Recently, I’ve been watching a notable trend: about one in five homes listed for sale saw a price cut in late Q3, while less than 6% were actually delisted. This shows that many sellers are choosing to stay in the market and recalibrate their expectations, rather than stepping back altogether. Meanwhile, conforming 30-year fixed mortgage rates shifted from the high-6% range at the month’s start to above 7% by mid-month, and continued to rise. Inventory grew to over 1.16 million active homes, and the national median listing price eased by about 1% month-over-month to $419,300, offering buyers a little more negotiating power. Although new listings dipped roughly 2% month-over-month to around 395,000, higher borrowing costs meant many buyers were still hesitant to take full advantage of these changes. As we move into early Q4, industry experts are keeping an eye on whether these challenging conditions will lead to further discounts, repeated price cuts, or longer times on the market. In a shifting landscape like this, creative and proactive marketing remains essential to ensure each property gets the attention—and results—it deserves.
Leave a Reply