Rising Housing Inventory And Slower Sales

• Active Inventory Increased by 23.9% YoY
• Pending Sales showed a slight increase of 1.5% 
• Closed sales decreased by 10.9% 
• The median closed price was down -2.3% compared with November of 2024

Active Listings

There was a 23.9% increase in total number of properties listed for sale year-over-year, with 15,557 active listings on the market at the end of November 2025, compared to 12,558 at the end of November 2024. When compared to the previous month, active inventory decreased by 3,234 listings (-17.2%), down from 18,791 in October 2025.

The number of homes for sale year-over-year increased in all of NWMLS’s coverage area, with 20 out of 27 counties seeing a double-digit year-over-year increase. The six counties with highest year-over-year increases in active inventory for sale were Jefferson (+47.9%), Thurston (+46.6%), Snohomish (+41.7%), Walla Walla (+38.7%), Clallam (+35.6%), and Okanogan (+33.8%).

New Listings

NWMLS brokers added 4,677 new listings to the database in November 2025, a year-over-year decrease of 1.9% compared to November 2024 (4,768). When compared to the previous month (October 2025), new listings decreased by 41.5%, when 7,991 listings were added to the NWMLS database.

When looking at the 27 individual counties in NWMLS’s primary service area, the number of new listings decreased year-over-year in 12 counties, increased year-over-year in 12 counties, and remained the same in 3 counties. The six counties with the largest year-over-year decreases were Pacific (-41.4%), Mason (-28.7%), Skagit (-27.5%), Island (-21.4%), Douglas (-18%), and Whatcom (-14%).

Pending Sales

There were 5,600 residential units & condo units under contract in November 2025, a slight increase of 1.5% when compared to November 2024 (5,516). When compared to the previous month, the number of pending listings decreased by 16.9%, down from 6,739 listings under contract in October 2025.

Closed Sales

The number of closed sales decreased by 10.9% year-over-year (4,870 in November 2025 compared to 5,446 in November 2024). When compared to the previous month, the number of closed sales decreased by 21.7%, down from 6,222 sales in October 2025.

18 out of 27 counties saw a decrease in the number of closed sales year-over-year, while 6 saw an increase, and 3 showed no change. The six counties with the largest decreases were Okanogan (-34.3%), Chelan (-26.7%), Skagit (-23.2%), Kitsap (-20.1%), Mason (-14.6%), and Snohomish (-14.6%). The total dollar value of closed sales in November 2025 for residential homes was $3,379,724,300 and was $374,081,902 for condominiums ($3,753,806,202 in total).

Median Closed Price

The median closed price was down -2.3% compared with November of 2024