Greater Seattle Area Market Trends- March 2025
Seattle Real Estate: What Buyers and Sellers Should Know Right Now
Week of April 7, 2025
As we roll into spring, Seattle’s real estate scene is picking up steam—but not without a few curveballs. From big city planning decisions to new rent control proposals, there's a lot happening that could impact both buyers and sellers. Here’s what’s new, and what it all means for you.
Seattle’s Housing Plan Could Reshape Neighborhoods
The City of Seattle is pushing forward with its updated “One Seattle” Comprehensive Plan—think of it as a blueprint for how the city will grow. One big change? Ballard is now designated a Regional Center, and areas near future light rail stations (like 130th Street in Pinehurst) could see major housing expansions.
The goal is to make housing more accessible and promote smarter density. If you're buying, keep an eye on these growth areas. And if you’re selling in one of these newly targeted zones, it could mean more long-term demand for your home.
A Push to Cap Rent Increases Statewide
A new bill—House Bill 1217—has made it through Washington’s Senate Housing Committee. If passed, it would cap annual rent increases at 7% and prohibit rent hikes in the first year of a lease.
This is one to watch. For investors and landlords, it could impact future rental income projections. For renters thinking of buying, it’s a signal that rental market pressure isn’t going away.
More from Washington State Standard
Mortgage Rates Are Stable—for Now
The average rate for a 30-year fixed mortgage in Washington is sitting around 6.52%. That’s a small drop from earlier in the year, and it’s giving some buyers the green light to re-engage.
That said, the Fed has hinted at possible rate cuts this summer. So buyers who can afford to wait may have more favorable options by midyear.
Check current rates at Bankrate
Inventory Is Up, But Sales Are Sluggish
We’re seeing a 27.5% increase in listings year-over-year in the Seattle area—but sales haven’t quite caught up. The median home price in King County now sits at $977,500, up 3.4% from last March.
For sellers, that means more competition—and for buyers, more options. But with prices still rising, affordability continues to be a concern, especially for first-time homebuyers.
Full report via Puget Sound Business Journal
What This Means for You
If you’re a buyer, this is a great moment to get strategic. Inventory is rising, rates are stable, and you might find less competition than in peak spring or summer.
If you’re a seller, pricing and presentation are everything right now. With more homes hitting the market, yours needs to stand out.
Wondering how all of this affects your own plans?
Reach out and let’s talk about your best next move.