November 2025 Puget Sound Housing Market Update

Stability, Subtle Shifts, and New Openings for Well-Prepared Buyers

As we move into the heart of autumn, the Puget Sound housing market continues to settle into a more predictable rhythm. November brought a restrained cooling in activity—slightly slower sales, modest year-over-year price softening, and buyers who have more room to strategize than they’ve had in years. Importantly, none of these shifts point to market weakness. Instead, they signal a return to seasonal balance after several years of accelerated, atypical conditions. For the first time in a long stretch, both buyers and sellers have genuine room to maneuver.

📊 November 2025 Market Highlights (Year-Over-Year)

King County

In King County, the median home price settled at $837,000, reflecting a gentle 3–4% dip from last November. Inventory rose to 2.4 months of supply, noticeably higher than the tight constraints seen the year before. Homes spent an average of 38 days on the market—roughly 10 days longer than last year—indicating a slower but still active pace. The list-to-sell ratio softened slightly to 96.7%, signaling that while sellers maintain pricing strength, buyers are negotiating more than they were at this time in 2024.

Snohomish County

Snohomish County followed a similar trend. The median price landed at $710,000, about 4–5% lower year-over-year. Inventory nudged up to 2.0 months, offering slightly more choice for buyers than last autumn. Homes took 41 days to sell on average, extending the market time by approximately 8–10 days. The list-to-sell ratio came in at 96.8%, a small decline from last year but still strong for late fall.

Across both counties, the data points come to the same conclusion: inventory remains low overall, but buyers have more breathing room than they did a year ago. Pricing is easing gradually rather than dramatically, emphasizing a market that’s normalizing—not declining.

💰 Mortgage Rates & the Economic Backdrop

Mortgage rates continue to play a defining role in how buyers and sellers move through the market. The average 30-year fixed rate hovered around 6.23% in November, staying firmly within the low-to-mid 6% range that has characterized this autumn. This consistency marks a welcome contrast to the rapid rate fluctuations seen in 2022 and 2023, giving both sides of the market a steadier foundation for planning.

Economists expect subtle shifts ahead rather than dramatic swings. Fannie Mae forecasts that rates may drift slightly lower in 2026, potentially settling in the high-5% to low-6% range as inflation continues to ease.

For buyers, even a small drop in rates could improve affordability but will likely bring more competition—making the relative quiet of today’s market a strategic entry point. For sellers, the takeaway is clear: with rates still above 6%, buyers remain selective, and strong presentation paired with accurate pricing continues to be essential.

🧭 What’s Shifting

This autumn’s cooling is characterized more by normalization than slowdown. Homes are taking longer to sell—typically between 38 and 41 days—giving buyers the time to evaluate options, negotiate, and avoid the bidding pressure that defined past years. Prices have softened year-over-year, but the changes are moderate, underscoring the region’s historic resilience and long-term value. Inventory remains limited when viewed against long-term norms, though not nearly as constrained as it was during the pandemic surge. Well-positioned homes continue to sell close to list price, proving that demand remains steady when condition and pricing align. The result is a balanced landscape where neither buyers nor sellers hold a clear upper hand; instead, success depends on preparation and strategy.

🏡 Opportunities for Buyers

For buyers who stepped back during the high-competition years of 2021–2022, today’s market offers meaningful advantages. With more negotiation room, more time to make decisions, and a bit more selection than we saw last autumn, buyers can approach the market with renewed confidence. Competition remains softer than normal, providing space to evaluate homes more thoughtfully. If rates ease in early 2026 as forecasts suggest, today’s price points may look especially favorable in hindsight.

🏠 Guidance for Sellers

Sellers, meanwhile, continue to benefit from healthy demand—just with more discerning buyers. The homes achieving the strongest results are those priced precisely and prepared intentionally, leaning on professional photography, clear presentation, and strategic pricing. Flexibility on terms can help widen the buyer pool, and homes that strike the right balance are still selling efficiently and close to asking, even in a seasonally slower environment.

🔮 Looking Ahead

As winter approaches, the Puget Sound market is poised for a steady few months. Inventory remains tight enough to support pricing, and economists’ rate projections suggest potential easing in 2026. This combination could set up an active spring market. Whether you’re considering buying, selling, downsizing, or simply staying informed, preparing early and understanding today’s trends will help you move confidently when the right opportunity appears.