Months of Inventory has tightened again this month, slipping from 3.64 in September to 3.31 in October 2025, and well below October 2024’s 4.03. That’s a clear shift toward a more competitive market.

Through most of 2025, inventory ran higher than 2024, but the last two months flipped that script. We’re now far under the long‑term October average, signaling a structurally leaner market.

Buyers are losing some of the leverage they briefly gained mid‑year. Sellers who list now face fewer competing homes, while buyers should move faster and be realistic on price and terms.

Supply tightened this month: active listings fell from 376 in September to 340 in October, and are now slightly below the 236–237 historic October norm only on a relative basis after being well above average for most of 2025. That shift takes some leverage back from buyers, especially for well-priced homes.

Demand cooled modestly: pendings slipped from 102 to 97 month over month and sit just under last year, though still far above the historic October average of 54.

Net result: still a relatively active market, but with less selection and slightly less buyer urgency than late summer.

Appreciation has clearly shifted into a higher gear this year. Through most of 2024, annual price growth hovered around 2–3%; since late 2024 and throughout 2025 it’s been running closer to 5–6%, with October at 6.21%.

Month to month, the median price has moved from about $400K a year ago to $425K now, with a steady climb from roughly $415K this spring. That’s a slow grind up, not a spike.

This environment favors sellers and existing owners, while buyers face less drama than 2021–22 but no real “price breaks.”

For buyers, this is a rare window where prices are basically flat at the median, price per square foot is down almost 8–9%, and homes are sitting much longer. That means more room to negotiate, especially on homes that have lingered on the market or have had price cuts. Even with stronger year‑over‑year appreciation, the day-to-day leverage tilts your way if you’re patient and realistic.

For sellers, demand is still solid: sales volume is up nearly 10%, total sales are higher, and inventory has dropped to just over three months. Well-priced, well-presented homes can still sell, but overpricing is getting punished, as shown by more expired and withdrawn listings.