HAPPY SPRING!
As we kick off the prime-time season for the luxury market, which runs from March through October in many markets across the Pacific Northwest, buyer demand will increase over the months ahead, as will the number of new luxury listings coming on the market.
Following the winter cleanup of unsold luxury properties at the start of the year, we often see a shortage of inventory of luxury listings. Starting in the spring more properties come onto the market and buyers will find some relief with a greater selection.
The tariffs and global markets have caused a slight pause for some luxury buyers who have financial positions in the equity markets. As the tariff conversation is proceeding forward, and with the current 90-day pause, it will provide a break for agreements to take place between nations. We often experience that with slight turbulence, opportunities open up in the luxury housing market.
Spring is truly the best time of year to showcase your home if you’re looking to sell. Whether you’re looking to purchase a vacation property in a destination location, or sell your family home or, our John L. Scott luxury broker associates are here to help.
We hope you enjoy this edition of our Luxury Market Trends!
J. Lennox Scott Chairman and CEO
John L. Scott Real Estate
EXCEPTIONAL HOMES
BY JOHN L. SCOTT
Exceptional Homes is John L. Scott’s luxury real estate brand. Together with our luxury broker associates, our global partners at Luxury Portfolio International, and our support staff, we strive to provide concierge-level service by putting clients first.
We can ensure you that we are here for you and your family. The real estate market is fast-paced and ever changing, but what hasn’t changed, is our commitment to exceed your expectations when you are ready to buy or sell your home.
On the cover: Offered at $7,250,000 | johnlscott.com/25778
John L. Scott is a founding member of the international organization Leading Real Estate Companies of the World®, as well as their luxury division, Luxury Portfolio International.
Founded in 1931, John L. Scott operates over 100 offices with over 3,000 agents throughout WA, OR, ID & CA
A global community of over 565 real estate companies awarded membership based on rigorous standards for service and performance
Member Firms BY THE NUMBERS
80% of applicants to this network are turned down
John L. Scott’s luxury brand, providing our agents with tools and data to help each and every client live their luxury
The luxury division of LeadingRE & the largest global network of the most powerful, independent luxury firms
4,800 Offices Worldwide
Total Inventory
$58 Billion
SCHOLARS OF THE MARKET
Curious about luxury trends in your neighborhood? See what some of our John L. Scott luxury experts had to say about the market in their area.
Tiffany Wilkerson Jackson County, OR
The luxury market had a strong start to the year! Closed sales jumped 37.5% compared to last year, and inventory grew by 12.2%. Homes are selling faster, with a 27% drop in days on market, though sellers are making some price adjustments, as the sold vs. original list price dipped by 7.4%.
For sellers, increased demand presents strong opportunities, but strategic pricing is crucial as buyers remain value-conscious. Buyers may benefit from rising inventory, but competition remains for well-priced, high-end homes that move quickly.
Buyers are prioritizing wellness-focused features like home gyms, spa-like bathrooms, and outdoor living spaces. Sustainability and smart home technology continue to be in high demand, with energy-efficient designs and high-tech security systems becoming key selling points.
Martin Weiss King County, WA
The luxury market on the Eastside saw robust sales activity up to $5M with a shortage of inventory. Above $5M we saw selective sales activity with higher inventory levels.
The biggest opportunity for luxury buyers on the Eastside in 2025 is the potential for long-term appreciation in a market driven by a strong job market, tech wealth, and limited inventory; Challenges include rising interest rates, increased competition for premium properties, and evolving zoning regulations that may impact new construction and investment potential. For luxury sellers the biggest opportunity lies in strong demand fueled by high-income tech professionals and limited inventory, allowing for competitive pricing and favorable terms. However, challenges include discerning buyers expecting top-tier amenities, potential market fluctuations due to economic conditions, and the need for strategic marketing to stand out in a crowded high-end market.
Eastside luxury buyers are prioritizing newer homes with contemporary designs, outdoor entertainment spaces, and high-end smart home integrations. Proximity to top schools, private estates with larger lots, and wellness features like home spas and gyms are also in high demand, reflecting a desire for both convenience and exclusivity.
Patti Chalker Redmond, WA
The luxury real estate market in Q1 was active with most homes selling quickly if they were priced correctly, in very good show condition and marketed well. The closer in communities in Bellevue and Kirkland remain strong however we’ve noticed some softening and price reductions in the outlying cities of Sammamish, Redmond and Woodinville mid March. Luxury listings will continue to come on the market in April, May and June offering buyers more choices.
