Months of Inventory ticked up slightly from 6.14 in September to 6.27 in October. That’s a small move month-to-month, but it confirms a steady shift toward a more balanced market after years of extreme tightness.

Compared with 2024, 2025 has consistently run higher inventory for most of the year, though the gap has narrowed since summer. Even so, today’s level is still far below the long‑term historic average, which means we’re nowhere near a true “buyer’s market.”

For sellers, this means pricing and condition matter more, but well‑positioned homes still move. For buyers, there’s a bit more choice, but not much extra leverage.

Supply is easing but still elevated. Active listings slipped from 1,522 in September to 1,455 in October, yet remain roughly 27% above the historic October average. After a year of strong inventory gains, the market is shifting from “tight” to “normal‑plus.”

Demand is holding firm. Pending sales ticked up from 232 to 238 month‑over‑month and sit about double the historic norm. Buyers are more active than usual for this time of year, even with more choices.

Net result: this is still a seller‑leaning market, but with better options and slightly more negotiating room for buyers.

Appreciation has clearly downshifted. In 2024, price growth hovered around 4–6%; by mid‑2025 it briefly pushed near 6%, but has since faded to just 2.1% in October. Month to month, prices are basically flat: the median rose only slightly from September ($872,483) to October ($872,756).

For sellers, this is no longer a “name your price” market; pricing close to recent comps matters again. For buyers, the window is improving: prices are still inching up, but the pace is the slowest since the post‑2018 cool‑down.

Buyers are seeing more leverage return. Prices are down year-over-year, days on market are up sharply, and inventory has pushed above six months. That mix means more choice, more time to decide, and slightly deeper discounts from list price than last year. If you’ve been waiting for less competition and more room to negotiate repairs, credits, or price, this is the window to be selective and patient.

Sellers now have to win on value, not just presence. Sales volume is down nearly 20%, appreciation has cooled, and buyers are resisting overpricing. Homes that are priced close to market and show well can still move, as pending contracts are slightly higher than last year. The strategy shift: price correctly on day one, expect longer marketing times, and plan for some negotiation off your list price.