The housing market in December closely mirrored conditions seen in October and November, continuing a pattern of rising inventory and softening prices, the Northwest Multiple Listing Service reported late Tuesday for the 27 Washington counties in its service area.
Both Pierce and Thurston counties recorded more total active listings, up 23.7% and 54.4%, respectively, from December 2024, but the median sales price of single-family homes and condominiums combined was flat in Pierce County and rose 4.1% in Thurston County, NWMLS data showed. Thurston’s inventory jump was the third-largest increase in active listings among all 27 counties. Jefferson County was No. 1 with 55.7% more listings, while its median sales price slipped 8.2%.
Among all NWMLS counties, active listings increased 23% year over year, while prices declined 1.8% for the third consecutive month compared to the same period in 2024. Closed sales rose just 4% from December 2024, indicating buyer activity has not kept pace with the increasing inventory, NWMLS said in its monthly activity report.
“Although 30-year mortgage interest rates ended 2025 at their lowest point for the year (6.15%), buyers continued to face significant affordability constraints,” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, said in a statement.
The 30-year fixed-rate a year ago at this time averaged 6.91%, according to Freddie Mac’s Primary Mortgage Market Survey. Five years ago, on Dec. 31, 2020, the weekly average was 2.67%. Over the last five years, the rate peaked at 7.79% on Oct. 26, 2023.
Pierce County
The median sales price for homes and condos combined was $550,000 last month, which was even with December 2024.
For single-family homes only, the median sales price was $560,000, down 0.2%.
The highest median sales price in the county was a submarket in North Tacoma, just over $1 million, up 27.5% on four home sales.
For condos only, the median sales price countywide was $360,000, down 5.3%. The highest median sales price also was found in a North Tacoma submarket, almost $1.1 million on two sales.
Thurston County
The median sales price for homes and condos combined was $520,500, up 4.1% from December 2024.
For single-family homes only, the median sales price was $525,000, up 3.6% from a year ago.
The priciest submarket was Boston Harbor, $899,450, up 74.7% on five sales versus three sales 12 months earlier.
For condos only, the median sales price countywide was $318,500, up 2.8% on only five sales countywide. The highest median was $375,000, on one sale in the submarket of Tumwater.
Other South Sound counties
Median sales prices for single-family homes elsewhere in the region ranged from a year-over-year increase of 8.7% in Grays Harbor County to a decrease of 5.6% in Jefferson County.
Single-family home median prices across the region and their change from December 2024 were: Kitsap, $580,475, up 7.5%; Mason, $415,000, down 2.4%; Grays Harbor, $371,000, up 8.7%; Lewis, $429,990, flat; Jefferson, $637,450, down 5.6%.
