Luxury Market Trends
WELCOME TO 2025!
As we’ve wrapped up another year in the luxury housing markets throughout the Pacific Northwest, many are keeping watch to see what will happen next. For the next couple of months, the energy and transactions will start to build before we reach the kickoff of the prime luxury season in the second quarter.
With relatively low inventory in many markets as we begin the new year, there are opportunities for sellers to place their home on the market in a less competitive market. Even in many luxury markets with unsold inventory, buyers will be waiting in the wings and keeping an eye on new listings as they become available. Whether you’re looking to sell your family home or purchase a vacation property in a destination location, our John L. Scott luxury broker associates are here to help.
We hope you find the market update and insights helpful as you enjoy the latest edition of our Luxury Market Trends magazine!
J. Lennox Scott Chairman and CEO
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: Sold | johnlscott.com/13146
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.
Tracy Soriano Central OR
In the fourth quarter of 2024, the luxury real estate market in Central Oregon experienced a slower pace of transactions. As we move into the first quarter of 2025, luxury buyers find themselves in a stronger position, benefiting from the fact that many high-end properties have remained on the market for extended periods. This increased inventory provides buyers with greater negotiation leverage, potentially resulting in price reductions or other favorable terms.
Sellers introducing fresh inventory in the first quarter can gain a competitive edge over properties that have remained listed since the previous year. By aligning with current market conditions and making strategic decisions, these sellers are well-positioned to capture the attention of the serious pool of buyers active at this time. I am seeing a growing demand among luxury buyers for homes with floor plans that accommodate multi-generational living, with many seeking spaces that offer more flexible living arrangements.
Kim Florence Mercer Island, WA
The luxury market in Q4 on the Eastside seemed to be a bit of a mixed bag. Homes up to $4 million still moved relatively quickly and for asking, while homes over $4 million sold at a slower pace, often with price reductions, ultimately selling around 5% under asking. The good news is that luxury homes on the Eastside are still selling, just at a slower pace than 2023.
Buyers making all cash offers won’t be deterred by persistently high interest rates and may be able to capitalize on a smaller buyer pool. Sellers that list their homes at market value before the spring rush may be surprised to find that frustration over low inventory could lead to fast and above-asking sales.
Luxury buyers on the Eastside are prioritizing multi-generational living and looking for properties with easy exterior access, multiple ensuite bedrooms and elevators!
Desiree Lorentz Southwest WA
There has been a steady demand and a slight increase in sales prices in the last quarter. Though properties over two million have seen a longer market time, it means more inventory to choose from as a buyer shopping that price point. We saw the typical seasonal slowdown but have since come back reflecting continued buyer interest in high-end properties, particularly in that one-to-two-million-dollar range.
Buyers may face escalating prices, and a competitive market with limited high-end inventory. Sellers will likely be able to seize the opportunity to attract motivated buyers, especially if they have a unique property, which could potentially position sellers to achieve favorable terms and pricing in 2025.
Buyers are prioritizing features like outdoor living spaces, and smart home technology. Proximity to recreational activities and community amenities has become a key consideration as more and more people work from home and move to our area from out of state.
Sam Savage Snohomish County, WA
In Q4 2024, Snohomish County’s luxury housing market experienced a significant decline, with new listings in the $1 million-plus segment dropping by 45% year-over-year, and sales decreasing by 46% during the same period.
I do think the greatest barrier with home sales is a direct reflection of homeowners grasping to their 3%-3.5% interest rate. I believe with higher interest rates the market hasn’t reflected the difference in price. Pricing of homes is way over valued with little information to back the pricing. I look at interest rates and pricing like a seesaw; if interest rates go up, pricing goes down and vice versa. That has not been reflected in our markets for about 2 years now.
