2025 Q1+ | Multifamily Market Update
📊 Transaction Volume Update: Q1 + April Trends
King County
Multifamily sales (2–20 units) dipped slightly in Q1 compared to last year, but Q2 is off to a strong start and is poised to outperform 2024.
Q1 2024 Sales: 68
Q1 2025 Sales: 54
Currently Under Contract: 36
April 2025 Sales (to date): 27
Same Time in April 2024: 18
Pierce County
The Pierce County market continues to rebound, showing healthy activity following the slowdown caused by higher mortgage rates and new tenant laws in Tacoma.
Q1 2024 Sales: 42
Q1 2025 Sales: 59
Currently Under Contract: 32
April 2025 Sales (to date): 15
Same Time in April 2024: 11
Snohomish County
Steady year-over-year improvement with a moderate uptick in Q1 sales.
Q1 2024 Sales: 26
Q1 2025 Sales: 32
Currently Under Contract: 9
April 2025 Sales (to date): 5
Same Time in April 2024: 7
📍 King County Market Outlook – April 2025
King County multifamily values remain near historic highs. From 2014 to 2022, values more than tripled in some neighborhoods, with rapid appreciation especially between 2017 and 2022.
The current slowdown—driven by elevated interest rates—is fundamentally different from the 2008–2012 downturn. Unlike then, we’re not seeing widespread distress, and many owners still hold substantial equity.
For those who purchased prior to 2022, this market still offers a strong exit window. While a full return to peak pricing may take time, waiting may not lead to significantly higher returns in the near term—especially with new supply and rising expenses adding pressure.
📍 Pierce County Market Outlook – April 2025
Multifamily values in Pierce County have held up remarkably well, even with higher interest rates and the impact of recent tenant law changes in Tacoma.
From 2014 to 2022, values surged more than 200%, and many investors who bought prior to 2021 are still sitting on substantial gains. Unlike the deep correction of 2008–2012, today’s dip feels more like a temporary adjustment than a long-term decline.
For sellers weighing their options, now may be a smart time to act—while values remain elevated and before potential headwinds from new legislation or further rate hikes.
📍 Snohomish County Market Outlook – April 2025
Snohomish County has seen consistent appreciation over the last decade, with multifamily values nearly doubling between 2017 and 2022.
While higher borrowing costs have slowed the pace of deals, values are still holding near peak levels. The current environment may not be ideal for aggressive pricing, but it still favors sellers who purchased several years ago.
If you’re considering a sale, now could be a strategic time—before more inventory comes online and while buyer activity in Q2 remains strong.