Seattle Condo Market November 2025 Recap
As Seattle transitions to the Fall Season, so does the real estate market. Seattle’s condo unit sales volume and selling prices decreased as have the number of active listings for sale.
Condo Prices Dip Slightly
The Seattle citywide condo median sales price in November was $573,500. That reflected a year-over-year and a month-over-month dip of 0.3% and 0.7%, respectively.
Breaking that down by Northwest MLS (NWMLS) neighborhood area, Capitol Hill / Central (-12.8%), Queen Anne / Magnolia (-11.3%), Downtown / Belltown (-2.1%), South Seattle (-26.4%) and Southeast Seattle (-33%) experienced a year-over-year decrease. On the other hand, Northwest Seattle (+11.5%), Northeast Seattle (+4.2%) and West Seattle (+3%) exhibited an increased in median selling prices in November. You can view the complete neighborhood statistics at the end of the post by clicking here.
The median sales price figures, as well as all condo statictics published by the NWMLS, are a bit skewed, however. The NWMLS broadly defines “condominium”, which includes a number of properties not commonly thought of as condos. These include attached and standalone townhomes, condoized single family houses, accessory dwelling units (ADU), detached accessory dwelling units (DADU) and boat moorage.
For the most part, these non-traditional condos are larger, newer and more expensive than the run-of-the-mill unit in a multi-unit condo building or complex. With the exception of the downtown area, these are usually smaller, older and less expensive.
Non-traditional condos accounted for 22.6% of all condo sales in November with a median sales price of $759,250. A year ago, they comprised 20.1% of all condo sales with a median sales price of $745,000. Thus, they made up a larger portion of unit sales and reflected a 1.9% increase in their median sales price for the month.
The median sales price for traditional condos in November was $470,000, which was 5.1% less than it was last November, and 11.3% less than a month ago.
Listings Decrease But Still Abundant
Seattle’s real estate market is seasonal and it cyclically slows down during the dreary and busy holiday Fall Season. Fewer sellers tend to put their homes on the market, instead opting to wait until the new year. As a result, there were fewer condos listed for sale last month.
We ended November with 877 condo units for sale in the NWMLS, down 12.4% from the previous month. However, that still accounted for 20.8% more listings compared to the same period last year.
We started November with 1,001 active listings and sellers added another 239 new listings throughout the month for a total of 1,240 units. Of that number, 363 came off the market for a variety of reasons leaving 877 at month end – most were under contract or had sold, were rented out, or the listings cancelled or had expired, or had been taken off the market for other reasons.
At the time of writing this post, non-traditional condos, predominately townhomes and DADUs, make up 25.2% of the active condo listings.
Even though there were fewer listings in November, the inventory supply rate inched up slightly to 4.7-months of supply, which was due to the decrease in unit sales.
The inventory supply rate is used to characterize the current market environment. A rate of less than 4-months of supply is considered a seller’s market, while a rate from 4 to 7-months of supply is a balanced or normal real estate market. And, a rate greater than 7-months of supply would be a buyer’s market.
With a 4.7-month supply rate, Seattle is reflective of a balanced or normal market, overall. Market conditions vary by neighborhood areas and price points, however, and buyers and sellers will come across differing experiences in these micro-markets.
For example, Northwest Seattle which exhibited an 11.5% increase in its median sales price has a 3.3-month supply rate that reflects a seller’s market. On the other hand, downtown has a 6.6-month supply, which is on the cusp of a buyer’s market.
Inventory supply can also be expressed as the absorption rate, which is a percentage based metric. Seattle’s condo absorption rate was 21.3% last month. Generally, an absorption rate over 20% is a classified as a seller’s market, between 15% – 20% is a balanced market, and a percentage less than 15% would be considered a buyer’s market.
Condo Sales Slows
There were 187 pending transactions (under contract in escrow) in November. That was 3.6% fewer than a year ago and 16.1% fewer than the prior month. With the Fall Season we’d expect sales to trail off, though the market is underperforming where we were this time last year. If trends hold, we’ll see a significant drop in December before rebounding in the new year.
The number of closed condo sale also decreased to 162 units. That reflected a one-year and one-month drop of 7.4% and 15.6%, respectively. With fewer pending sales in November, the number of December closing will drop as well.
In Summary
Seattle’s cyclically real estate market changes with the season. The Fall Season is the slowest period of the year for real estate with the change in weather and the busy holiday season. And, the market reflected that with a drop in median selling prices and reduction in sales volume.
That said, both buyers and sellers may encounter varying experiences based on Seattle’s neighborhood micro-markets. Some areas like Northwest Seattle remain fairly robust with solid sales, higher selling prices and low inventory. Conversely, in the condo dense downtown area, the market is softer with greater inventory and decreasing selling prices.
But, this will be short lived. If our cyclical market holds true, then we will see higher prices, greater sales volume and increased inventory in the New Year.
Seattle Condo Market Statistics November 2025
ource: Northwest Multiple Listing Service. Some figures were independently compiled by Seattle Condos And Lofts and were not published by the NWMLS.
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