Luxury homebuyers are increasingly seeking properties that feature modern architecture, expansive glass windows, and bespoke interior designs. Affluent buyers are also prioritizing prime locations with scenic views, such as waterfront locales and neighborhoods like Capitol Hill and Bellevue, which blend urban convenience with natural beauty. Furthermore, lavish amenities like private gyms, home theaters, wine cellars, and infinity pools are highly sought after, enhancing the appeal of luxury homes in the region.
PUGET SOUND
Fourth Quarter Highlights
Throughout the Puget Sound luxury markets the sales activity was higher than in the same period in 2023. Notably even with more properties going under contract during the final quarter of the year, we are starting the new year with higher inventory than we saw at the start of 2024.
As we begin to wrap up the annual winter cleanup of homes on the market, we are heading towards the peak luxury season during March, April, and May, and buyers who have been waiting for the right property to become available will find more selection and availability now that the new year has begun.
SEATTLE
WEST BELLEVUE
MERCER ISLAND
Mercer Island’s luxury market experienced greater numbers of closed transactions during the final quarter of 2024, compared with the previous year. Notably, even with higher numbers of sales, the listings that were on the market did take longer to sell on average. In this sought-after community, buyers will be waiting for the kickoff of the spring luxury season.
EASTSIDE
KING COUNTY CONDO
SOUTH KING COUNTY
PIERCE COUNTY
BAINBRIDGE ISLAND
In the final quarter of 2024 activity held steady compared with the previous year. The end of the winter cleanup and increased activity in the spring will offer buyers more opportunity and selection.
SNOHOMISH COUNTY
Sold | johnlscott.com/75982
ISLAND COUNTY
LUXURY WATERFRONT
L ake Washington
Lake Sammamish
King County
FEATURED LUXURY LISTINGS
Naches, WA | $1,950,000 | johnlscott.com/79257 1559 Watson Road, Naches, WA 98937
This stunning property invites you to experience luxurious rural living. Inspired by a natural palette with neutral tones, low water landscape and textured elements throughout. Antiqued 100-year-old wood beams are featured throughout and reclaimed wood for custom cabinetry. This is a timeless home with attention to detail and design you don’t usually find in the valley. Spanning nearly 4000 square feet all one level, the home features a unique horseshoe layout that wraps around a protected center courtyard, allowing for an exquisite flow between indoor and outdoor spaces. This rare offering combines exceptional features with a tranquil lifestyle, making it a true gem in the market.
Moriet Miketa 509.969.4969 moriet@teammiketa.com
Lake Chelan, WA | $3,800,000 | johnlscott.com/27845
250 Karma Kanyon Dr, Lake Chelan
Nestled in the heart of Lake Chelan’s serene landscape, this custom-built 5,246 sqft masterpiece offers a rare blend of luxury and comfort. With unobstructed panoramic views of the sparkling lake, every corner of this home invites you to soak in the natural beauty that surrounds you. Crafted with quality construction and attention to detail, the home is designed to provide cozy and inviting spaces for day-to-day living. Expansive windows frame the breathtaking vistas, ensuring that the lake is always within sight. The interiors are a harmonious mix of elegance and warmth, featuring rich finishes and thoughtful touches that create a sense of home from the moment you step inside. The sumptuous main floor primary suite is a true retreat, featuring a cozy fireplace, an attached five-piece bath, and a spacious walk-in closet. The warm and inviting family room boasts a gas-assist wood-burning fireplace, soaring ceilings with large exposed wood beams, and a wet bar area perfect for entertaining.
EASTERN WASHINGTON AND IDAHO
Fourth Quarter
During the final quarter of 2024, the primary luxury markets of the Inland Northwest saw varying degrees of activity and intensity. In Kootenai County transactions remain steady compared with the same period in 2023 and as we start the new year there is more available inventory. While in Spokane County there were more closed transactions compared with the previous year and as we enter 2025, the luxury inventory is lower than we saw at the start of 2024. Luxury buyers of the Inland Northwest will welcome greater selection as we move into the peak season which starts in March and April.
