NWMLS Snohomish County Market Update – January 2025

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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 December 2024.

Market Recap

Despite hopes among potential home buyers and sellers and economists’ predictions, the Federal Reserve Bank’s three interest rate cuts in 2024 have not reduced mortgage rates or significantly boosted the housing market. Instead, as of January 2, 2025, mortgage rates have risen to 6.91%, their highest level since July 2024.

“The 30-year mortgage interest rate was higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%),” said Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington. He anticipates that mortgage rates will continue to frustrate the market. “We may be experiencing the pains of adjusting to a new normal, with persistent interest rates of 6% or higher.”

Rising rates have been accompanied by a 4.3% increase in home prices over the past year, further exacerbating affordability challenges. However, the market has shown some signs of increased activity. Active listings and sales transactions were up by 25% and 19.8%, respectively, in December 2024 compared to the previous year, suggesting that buyers and sellers may be adjusting to higher borrowing costs.

While affordability remains a significant concern, these trends point to a gradual adaptation to the housing market’s evolving landscape.

December 2024 Key Takeaways

Active Listings

  • The number of homes for sale increased 25% year-over-year throughout the NWMLS coverage area, with 21 out of 26 counties seeing a double-digit increase compared to December 2023.
  • The five counties with the highest increases in active inventory for sale were Snohomish (+46.1%), Douglas (+43.3%), Cowlitz (40.8%), Grant (+39.9%) and Skagit (+38.2%).

Closed Sales

  • There were 4,812 closed sales of residential homes and condominium units, an increase of 19.8% when compared to December 2023 (4,018).
  • The total dollar value of closed sales in December 2024 for residential homes was $3,284,574,394 and $409,740,278 for condominiums ($3,694,314,671 in total), an increase of 24.8% when compared to December 2023.

Median Sales Price

  • The median price for residential homes and condominiums increased by 4.3% year-over-year from $597,975 in December 2023 to $623,500 in December 2024. Prices decreased month-over-month by 3.33% when compared to November 2024 ($645,000).
  • The three counties with the highest median sale prices were San Juan ($849,500), King ($800,000), and Snohomish ($744,995), and the three counties with the lowest median sale prices were Ferry ($125,000), Adams ($292,300) and Pacific ($320,000).

Consumer and Broker Activity

NWMLS also provided insights into consumer activities during December 2024:

  • Key boxes located at listed properties were accessed 82,655 times in December 2024, a 26% decrease from November 2024, when they were accessed 111,482 times. Keybox activity increased by 3% year-over-year, with keyboxes being accessed 80,117 times in December 2023.
  • The total number of property showings scheduled through NWMLS-provided software decreased by 25% from 84,997 in November 2024 to 63,610 in December 2024. This was a 6% year-over-year increase from the number of showings in December 2023 (60,062).
  • In December 2024, 11,382 listed properties were eligible for the Down Payment Resource (DPR) program offered by NWMLS, a 17% year-over-year increase from December 2023.

Active Listings

The total number of properties listed for sale increased 25% year-over-year, with 9,524 active listings on the market at the end of December 2024, compared to 7,617 at the end of December 2023. However, compared to last month, active inventory decreased by 3,034 listings (-24.1%), down from 12,558 in November 2024.

The number of homes for sale year-over-year increased throughout the NWMLS coverage area, with 21 out of 26 counties seeing a double-digit year-over-year increase. The counties with the highest year-over-year increases in active inventory for sale were Snohomish (+46.1%), Douglas (+43.3%), Cowlitz (+40.8%), Grant (+39.9%), Skagit (+38.2%), and King (+33.8%).

Below is a graph of Snohomish County & ALL pending sales in all 23 counties:

New Listings

NWMLS brokers added 3,166 new listings to the database in December 2024, an increase of 9.8% compared to December 2023 (2,884). When compared to last month (November 2024), new listings decreased by 33.6%, when 4,768 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 Lewis (+52.5%), Chelan (+38.7%), San Juan (+25%), Snohomish (+20.3%), Cowlitz (+19.6%), and King (+18.5%).  

Below is a graph of Snohomish County & ALL pending sales in all 23 counties:

Pending Sales

There were 4,312 residential and condo units under contract in December 2024, an increase of 5.2% compared to December 2023 (4,098). The number of pending listings decreased by 21.8% compared to last month, down from 5,516 listings under contract in November 2024.

17 out of 26 counties saw a year-over-year increase in the number of pending listings, with the highest year-over-year increases in Clallam (+86.5%), San Juan (+50%), Jefferson (+50%), Ferry (+50%), Mason (+47.5%), and Skagit (+39.1%).

Below is a graph of Snohomish County & ALL pending sales in all 23 counties:

Closed Sales

The number of closed sales increased by 19.8% year-over-year (4,812 in December 2024 compared to 4,018 in December 2023). 20 out of 26 counties saw an increase in the number of closed sales year-over-year. The total dollar value of closed sales in December 2024 for residential homes was $3,284,574,394 and was $409,740,278 for condominiums ($3,694,314,671 in total), an increase of 24.8% when compared to December 2023.

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 two months (1.98) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in December 2024 were Snohomish (1.09), Kitsap (1.51), Thurston (1.58), King (1.63), Pierce (1.75), Clallam (2.01), and Skagit (2.05).

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 December 2024 was $623,500, an increase of 4.3% when compared to December 2023 ($597,975). When compared to last month, the median price decreased by 3.33%, from $645,000 in November 2024.

The three counties with the highest median sale prices were San Juan ($849,500), King ($800,000), and Snohomish ($744,995), and the three counties with the lowest median sale prices were Ferry ($125,000), Adams ($292,300), and Pacific ($320,000).

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 1.09 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.

December began with:

  • 824 New Listings
  • 1.09months’ worth of Inventory
  • Median home price of $744,995

Let’s break it down per city:

CITIESMEDIAN SALES PRICE% CHANGE OVER LAST YEARMONTHS OF INVENTORY
BOTHEL$1,020,0005.70%1.03
LYNNWOOD$818,0009.07%.85
EVERETT$750,0007.76%1.07
SNOHOMISH$760,0004.54%1.24
LAKE STEVENS$650,000-8.45%1.47
MARYSVILLE$640,0002.81%1.20
Data is for residential homes

What Does This Data Mean?

a man smoking a pipe with a magnigying glass up to his eye

Inventory levels continue to be an issue in some places. Most places have less than 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 will see a pinch in inventory; you may have to act quickly. Buyers are out there and very serious, often driving up prices. Buyers looking for single-family homes and condos are also seeing price decreases. 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 the designated broker of Keller Williams North Sound in Marysville, I’m 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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Amy Wagner Designated Broker

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!

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“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

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