In May, our local market continues to shift with increased inventory and stable home prices, creating unique opportunities for both buyers and sellers. With 10,520 active listings—a 34.9% year-over-year increase—buyers now have more choices and stronger negotiating power. Meanwhile, the median sold price holds steady at $450,000, signaling market resilience even amid rising supply.
For buyers, the uptick to 4.5 months of inventory and 36 median days on market means more leverage and time to make confident decisions. However, with mortgage rates averaging 6.85%, locking in rates early and getting pre-approved remains essential.
Sellers should note a slight dip in market activity—properties under contract dropped .7% YOY, and closings declined 2%. This underscores the importance of strategic pricing and professional marketing to stand out. With more competition and longer market times, price and positioning your home effectively is key to securing top-dollar results.
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What do these stats mean for Buyers and Sellers???
For Buyers:
1. Be Strategic, Not Hesitant.
When more homes are hitting the market and inventory is rising, this means more options and potentially more negotiating power. Homes sitting longer also suggests that sellers may be more flexible with pricing or terms — think seller concessions, repairs, or even rate buydowns. This is an ideal time to shop without the pressure of intense bidding wars.
2. Slightly Lower Mortgage Rates = Improved Affordability.
Even small downward shifts in mortgage rates can translate to significant savings over the life of your loan. If you were priced out a few months ago, it’s worth rechecking your buying power. Locking in a mortgage now — while rates are favorable and before prices potentially rebound — can be a smart long-term move.
3. Think Long-Term Value.
Buy in areas with strong fundamentals: good schools, infrastructure development, and local economic growth. Prices may dip slightly in the short term, but real estate is still a long-term wealth-building tool.
For Sellers:
1. Price It Right — From the Start.
Gone are the days of listing high and letting buyers fight it out. With inventory climbing and homes sitting longer, overpricing will only cause your home to linger — and likely require a price cut down the road. The first two weeks are your golden window; make it count with a competitive price based on current market conditions.
2. Presentation Is Key.
Buyers are choosier when there’s more inventory. That means your home needs to stand out: clean, declutter, stage, and invest in professional photos. First impressions drive showings — and showings drive offers.
3. Be Open to Incentives.
Offering a rate buydown, covering some closing costs, or being flexible on timing can make your listing more attractive. Remember, the goal is to net the best return, and sometimes small seller concessions can help secure that.
This type of market is shifting toward balance — it’s one where strategy, flexibility, and realistic expectations are the keys to success.
