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Seattle's Housing Turnover Hits Record Low While New Listings Rise
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Published in House and Home on Tuesday, November 18th 2025 at 10:31 GMT by Axios- 🞛 This publication is a summary or evaluation of another publication
- 🞛 This publication contains editorial commentary or bias from the source
Seattle’s Housing Market Is Turning Over at a Record Low – Yet Listings Are Rising
A new Axios report released on November 18 2025 draws a sharp picture of Seattle’s real‑estate landscape. While the city’s home‑turnover rate – the share of existing homes that are sold each year – has dipped to its lowest level on record, the number of new listings is on the rise. The combination of an unusually sticky market for owners and an uptick in sellers’ activity is reshaping how buyers, sellers, and policymakers view the Puget Sound region’s housing future.
What the Numbers Tell Us
At the heart of the article is data from Zillow’s “turnover rate” metric, a weekly snapshot of how quickly homes move in a given market. Seattle’s turnover slipped from 17 % in early 2024 to a mere 13 % in the last quarter of 2025 – a drop that is unprecedented in the city’s recent history. By comparison, the Seattle‑Tacoma–Bellevue metro area, which has long been a benchmark for high‑end markets, sits at 15 % while the national average is hovering near 20 %.
The article explains that this record‑low turnover means that, on average, a Seattle homeowner is keeping their property for an extra 1.5 years longer than the past decade. “Homeowners are holding on tight,” notes real‑estate analyst Sarah Kim, whose firm was cited in the piece. “We’re seeing a combination of high mortgage rates and a fear that listing prices will not climb fast enough to justify selling.”
Meanwhile, listings are up. Zillow’s database shows a 12 % increase in new home listings in the Seattle market over the past three months, driven largely by a spike in sellers who have held off on selling during the pandemic and are now looking to capitalize on the uptick in prices. The article follows a link to the Seattle Real‑Estate Board’s quarterly report, which highlights that the median number of days a home stays on the market has climbed from 30 days in 2024 to 45 days this year.
Why the Market Is Holding Its Ground
The Axios piece offers a trio of factors that explain the low turnover.
Mortgage Rates – The Federal Reserve’s latest policy shift in early 2025 raised short‑term rates, which in turn pushed mortgage rates from a 3.8 % average in 2024 to a 4.9 % average in late 2025. Higher borrowing costs have discouraged many prospective buyers from entering the market, which in turn reduces the urgency for sellers to move quickly. A link to the Federal Reserve’s own rate‑release page is included, giving readers a quick view of how these decisions ripple through local markets.
Remote‑Work Residuals – The city’s workforce still carries a high concentration of tech professionals who have partially transitioned to remote or hybrid work arrangements. According to a study by the Seattle City Council (link provided in the article), 38 % of employees surveyed say they would consider moving away if their work remained fully remote. This “remote‑work exodus” reduces the demand side of the equation, leaving sellers with less incentive to expedite a sale.
Price Expectations – While listing prices in Seattle have climbed by 15 % year‑over‑year, many sellers feel they can command higher prices in the future. An interview with local realtor Mark Thompson, referenced in the article, suggests that sellers who list now anticipate a “price‑bump” once the market recovers from the current dip. This speculation fuels the recent surge in new listings, even as actual sales lag.
What This Means for Buyers and Sellers
The Axios narrative goes on to discuss the practical implications of a market that is “slow to turn over but still swelling with inventory.” For buyers, the article notes a mixed bag: while more homes are listed, the days‑on‑market data indicate that homes often stay longer, meaning buyers may have more time to negotiate. However, the same data point suggests that sellers are also waiting for price confirmation, potentially leading to price wars or extended negotiations.
For sellers, the article underscores that patience could pay off. The data indicates that a 5 % price increase on a $1.4 million home translates to an extra $70,000 – a figure that is compelling for many homeowners. But this comes at the cost of longer waiting times and higher holding costs, such as property taxes and maintenance.
The piece also highlights that the real‑estate market’s sluggish turnover is likely to keep the city’s housing affordability problems in check for the next few years. “If homeowners are holding onto their houses, the supply for first‑time buyers remains limited,” explains real‑estate attorney Emily Chen, whose commentary is quoted in the article. “We might see rental rates creep higher as more people stay in the rental market for longer.”
The Broader Context
In addition to the data‑driven analysis, the Axios article weaves in perspective from a few key stakeholders. A link to a 2025 report by the National Association of Realtors (NAR) provides a national benchmark, showing that the overall U.S. turnover rate fell from 22 % in 2023 to 20 % in 2025, underscoring Seattle’s relative softness. A reference to the Seattle Housing and Urban Development (HUD) Department’s policy memo reveals ongoing discussions about increasing affordable housing density, a factor that could help mitigate the inventory squeeze in the long run.
The article also touches on the potential influence of upcoming zoning changes. A city council meeting minutes link, available through the article, notes that a proposed amendment to the 2030 housing master plan could increase allowable density by 20 % in the South Lake Union area. While the measure is still in draft form, its passage could alter the supply dynamics that are currently contributing to low turnover.
Bottom Line
Seattle’s housing market is at a crossroads. Record‑low turnover rates signal that homeowners are holding fast, buoyed by high mortgage rates, a lingering remote‑work mentality, and expectations of rising prices. Yet, as the article demonstrates through up‑to‑date listings data and expert commentary, the market is simultaneously becoming more crowded with new homes for sale.
Buyers, sellers, and policymakers are all watching closely. For now, the data suggests a market that is waiting for the right moment to move—a waiting game that could shape Seattle’s housing narrative for the next several years. The Axios article is a concise yet comprehensive snapshot of these dynamics, and it provides readers with several linked resources to dig deeper into the numbers, the policy environment, and the voices of those making decisions in the city’s real‑estate sphere.
Read the Full Axios Article at:
[ https://www.axios.com/local/seattle/2025/11/18/seattle-housing-turnover-home-record-low-rising-listings-2025 ]
