Why Seattle’s housing market feels frozen in place
This article analyzes the changes in the Seattle housing market, from 2019 to 2025, focusing on the home turnover rate, median home prices, and trends in home sales cancellations.
Home turnover rate in the Seattle metro area:
A bar chart from Redfin and Axios Visuals details the home turnover rate from 2019 to 2025, revealing a decrease from 3.2% in 2019 to 2% in 2025.
The big picture:
An Axios analysis of recent Redfin data highlights a sharp fall in Seattle’s home-sale turnover from 3.2% in 2019 to 2% in 2025, presenting various factors influencing homeowners’ decisions to move.
By the numbers:
Northwest Multiple Listing Service’s report indicates an increase in home listings amidst a decrease in closed sales. It presents median home price, mortgage rates, and insights for King, Snohomish, Pierce, and Kitsap counties.
What they’re saying:
David Maider of Windermere Real Estate attributes the market slowdown to seasonal changes, advantageous mortgage rates, tech layoffs, and economic uncertainty.
Zoom in:
RE/MAX’s National Housing Report ranks Seattle as the fifth-most-expensive metro, providing insights about the median sale price, supply, closed sales, and highlighting the market imbalance, as discussed by John Manning.
Yes, but:
A Redfin report also stresses an increase in home sales cancellations in Seattle and other metros, with another chart showing the change in pending home sales that fell out of contract between September 2024 and 2025.
Between the lines:
John Manning interprets the shifts in Seattle’s economy and housing market, noting the decrease of young professionals moving to Seattle due to high costs and market uncertainty.
