We're seeing a noticeable shift in the housing market lately: in Mid-Q3, the price per square foot dropped year-over-year in 36 out of the 50 largest metro areas across the U.S. Nationwide, this measure is down about 2% from the previous year, making it the tenth consecutive month of annual softening. As the quarter wrapped up, the momentum cooled further—many sellers began reducing their asking prices more aggressively, helping to bridge the gap between their expectations and what buyers are willing to pay. This is especially true in markets that experienced rapid growth during the pandemic, where higher mortgage rates continue to challenge affordability and keep buyers cautious. Inventory levels are now above pre-pandemic norms, and a number of these 'boom' markets are giving back some of their pandemic-era gains. If you’re considering buying or selling in Massachusetts or Rhode Island, it’s important to have a clear view of these trends—my focus is always on making sure you have the most current, relevant information to guide your decisions with confidence.
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