Lake Stevens Housing Market Report — February 2025

By Brandice Raybourn

Quick Take

Lake Stevens entered 2025 with a noticeable shift in activity.

Prices dipped slightly compared to the previous year, but price per square foot continued to climb. At the same time, inventory rose sharply and homes started taking longer to sell.

That combination usually signals a market that is beginning to rebalance.

Buyers suddenly had more options to choose from, and sellers had to be more thoughtful about pricing and presentation.

Even with the slowdown in sales, demand had not disappeared. Buyers were still purchasing homes, but they were taking a little more time to make decisions.

Lake Stevens Single Family Housing Overview

The median sales price in Lake Stevens came in at $775K, which represented about a 9 percent drop from the previous year. While that might look like a significant shift at first glance, another metric tells a different story.

Price per square foot rose to $384, which was a 17 percent increase year over year. That suggests buyers were still willing to pay strong prices for homes that were updated, well located, or move in ready.

Homes did take longer to sell compared to the previous year. The average home spent about 28 days on the market, which was about 40 percent longer than the year before. Even with that increase, a four week timeline is still fairly normal in many markets.

Closed sales totaled 27 homes, which was about 45 percent fewer sales compared to the previous year. Lower sales numbers often happen when buyers have more inventory to choose from and take more time comparing homes.

And inventory definitely increased.

There were 74 homes for sale, which was a 90 percent increase from the year before. That was one of the most noticeable changes in the Lake Stevens market at the time.

More homes on the market gave buyers more leverage and more time to evaluate their options.

Homes were still selling close to asking price though, with the average sale closing at 97.5 percent of the original list price.

Lake Stevens Market Resale by Price Range

Breaking the market down by price range helps show where buyers were most active.

The under $650K range saw 8 homes sell, down from the previous year. Prices in this range averaged about $606K, and price per square foot climbed to around $398, showing that demand remained steady for more affordable homes.

The $650K to $849K range saw 9 homes sell, with prices averaging around $730K. Price per square foot increased to about $369, which suggests buyers were still active in this mid range price category.

The $850K to $1.149M range experienced a noticeable slowdown in transactions. 9 homes sold, down from 24 the previous year, but prices actually increased to around $1.059M, showing buyers were still willing to pay higher prices for the right property.

The $1.15M and above range had only 1 sale, making it a quieter month for higher priced homes. That can happen during winter months when luxury buyers often wait until spring inventory begins to appear.

What This Market Felt Like

This period felt like a reset after the intense pace of previous years.

Inventory was climbing, which gave buyers more breathing room than they had experienced before. Homes were still selling, but buyers were taking a little more time and comparing more options.

Sellers who priced correctly were still finding buyers.

But homes that stretched too far above the market often sat longer.

This was one of those moments where strategy began to matter more than speed.

Thinking About Buying or Selling in Lake Stevens?

If you are thinking about buying or selling in Lake Stevens and want to understand how the market applies to your specific situation, feel free to reach out anytime. I am always happy to talk through the numbers and help you understand what is happening locally.

Brandice Raybourn
Real Estate Broker
brandice@snohomesbybrandice.com
425-367-3881
www.snohomesbybrandice.com