What to expect in the 2025 housing market

Hey everyone,

If we haven’t connected yet—hi, I’m Jason Mesnick! Some of you may remember me from The Bachelor (yes, I know… insert your reality TV jokes here), but these days, my life is far less about roses and far more about real estate. And trust me, the Seattle market is just as dramatic as reality TV—but with fewer tearful limo exits (most of the time).

Now, let’s talk about what’s really important—what’s happening in real estate right now? Whether you’re thinking about buying, selling, or just love to keep tabs on the market, here’s what you need to know about the housing scene, both nationally and right here in Seattle.

National Real Estate Market: A Mixed Bag

The 2024 housing market across the U.S. was a tale of high mortgage rates, inventory struggles, and price stabilization in many areas. Here’s the big picture:

• Mortgage Rates: While they remain higher than the rock-bottom rates we saw in 2021, there’s been a slight cooling, with the Fed signaling a potential pivot in rate hikes. This could mean some relief for buyers later this year.
• Home Prices: Nationally, home values have plateaued or even dipped in some markets. However, high-demand cities are still holding strong due to tight inventory.
• Buyer & Seller Standstill: Many homeowners with low-interest mortgages are reluctant to sell, limiting inventory. Meanwhile, buyers are waiting for either prices to drop or rates to improve.

But that’s the national scene—let’s get into the real drama: Seattle.

Seattle Real Estate: Still Hot, But With a New Twist

Seattle’s housing market has always been competitive, but we’re seeing some shifts that buyers and sellers need to know:

1. Home Prices Are Holding Steady (For Now)

Unlike some markets experiencing price drops, Seattle has remained resilient due to strong job growth, particularly in tech and healthcare. However, appreciation is slowing, and well-priced homes are still moving quickly.

What this means for you: If you’re selling, pricing correctly is key—overpricing will leave you sitting on the market. If you’re buying, some homes are lingering longer than before, creating opportunities for negotiation.

2. Inventory Is (Still) a Challenge

Seattle has long had an inventory problem, and that hasn’t changed much. Sellers are hesitant to list because they don’t want to trade in their low-interest-rate mortgages for today’s higher rates. This keeps supply low and competition steady.

For buyers: Be prepared to act fast on well-priced homes, but know that overpriced listings might be open to negotiation.For sellers: Your home needs to stand out—staging, strategic pricing, and marketing (hello, that’s where I come in!) will be more important than ever.

3. The Luxury & Suburban Market Are Gaining Strength

With affordability concerns in Seattle proper, we’re seeing increased interest in luxury homes and suburban areas like Kirkland, Bellevue, and parts of Snohomish County. Buyers looking for more space are heading to the Eastside, where tech jobs continue to drive demand.

Takeaway: If you’re considering selling a home in these areas, now is a great time to attract serious buyers who are looking for larger properties and better long-term investment value.

What’s Next for Seattle Real Estate?

So, where does this all go from here? My predictions:

• Mortgage rates may start to ease, increasing buyer activity in 2025.
• More listings will hit the market this spring/summer, but demand will still outpace supply in most neighborhoods.
• Well-priced, move-in-ready homes will remain in high demand, while fixer-uppers may take longer to sell.

Let’s Connect!

Whether you’re buying, selling, or just real estate-curious, I’d love to help you navigate this market. And if you just wanted to say, “Hey, I remember you from TV!”, that’s cool too—just know that these days, my biggest drama comes from negotiating multiple offers, not handing out final roses.

If you have questions about your home’s value or want to talk strategy for buying/selling in 2025, let’s connect!

See you next time,

Jason Mesnick

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