The Seattle, WA metro area housing market in February 2025 presents a dynamic landscape characterized by rising prices and shifting inventory levels. The Median Sales Price for homes has reached $800,000, marking a 3.2% increase year-over-year (YoY). This upward trend is mirrored in the Median List Price, which stands at $844,495, reflecting a 4.3% YoY increase. These figures indicate a robust demand for housing, despite broader market fluctuations.

Price Per Square Foot has also seen an increase, with the median Price Per Square Foot at $477.48, up 3.2% YoY. The Median List Price per square foot has risen to $499.51, a 4.7% increase YoY. These metrics suggest that buyers are willing to pay more per unit area, reinforcing the overall price growth in the market.

In terms of sales activity, the number of Homes Sold remains stable at 2,248, showing no change YoY. However, Pending Sales have decreased by 4.2% YoY, totaling 2,655. This decline in Pending Sales could indicate a potential cooling in buyer activity or a shift in market dynamics.

New Listings have decreased by 5.5% YoY, with 3,005 homes entering the market. Despite this reduction in New Listings, inventory levels have surged by 34.0% YoY, reaching 3,588 homes. This increase in inventory, coupled with a 40.0% rise in Months of Supply to 1.60, suggests that the market is experiencing a shift towards a more balanced state, with more options available for prospective buyers.

The Median Days on Market have slightly increased by 1.0% YoY, now standing at 12 days. This indicates that homes are still selling relatively quickly, although the pace has slightly slowed compared to the previous year.

The average sale to list ratio is at 101.0%, with a marginal decrease of 0.1% YoY. The percentage of Homes Sold above list price has decreased by 1.0% YoY to 35.5%, indicating a slight moderation in competitive bidding. Additionally, the proportion of Price Drops has increased by 6.6% YoY, now at 24.0%, suggesting that sellers may be adjusting expectations in response to market conditions.

Finally, the percentage of homes going off market in two weeks has decreased by 5.7% YoY, now at 62.1%. This decline may reflect a more deliberate pace in buyer decision-making or increased negotiation time.

Overall, the Seattle housing market in February 2025 is characterized by rising prices and increased inventory, with some indicators pointing towards a potential shift in market dynamics. Buyers and sellers alike should remain attentive to these trends as they navigate the evolving landscape.