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The numbers tell us we’re steady, not sinking. Let’s replace uncertainty with perspective and see how stability sets the stage for opportunity and long-term success.
After years of rapid appreciation, the market is simply taking a breath. Prices are holding steady, inventory is at its healthiest level in over a decade, and interest rates are easing — all signs of balance, not decline. If you’ve been feeling uncertain about the housing market lately, you’re not alone. The media (news or social) loves drama, but the data tells a quieter, steadier story. What we’re seeing right now isn’t a recession — it’s a reset.
The combination of rates coming down by 0.78% since January 2025 and prices remaining flat year-over-year means that monthly payments for a new mortgage are starting to ease. This is a welcome trend for buyers who have been grappling with affordability. We’ve even started to see buyers who already own a home, willing to give up their lower rate to make moves to homes that better fit their lifestyle needs.
Another reason we are not in a recession is the abundance of equity many homeowners have. Median price in King County is up 33% since 2020 and up 98% since 2015. In Snohomish County, the median price is up 42% since 2020 and up 115% since 2015. During this time, prices grew quickly vs. the historical norms of 3-5% a year. Hence, prices remaining flat makes sense as the market levels out and finds its equilibrium. Further, according to Census data, a record 40% of Americans own their homes free and clear, the highest level recorded.
This kind of “flat” market often feels uncomfortable because it’s different from the fast-paced, multiple-offer environment we grew used to and found exciting. But in reality, flat doesn’t mean failure. It means opportunity — for buyers to make thoughtful moves without frenzy, and for sellers to position their homes strategically in a more stable environment and reap their well-established equity.
In our years of watching market cycles here in the Greater Puget Sound Area, we’ve learned that perspective is everything. For sellers, how long they’ve been in their home, assessing their equity level, and where they want to go are what matters most. A segment of the market that we’ve seen take a step back is speculative sellers hoping to buck the current trends and make a quick gain.
It is important to note that owning real estate is a long-term hold investment and not an overnight come up. The extreme ramp-up in home values from 2020-2022 skewed that viewpoint for some. A valuable rule of thumb to adhere to is the 5-year rule. Outside of the Great Recession of 2007-2012, holding for 5 years has overcome a flat market or any short-term dips in values. It’s also important to understand that your home serves two purposes: your safe place and an investment.
A home is surely an investment, but also a place to call home. It doubles as the place where one finds shelter, makes memories, and becomes a nest egg over time. It’s impossible to “time” the market! It’s more so about matching your home to your current needs, affording the monthly payment, and planning to stay awhile. With those three elements in mind, a successful investment will happen along with living in a home that aligns with your life.
For buyers, we haven’t seen this calm of a market environment and selection in ages. In our region, we are currently experiencing a balanced market (2-4 months of inventory). In some areas of the country, a balanced market looks different (3-6 months), but for our area, it’s tighter due to density, industry, and limited land availability.
While we do occasionally still see multiple offers, they are no longer the norm. Buyers are now afforded the benefit of longer market times, allowing for negotiated contract terms to support performing due diligence over a longer time. They also do not have to escalate as high in price to obtain a home. Our hope is that buyers who have sidelined themselves or are considering a purchase realize that this is a great time to buy!
If you’d like to talk about what this balanced market means for your goals — whether it’s buying, selling, both, or just planning ahead — we’re here to help you make decisions with confidence. Following the news, doomscrolling, or listening to an isolated story could veil you from the truth the data provides. While the market might seem “boring” right now, we’ve seen many buyers and sellers find great success. Let’s talk and apply your goals to today’s trends!
