IN THE LAST 30 DAYS…
Median sales price went up to 495,000 again, same as a year ago.
Mortgage rates dropped to lowest level since 2022 = More buyers came out to shop.
Homes under contract went up 51% and closed sales went up 18%
1,000+ new listings came on the market every week followed by just under 1,000 weekly price reductions.

 

What This Means for Sellers

Sellers are getting 99% of their list price, BUT, that’s the list price after price reductions. Be prepared to offer concessions to buyers, you can build it into the terms. It’s all about your Net, the number you walk away with.

What This Means for Buyers

Rates do not need to be perfect, they just need to be workable, and we’re getting closer.

Keep in mind that the lower the rates go, the more buyers will enter the market = more competition = harder to get seller concessions.

 

What This Means for Our Local Market

Despite slower price growth and slightly lower mortgage rates, affordability remains strained.  

Many would-be sellers are also prospective buyers. With high costs still limiting affordability, some are choosing not to sell until conditions improve. That translates into fewer listings on the market. Limited inventory keeps the prices supported. Some segments of the market have seen a large drop in prices while other segments have remained steady.

Reach out for a Home Report or if you have any questions. Happy St Patricks Day!

 

February is rolling in with hopes of a stronger spring market than we saw last year. We are still in a buyer’s market. Inventory has dropped slightly since January, even with more homeowners listing after the New Year as interest rates dipped and buyers came back out shopping.

In the entry-level market under $500,000, nearly 70% of buyers require some level of seller assistance with closing costs. That’s simply the reality of today’s market. The homes that are selling are the ones that either look like a deal or are true “creampuffs.”

 

What This Means for Sellers

Overall, the market has remained relatively flat since interest rates rose sharply in 2022. Sellers who purchased in 2021 and beyond should not expect the same rapid appreciation we experienced during the COVID years. That said, homes with unique features or those in especially high-demand areas have continued to appreciate.

What This Means for Buyers

Buyers should not have unrealistic expectations of a return to the 3% interest-rate era. If rates ever drop that low again, it will likely be because the economy is struggling—meaning tighter lending standards and concerns about job security.

Right now, some of the best rates are being offered through new construction, with certain builders advertising rates as low as 3.75% on a 30-year fixed loan. Another option to consider is a 7-year ARM (adjustable-rate mortgage), which may offer a lower starting rate.

 

What This Means for Our Local Market

Looking ahead, with midterm elections coming up this year, we often see interest rates dip slightly in the months leading up to the election. Policymakers tend to favor conditions that support economic confidence, which can result in lower rates and more buyers re-entering the market. This window can present solid opportunities for refinancing or making a move.

 

As we move into the heart of the holiday season, the real estate market is showing its usual seasonal slowdown—with a twist. Inventory has dipped a bit as many homeowners wait until after the holidays to list, but prices are still on the rise. In fact, the median sales price increased 1.7% from last month.

Even better news for buyers and sellers alike: mortgage rates have finally dipped below 6%, leading to a surge in mortgage applications. And last month, 60% of all home sales included seller concessions, giving buyers more negotiating power than we’ve seen in a while.

 

🎁 What It Means for Sellers

Lower interest rates tend to bring more buyers into the market—just in time for the New Year. If you’ve been thinking about upsizing or downsizing, the improving affordability gives many homeowners the motivation to “unwrap” their next move.
With less competition during the holiday season, well-priced homes can still shine brightly and attract serious buyers.

 

✨ What It Means for Buyers
This December may be the perfect moment to make your move. Seller concessions are becoming the norm, which means you may be able to buy down your interest rate—often with the seller footing the bill.

Plus, it’s fiscal year-end for many home builders, and they’re offering generous incentives to close out the year strong. Think rate buydowns, price reductions, and upgrades—almost like a holiday sale on new construction.

 

Whether you’re planning to buy or sell, the holidays may offer more advantages than you’d expect.