There’s a fresh breeze blowing through the housing market, and buyers are starting to feel a little more wind at their backs. By late Q3, about 21% of active listings saw price cuts, and inventory climbed to over 1.16 million homes—now just 9% shy of where we were before the pandemic. Still, buyers are moving with caution: homes under contract dipped by roughly 4% for the second month in a row, which really says a lot about how higher mortgage costs are impacting affordability.
The national median list price hovered around $419K, down 1% both month-over-month and year-over-year, continuing an 11-month streak of yearly declines. Price per square foot also slipped about 2% year-over-year. Sellers aren’t exactly running for the exits, though—only about 6% of listings were delisted, which is steady compared to last year. Instead, more homeowners are choosing to cut prices and open up those crucial negotiations.
The big question? Will these price drops tempt more buyers to sign on the dotted line, or will rising supply and softer demand mean this market stays in adjustment mode a little longer? As someone who loves guiding folks through these shifting waters, I’m always here to help you make sense of the numbers—and find the right moment to make your move, with heart, hustle, and a splash of fun.
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