Inventory Continues to Rise as Buyer Demand Remains Constrained

Published on: January 6, 2026

Northwest Multiple Listing Service (NWMLS), the source for the most current, accurate market listing data in Washington state, today released its December 2025 Market Snapshot.

Market Recap

The housing market in December closely mirrored conditions seen in October and November, continuing a pattern of rising inventory and softening prices. Active listings increased 23% year over year, while prices declined by approximately 2% for the third consecutive month compared to the same period in 2024. Closed sales rose just 4% from December 2024, indicating that buyer activity has not kept pace with the increasing inventory.

“Although 30-year mortgage interest rates ended 2025 at their lowest point for the year (6.15%), buyers continued to face significant affordability constraints,” said Steven Bourassa, Director of the Washington Center for Real Estate Research at the University of Washington.

December 2025 Key Takeaways

Active Listings

• The total number of properties listed for sale increased 23% year over year, with 11,718 active listings on the market at the end of December 2025, compared to 9,524 at the end of December 2024. Month over month, active inventory declined by 24.7% (3,839 listings), down from 15,557 in November 2025.
• Nearly all NWMLS counties experienced year-over-year inventory growth, with 19 of 27 counties posting double-digit increases. The counties with the largest increases were Jefferson (+55.7%), Ferry (+54.6%), Thurston (+54.4%), Clallam (+44%), Okanogan (+39.5%) and Walla Walla (+38%).

Closed Sales

• Closed sales increased 4.1% year over year, with 5,010 transactions in December 2025 compared to 4,812 in December 2024. Month over month, sales rose 2.9% from 4,870 in November 2025.
• Year-over-year closed sales increased in 21 of 27 counties, while five counties saw declines and one county (Kittitas) reported no change.

Median Sales Price and Total Dollar Value

• The median sales price for residential homes and condominiums sold in December 2025 was $612,250, down 1.8% from December 2024 ($623,500). Month over month, the median price declined 2.8% from $630,000 in November 2025.
• The counties with the highest median sales prices were San Juan ($900,000), King ($808,500), and Snohomish ($730,000), while the lowest median prices were recorded in Columbia ($237,500), Okanogan ($300,000), and Pacific ($365,000).
• The total dollar value of closed sales in December 2025 was $3.43 billion for residential homes and $394.6 million for condominiums, for a combined total of $3.83 billion.

Consumer and Broker Activity

NWMLS also tracked several indicators of consumer and broker engagement in December:

• Keyboxes at listed properties were accessed 83,845 times in December 2025, a 1.4% increase from December 2024. Month over month, keybox activity declined 29.2% from 118,500 accesses in November 2025.
• The total number of property showings scheduled through NWMLS-provided software decreased 2.4% year-over-year, from 63,610 showings in December 2024 to 62,096 in December 2025. Month over month, showings declined 27.6% from 85,729 in November 2025.
• A total of 13,911 listings were eligible for the NWMLS Down Payment Resource program in December 2025, a 22.2% increase from December 2024. Overall, 76.9% of listings in the NWMLS database qualified for down payment assistance.