Months of Inventory slipped from 4.70 in September to 4.29 in October, the lowest level of 2025 so far and well under the historic October average near 6.7 months. That’s a clear move toward a tighter, more competitive market.

Compared with 2024, when October sat around 4.78 months, supply is now about 10% lower. The big story of 2025 has been a steady grind down from a buyer-leaning 6–7 months in late winter to a borderline balanced-but-tight market this fall.

Practically, motivated sellers now have more leverage, while buyers face fewer options and less negotiating room.

Supply finally eased this month: active listings fell from 784 in September to 700 in October. That’s still well above the historic average (445), but the year-over-year edge over 2024 has flipped slightly negative. Sellers have lost a bit of leverage compared with spring, yet remain in a much looser market than normal.

Demand, by contrast, picked up meaningfully. Pendings jumped from 133 in September to 173 in October and sit far above both last year and historic norms. Buyers are stepping off the sidelines, and the gap between elevated supply and strong demand is narrowing.

Appreciation has clearly turned the corner. After flat-to-negative price change through most of 2024, annual appreciation moved back into positive territory late last year and is now running at 2.4% in October 2025, down from 3.05% in September. Prices are easing month to month, but still higher than a year ago.

Compared to the 2021–2022 boom and the 2023 pullback, this looks like a “slow-growth, no-drama” market. Sellers can still get solid prices, but the window for aggressive overpricing is closing. Buyers have a bit more leverage and time, but shouldn’t expect big discounts.

For buyers: Prices are softer than a year ago, with average and median sale prices down and homes sitting much longer (median 58 days vs. 13). You have more time to negotiate and can often secure 1–3% off asking, especially on stale listings or those that later expire or withdraw. Inventory is still moderate, so focus on well‑priced homes and be ready to move when something matches your criteria.

For sellers: Even with fewer sales and lower prices, annual appreciation is still positive at 2.4%, and months of inventory dipped to 4.29, keeping this from becoming a true buyer’s market. The lesson now is pricing: homes that come out too high are taking much longer and risking cancellation or expiration. To protect your equity, price close to market from day one and expect to negotiate about 2–4% from original list to final sale.