings increased by 111.4%, when 3,166 listings were added to the NWMLS database.
The six counties with the largest increase in the number of new listings added to the NWMLS database last month were San Juan (+145.5%), Kittitas (+127%), Chelan (+102.6%), Lewis (+90.2%), Grant (+74.2%), and Island (+68.6%).
Use the drop-down menu in the chart below to view the number of new listings added in each county:
Pending Sales
There were 5,564 residential units & condo units under contract in January 2025, an increase of 5.3% when compared to January 2024 (5,282). When compared to last month, the number of pending listings increased by 29%, up from 4,312 listings under contract in December 2024.
19 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year increases in San Juan (+80%), Walla Walla (+48.3%), Douglas (+31.3%), Chelan (+28%), Grant (+24%), and Lewis (+22.5%).
Use the drop-down menu in the chart below to view the pending sales in each county:
Closed Sales
The number of closed sales increased by 10.8% year-over-year (3,727 in January 2025 compared to 3,364 in January 2024). 18 out of 26 counites saw an increase in the number of closed sales year-over-year. The total dollar value of closed sales in January 2025 for residential homes was $2,471,486,679 and was $377,558,816 for condominiums ($2,849,045,495 in total), an increase of 17.4% when compared to January 2024.
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Months of Inventory
A balanced market is considered to be 4 to 6 months by most industry experts. At the current rate of sales, it would take less than three months (2.75) to sell every home that is active in the NWMLS inventory. The five counties with the lowest months of inventory in January 2025 were Snohomish (1.69), Kitsap (2.14), Pierce (2.23), Thurston (2.37), and King (2.54).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Median Price
Overall, the median price for residential homes and condominiums sold in January 2025 was $615,000, an increase of 3.6% when compared to January 2024 ($593,500). When compared to last month, the median price decreased by 1.7%, from $623,500 in December 2024.
The three counties with the highest median sale prices were San Juan ($850,000), King ($799,000), and Snohomish ($748,752), and the three counties with the lowest median sale prices were Ferry ($239,000), Okanogan ($318,000), and Grays Harbor ($329,000).
Below is a graph of Snohomish County & ALL pending sales in all 23 counties:
Where do we go from here?
Now is still a great time to sell your home as home values are holding strong and we do have pent-up buyer demand, the overpriced have tapered off, so sellers need to be reasonable in this more balanced market. Buyers now have a slight increase in inventory, giving them options. Buyers have more homes to choose from and we are seeing contingencies and finance options return. Although we are seeing some price adjustments I don’t recommend postponing purchasing, home values are expected to continue to rise in our area. If you think you are saving money by waiting, you should run the numbers. Economists and pundits in real estate all say “buy now”. The anticipated increase in equity across the next two-to-four years will be astonishing.
Northwest MLS Market Report
Last month, there were 2.8 months of supply system-wide. Interest rates are still a concern for buyers; they are starting to get used to these current rates, and creative financing has returned. For the most part, we are returning to the “Pre-COVID” real estate market, which was considered very strong, just unlike the fierce market we have experienced in the last few years.
We continue to see price appreciation year-over-year in most areas. Potential sellers should act now, as this is still an excellent time to put their homes on the market due to low inventory. I will continue to follow the market trends and inform you each month as we move into winter.
Let’s get coffee, chat, or email back and forth if you have any questions about selling or buying real estate. If you want to know what your home is worth, have an interest in a particular area, or want to be put on a search to follow the market and home prices, just let me know. My team & I have many tools to help you make sound investment decisions!
Take a look at Snohomish County Housing Statistics.
January began with:
- 957 New Listings
- 1.69 Months’ worth of Inventory
- Median home price of $748,752
Let’s break it down per city:
| CITIES | MEDIAN SALES PRICE | % CHANGE OVER LAST YEAR | MONTHS OF INVENTORY |
| BOTHEL | $1,000,000 | 1.52% | 1.77 |
| LYNNWOOD | $800,000 | 11.50% | 1.34 |
| EVERETT | $749,995 | 11.94% | 1.77 |
| SNOHOMISH | $749,950 | 22.95% | 1.34 |
| LAKE STEVENS | $700,000 | -3.78% | 2.78 |
| MARYSVILLE | $630,000 | 3.28% | 1.58 |
What Does This Data Mean?
Inventory levels continue to be an issue in some places. Most places have 1.5 to two months of supply available; we are still in a seller-based market. However, we are moving to a balanced market. A balanced market is considered when we have approximately 4-6 months” worth of inventory. Due to the ongoing demand for real estate in Greater Seattle, I expect a slow to robust real estate market going through 2025. We have seen prices holding steady to a slight softening, but I believe prices will continue to increase in the North Sound Region as we move through 2025, especially along the I-5 corridor.
What Does This Mean If You Are Buying A Home in Snohomish County
If you are buying a home in Snohomish County, you may see a pinch in inventory in certain locations; you may have to act quickly. Buyers are out there and very serious, often driving up prices. Interest rates continue to be uncertain. Be sure you are working with an experienced and knowledgeable agent when forming an offer and guiding through negotiations.
As of January 1st, 2024, buyers and agents must be in a “signed” Buyers Brokerage Services Agreement before entering homes. This is a NEW Washington state law. This new agreement clarifies agent commissions and makes the buying process more transparent. As a estate agent of 22+ years, managing broker for thirteen years, and the designated broker of Keller Williams North Sound in Marysville for eleven years, I’m held to a high standard. I am always on top of form revisions, real estate law & compliance!
This is the perfect time to sign up and receive email notifications when a new home is listed in the Snohomish County real estate market. Email and instant alerts give you an advantage over buyers looking for homes. Please fill out our form below so we can keep you ahead of the competition!
Ask Amy for an Email alert when a Snohomish County Home becomes available.
What Does This Mean If You Are Selling A Home In Snohomish County
Buyers are eager and shopping if you are selling a home in Snohomish County. This is still a seller’s market, and most sellers are getting their asking price and commonly getting over their list price.
Competition means your home needs to be priced competitively. Double-check to make sure your property is in optimum selling condition.
Check the home valuation calculator to get an estimated value for your home. Contact us for a comprehensive report. We work closely with sellers to create a marketing strategy that gets their listings in front of buyers who want to buy.
-Amy Wagner
425.239.2723
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About Amy Wagner – Prime Listings Group
“When You Do What You Love…People Love What You Do”
As a real estate agent, investor and managing broker of Keller Williams North Sound, Amy particularly loves helping people sell their homes fast and teaching and helping people build wealth through real estate investments such as multi-family homes, land development and the fix & flip of houses. She founded Prime Listings Group on the principles of doing better and giving more. We have local experience on our side and we promise to give more than expected. You’ve come to the right place. At PLG you can expect better!
“Great service from the start until closing….”
Amy sold my house quick and for more than I expected. Her whole team was excellent. Great service from the start until closing 10 out of 10⭐️’s!!! Thank you 🙏🏽 Amy Wagner