COEUR D 'ALENE, ID
SPOKANE COUNTY
OREGON AND SOUTHWEST WASHINGTON
Fourth Quarter Highlights
In the fourth quarter of 2024, luxury sales activity remained steady compared with the same period in 2023. While the Portland Metro area saw slightly higher sales, the available inventory at the start of 2025 is notably lower than we saw at the start of last year. While in the desirable community of Lake Oswego sales were also higher than the same period in 2023, however available luxury inventory to start the year is also higher.
During this annual period known as the winter cleanup, fewer new listings come on the market. Buyers in Portland, Lake Oswego and West Linn will be waiting patiently for each listing until the luxury market kicks into gear beginning in March 2025.
PORTLAND METRO
In Q4,
Offered at $1,595,000 | johnlscott.com/62540
As we wrapped up the year in Central Oregon, the number of closed transactions and available luxury inventory increased at nearly the same rate compared with the same period last year, however on average it took longer for homes to go under contract. Bend and the surrounding areas consistently attract interest from buyers looking for the lifestyle this unique market affords, and those buyers will welcome the increased inventory the spring market will offer.
JACKSON COUNTY
CLARK COUNTY
DESIGNING YOUR HOME SPA The Ultimate Health and Wellness Retreat
In our annual pilgrimage to national and international interior design trade shows, we eagerly explore the latest advancements in fixtures, finishes, and technology. Our mission is to discover how these innovations can enhance our clients’ quality of life when renovating or building new homes. Among the most significant spaces in a home, bathrooms hold a special place, impacting real estate value and serving as sanctuaries for relaxation, daily routines, and overall well-being.
Transforming Bathrooms with Smart Technology
The bathroom has evolved from a purely functional space to a wellness haven, thanks to the integration of smart technology. These advancements bring unparalleled convenience, efficiency, and luxury to daily routines. Smart mirrors with touch controls, temperature-regulated showers, and intelligent lighting systems are just a few examples of how technology is revolutionizing this essential space.
Post-Pandemic Design Evolution
The COVID-19 pandemic has dramatically shifted design priorities, emphasizing health and wellness. Homeowners increasingly seek to create in-home spas, a trend predicted by the National Kitchen and Bath Association (NKBA) in their 2022 trend forecast. “In the bathroom, hotel experiences, technology and influences from nature will have a substantial impact on design over the next three years, with spa features and wet rooms. In the bath, the trends are toward larger showers (and even removing tubs), shower “experiences” drawn from spa-at-home and staycation concepts, sustainability and connected products such as water-temperature controls and entertainment.”
European Influence on Wellness Design
European wellness traditions, such as Danish hygge and Finnish saunas, continue to influence bathroom design. These practices emphasize relaxation and health, integrating features like steam showers, chromotherapy, and hydrotherapy into modern bathrooms. The NKBA’s 2024 trend report highlights the growing demand for home spas and wellness-focused spaces.
Expanding Bathroom Footprints
Designing bathrooms for rejuvenation often involves increasing their footprint, sometimes incorporating space from adjacent rooms. This expansion creates a more luxurious feel, with showers and wet rooms frequently serving as the centerpiece. These spaces might feature built-in seating and multiple shower heads, including rain showers, handheld sprayers, body sprays and freestanding soaking tubs.
The Health Benefits of Steam Showers
Steam showers are becoming a staple in modern bathrooms due to their numerous health benefits, including reducing stress and promoting rest. The calming effect of steam is excellent for soothing nerve endings and sore muscles. According to the Journal of Clinical Medicine Research, “Heat is commonly used in physical therapy following exercise induced delayed onset muscle soreness (DOMS). Clinically, it has been shown that moist heat penetrates deep tissue faster than dry heat” (https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3808259/) Steam showers also promote sweating, which helps eliminate toxins and cleanse the skin. Enhanced blood circulation further supports detoxification and overall health. Integrating aromatherapy into steam showers can provide additional benefits, such as sinus relief and respiratory soothing during allergy and cold seasons.