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Cindy Kott Mercer Island, WA
The first quarter of the luxury real estate market has demonstrated remarkable resilience, with homes priced between $3 to $4 million often selling within days of being listed. While properties over $5 million may take a little longer to sell, they continue to attract serious buyers and move at a steady pace. However, with inventory remaining limited and the buyer pool narrowing, pricing strategy has become more critical than ever for sellers aiming to stay competitive. Despite a smaller pool of buyers, demand for high-end properties remains strong, fueled in part by the fact that many luxury buyers are less affected by rising interest rates. A significant number of buyers are opting for cash, which simplifies and accelerates the transaction process. Today’s luxury buyers are more discerning than ever, with a noticeable shift toward multi-generational living. Many are seeking homes with separate quarters for extended family or live-in assistance, reflecting a growing demand for flexible and inclusive living arrangements. A chef’s kitchen and expansive luxury outdoor living spaces are also top priorities, blending functionality and elegance for both daily living and entertainment. Elevators have emerged as a coveted feature, adding both convenience and a sense of sophistication to these grand estates. As the luxury market continues to evolve, it’s clear that these refined preferences are shaping the homes of tomorrow, catering to the sophisticated tastes and desires of today’s affluent buyers.
PUGET SOUND
First Quarter Highlights
During the first quarter of 2025, the luxury market in the Puget Sound region experienced an increase in inventory compared with the same period in 2024, more closed transactions, and an increase in active listings on the market to start the second quarter
As we begin the peak luxury season during March, April, and May, buyers who have been waiting for the right property to become available will find more selection and availability as new listings increase in the coming months.
SEATTLE
WEST BELLEVUE
MERCER ISLAND
Mercer Island’s luxury market remains highly competitive for buyers and has held relatively steady with what we saw during the first quarter of 2024. As we progress into the spring and summer months, inventory should increase in alignment with the annual sales cycle.
KING COUNTY CONDO
SOUTH KING COUNTY
PIERCE COUNTY
KITSAP COUNTY
BAINBRIDGE ISLAND
Bainbridge Island remains a soughtafter destination for discerning buyers. During the first quarter of 2025 the number of closed sales were higher than the same period in 2024, yet available inventory as we start the second quarter held even with the previous year.
SNOHOMISH COUNTY
ISLAND COUNTY
LUXURY WATERFRONT
L ake Washington
Lake Sammamish
King County
FEATURED LUXURY LISTINGS
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Discover a luxury equestrian estate on 8 acres with breathtaking views of Mt. Adams and surrounded by flourishing orchards. The main house features soaring ceilings, Southern Pecan hardwood floors, and a chef’s kitchen with custom Alder cabinets and top-tier appliances. Enjoy the inviting living space with a stunning gas fireplace and a screened-in garden room. The property includes a custom 5-stall barn with a feed and tack room, two large pastures, and a 150 x 100 lighted riding arena, all fully fenced. Above the barn, a charming 1,400-square-foot guest suite boasts custom finishes and a vintage copper bathtub. This estate harmoniously blends sophisticated living with exceptional equestrian amenities. Schedule your private viewing today!
Medford, OR | $1,195,000 | johnlscott.com/14950 4506 Pinnacle Drive, Medford, OR 97504
Luxury living, valley views, breathtaking Pagnini designed home. From vaulted ceilings to hickory hardwood flooring, every detail exudes sophistication & style. Chef’s kitchen w/granite countertops, double ovens, gas cooktop, farmhouse sink, large pantry. Spacious living & dining rooms to entertain. Main level primary suite w/ spa-like ensuite, dual vanities, jetted tub, oversized shower, walk-in closet, gas fireplace. In lower level, spacious family room & media center, plus 2 bedrooms w/Jack & Jill bath. Overlook valley/city lights from custom deck w/gas fireplace. Conservancy borders east side of property adding privacy. Water fountain, stucco exterior, tile roof, private shop, oversized 3-car garage.
EASTERN WASHINGTON AND IDAHO
First Quarter Highlights
As we kickoff the start of the spring season, buyers in the Inland Northwest are seeing increased available inventory. In both Spokane and Kootenai Counties, there is much more inventory than the same period in 2024, in addition to higher numbers of closed sales during the first quarter. In the typical annual sales cycle, unsold inventory tends to build up in advance of more buyers entering the market, and the busy spring season will mark increased buyer interest.
COEUR D 'ALENE, ID
SPOKANE COUNTY
OREGON AND SOUTHWEST WASHINGTON
First Quarter
Highlights
The first quarter of 2025 provided more inventory and options for buyers in the luxury price ranges, which also led to an increase in closed transactions and the number of active listings available as we enter the second quarter. The spring season will bring the peak as more luxury homes are listed and more buyers look to find their next home.
PORTLAND METRO
LAKE OSWEGO
Offered at $1,585,000 | johnlscott.com/74488
After the annual winter clean-up activity in Bend, the listings and buyers are starting to appear out of hibernation. An increase in closed transactions during the first quarter of 2025, when compared with the same period in 2024, reinforces the desirability of this destination market. We are also starting to see more unsold inventory as the new listings increase, while buyer activity has not yet caught up at the same pace.
Bend will continue to draw high-net-worth individuals who are seeking to relocate, retire or purchase a second home, due to the area’s appealing lifestyle for residents.
JACKSON COUNTY
CLARK COUNTY
