The Washington State housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased slightly by 0.8% year-over-year, settling at $606,000. This decline contrasts with the Median List Price, which has risen by 9.9% to $651,700, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics show a modest increase, with the median Price Per Square Foot up by 2.7% to $360, and the Median List Price per square foot rising by 6.1% to $386. These figures suggest a steady appreciation in property value, albeit at a slower pace than list prices.

Sales activity has been robust, with Homes Sold increasing by 10.7% year-over-year to 4,853 units. Pending Sales have also seen a slight uptick of 2.1%, reaching 6,414. The influx of New Listings, up by a significant 26.0% to 7,145, has contributed to a 21.4% increase in inventory, now totaling 12,226 homes. This rise in supply is reflected in the Months of Supply, which has grown by 20.0% to 2.5 months, indicating a more balanced market.

The Median Days on Market have increased by 6.0% to 49 days, suggesting that homes are taking slightly longer to sell. The average sale to list ratio has dipped marginally by 0.2% to 98.9%, while the percentage of Homes Sold above list price has decreased by 3.0% to 21.2%. These figures imply a slight cooling in buyer competition.

Price Drops have become more common, with a 4.3% increase year-over-year, affecting 27.3% of listings. Meanwhile, the percentage of homes going off the market within two weeks has remained relatively stable, with a minor increase of 0.4% to 41.9%.

Overall, the Washington State housing market in January 2025 reflects a dynamic environment with increasing inventory and New Listings, alongside a slight cooling in sales prices and buyer competition. These trends suggest a shift towards a more balanced market, offering opportunities for both buyers and sellers.