A closer look at the late-Q3 housing data tells a compelling story for buyers: roughly 21% of active listings saw price cuts, and inventory reached 1.16 million homes—about 9% below what we’d expect from pre-pandemic years. Buyer activity has stayed measured, with homes under contract down about 4% year-over-year for the second month in a row. Clearly, higher mortgage costs are keeping affordability tight.
The national median list price hovered around $419,000, down 1% both month-over-month and year-over-year, continuing an 11-month stretch of annual price declines. Price per square foot dipped another 2% from last year. Interestingly, sellers aren’t rushing for the exits—about 6% of listings were delisted, which is right in line with last year’s numbers. Instead, more owners are choosing to reduce prices and open the door to negotiation.
With decades spent guiding clients through markets across Florida, Maryland, Virginia, and Michigan, I’ve seen how moments like these can open up new possibilities for buyers who are ready to engage. The next big question: will these additional price cuts bring more contracts, or will the balance between rising supply and cautious demand keep us in this adjustment phase a bit longer? For those watching this market, knowledge and timing are everything.
Leave a Reply