Well, the market has officially decided to give buyers a little more breathing room. At the end of July, we had 1,948 active listings—up 38% from this time last year. Months of inventory jumped from 2.4 to 4.0, the highest level we’ve seen in a decade. That moves us from a fairly neutral market into buyer’s market territory.
But—and this is a BIG but—real estate is always local. What’s happening in one neighborhood, price range, or property type may look very different just a few miles away.
The numbers tell an interesting story: only 27% of July sales sold at or above list price, while 34% sold below. And nearly 4 out of 10 homes that sold had a price reduction before finding their buyer.
So, is the sky falling? Nope.
😊
What we’re seeing is more of a market recalibration after several years of intense competition, multiple offers, and prices that sometimes seemed to defy gravity.
For sellers, the lesson is pretty simple: today’s buyers are shopping the competition that’s on the market right now—not the house that sold three months ago. Pricing strategically from the start, understanding the current competition, and making sure your home is truly market-ready matter more than ever.
And for buyers? You may finally have a little room to breathe, negotiate, and actually think before writing an offer. Imagine that! 😉