The Seattle, WA metro area housing market in January 2025 presents a complex landscape with varying trends across key metrics. The Median Sales Price has decreased by 1.8% year-over-year to $775,000, indicating a slight cooling in the market. Conversely, the Median List Price has increased by 5.2% to $815,000, suggesting sellers are optimistic about the market's potential.

Price Per Square Foot metrics also reflect this mixed scenario. The median Price Per Square Foot has risen by 4.8% to $461.75, while the Median List Price per square foot has increased by 5.5% to $495.00. These figures suggest that while buyers are paying more per square foot, sellers are setting even higher expectations.

In terms of sales activity, the number of Homes Sold has increased by 6.1% year-over-year, reaching 1,792 units. Pending Sales have also seen a modest increase of 1.4%, totaling 2,409 units. This uptick in sales activity is supported by a significant rise in New Listings, which have surged by 30.6% to 2,961 units. Inventory levels have also expanded dramatically, up 47.2% to 3,365 units, contributing to a 50% increase in Months of Supply, now at 1.90 months.

The Median Days on Market have slightly increased by 2.0% to 38 days, indicating a marginal slowdown in the speed of transactions. The average sale to list ratio has decreased slightly by 0.1% to 99.4%, while the percentage of Homes Sold above list price has dropped by 1.9% to 22.0%. These metrics suggest that while homes are still selling close to their list prices, fewer are achieving above-list sales.

Price Drops have become more common, with a 5.3% increase year-over-year, now affecting 26.0% of listings. Meanwhile, the percentage of homes going off the market within two weeks has remained relatively stable, with a slight decrease of 0.1% to 53.3%.

Overall, the Seattle housing market in January 2025 is characterized by increased inventory and New Listings, alongside a slight cooling in sales prices. While sellers remain optimistic, as evidenced by higher list prices, buyers are exercising caution, leading to a more balanced market environment.