Chromotherapy: Healing with Light
Chromotherapy, or light therapy, was pioneered by Hungarian scientist Endre Mester, who discovered the therapeutic benefits of low-powered light. Modern bathrooms can incorporate LED lighting built directly into the rain showerhead, easily controlled via digital touchpads. Similar to light spas in Europe, these lights can use various wavelengths or colors to address skin conditions, promote wound healing, manage chronic pain and muscle tension. Blue light, in particular, is helpful for improving seasonal affective disorder (SAD) and regulating sleep patterns.
Hydrotherapy for Home Relaxation
Inspired by European spas, hydrotherapy features like rain showers, jetted tubs, and heated floors are increasingly common in American bathrooms. These elements promote muscle tension relief, improve circulation, and boost lymphatic drainage. Deep soaking tubs made from materials like cast iron and acrylic retain heat longer, enhancing the bathing experience. Tubs with heated air jets offer a hygienic alternative to traditional water jetted tubs, where water can become stagnant in the tub walls. The new technology creates a wonderful massage with warm air bubbles instead.
Embracing 2025 Bathroom Design Trends
The 2025 trends in bathroom design, as researched by the NKBA and our team, emphasize a harmonious blend of technology, nature, and luxury. By incorporating these trends, homeowners can transform their bathrooms into sanctuaries that promote both physical and mental well-being. Advanced technologies and wellness-focused elements not only meet practical needs but also enhance overall quality of life. Whether through steam showers or chromotherapy, these trends represent the future of bathroom design, where luxury and well-being are seamlessly intertwined.
In conclusion, as designers, we are thrilled to witness and contribute to the evolution of bathroom design. By integrating the latest technology and wellness practices, we can create spaces that offer more than just functionality—they become essential retreats for relaxation and rejuvenation, ultimately elevating the quality of life for homeowners.
Sarah Walker, Nuance Interior Design.
Photo Credit:
NUANCE INTERIOR DESIGN
Nuance Interior Design is a premier interior design studio based in Bellevue, Washington, specializing in large-scale renovations and new construction homes. Nuance offers full-service design support through every stage of the project, encompassing finishes, fixtures, and furniture selections. With a focus on intentional design, Nuance creates inspiringly beautiful homes while delivering a white-glove experience that combines seamless service, innovative products, and timeless details. Their mission is to enhance clients’ quality of life by crafting spaces that prioritize wellness, sustainability, and sophistication.
THE NUANCE SHOWROOM
With over 20 years of expertise, Nuance has brought clients’ visions to life by acting as a trusted liaison for those balancing careers, family, and travel. They design a wide range of luxury properties, including primary residences, legacy vacation homes, multi-generational homes, and pieds-à-terre. Renowned for their ability to simplify complex projects, Nuance collaborates closely with builders and architects, leveraging advanced software, detailed design documentation, and renderings to ensure a seamless process.
The Nuance Showroom stands as Washington’s only luxury, sustainable design center. Spanning 3,000 square feet, it provides an unparalleled selection of innovative materials, custom furniture, and cabinetry, available exclusively to clients and trade partners. This one-stop-shop eliminates the need to visit multiple showrooms or juggle endless samples. It cuts the design time in half while preventing decision fatigue and overwhelm.
Nuance’s design team travels the globe to source distinctive products that enrich their projects, infusing their designs with a unique, international influence. Their comprehensive architectural knowledge ensures every home is tailored to each client’s specific needs and style.
As a Hunter Douglas dealer, Nuance offers an exclusive window treatment program with expert motorization support, providing homeowners and professionals with the best solutions. By partnering with clients, builders, and architects, Nuance Interior Design continues to shape the future of home design—from foundation to furnishings.
jordankingston@johnlscott.com
jordankingston.com
jordankingston@johnlscott.com
jordankingston.com