Navigating the current real estate landscape means buyers are facing some of the steepest monthly payments in over a year—by late Q3, the average payment hit $2,600. With mortgage costs climbing and median sale prices holding steady (the national median is up about 2% year-over-year to $399,000), affordability is definitely at the forefront of many clients’ minds. This has kept pending sales relatively flat month-over-month and lower compared to last year.
I’ve seen mortgage-purchase applications dip slightly, while new listings have slowed down a bit thanks to holiday timing—but interestingly, listings are still a bit higher than the same period last year. Seller strategy is crucial in this environment: around 21% of active listings cut prices recently, showing that sharper, more realistic pricing attracts the right attention. Overpricing, on the other hand, tends to make buyers hesitate.
Inventory has improved modestly too, with the active supply up about 2% year-over-year to 1.5 million homes and about four months of supply on the market, though we’re still not quite at a balanced market. As always, I’m here to help clients understand these shifts—whether you’re buying or selling in Massachusetts or Rhode Island, a thoughtful approach makes all the difference.
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