We’re seeing a clear shift in the housing market: in late Q3, about 21% of active listings featured price cuts, with total inventory reaching 1.16 million homes—now within about 9% of typical pre-pandemic levels. Buyer activity has remained measured, as homes under contract dropped roughly 4% year-over-year for the second consecutive month, reflecting how elevated mortgage costs continue to shape affordability. The national median list price hovered around $419,000, reflecting both a 1% month-over-month and year-over-year decline. This marks the 11th straight month of annual price decreases, and the price per square foot is down 2% from last year. Sellers continue to stay engaged, with about 6% of listings delisted, holding steady compared to last year, while more owners are reducing prices and opening up room for negotiation.
With my background in both Fortune 100 leadership and hands-on real estate, I focus on helping buyers and sellers interpret these numbers in a way that empowers your decisions. Our team-based, high-volume approach at Redfin means I have a front-row seat to these market dynamics as they unfold. The question ahead: Will more price cuts spur increased contract activity, or will added supply and subdued demand stretch out this adjustment period? My commitment is to guide you through these shifts, so you’re always equipped with the timely, real-world insights you need to make confident moves in the market.
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