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After three months of stabilization around $1.7M, it’s clear the 10% median price increase is real. That said, the 2% appreciation is misleading: prices surged 18% early in 2024 before leveling off to a more sustainable 6% annual growth rate, which better reflects the true market appreciation.
Looking ahead, a modest pricing correction seems likely, driven by rising inventory and broader economic uncertainty. The previously cited 1.1 months of inventory no longer reflects current conditions—we are approaching 2.0 months, indicating a shift toward a balanced market.
What are the implications? For sellers: price conservatively to align with current market conditions. For buyers: continue to focus on affordability through your monthly payment, and do not hesitate to move forward with a purchase if it fits your financial goals.
