Months of Inventory fell again in October, down from 2.89 in September to 2.60. That’s a clear move deeper into seller’s market territory and well below the long‑term October average near 3.0.

Compared with 2024, inventory is roughly half of where it was last October, and 2025 has run consistently tighter than 2024 every month. Each step down since midsummer means fewer options for buyers and firmer pricing power for sellers.

For buyers, expect more competition and less negotiation room. For sellers, well-priced listings should see faster offers and fewer concessions.

Supply is tightening fast while demand is holding strong. Active listings fell from 750 in September to 659 in October, now down 28% from last year and sitting only slightly above the long‑term October average. Buyers are seeing fewer options each week.

Demand is doing the opposite. Pending sales rose from 259 in September to 268 in October, nearly 50% higher than a year ago and well above historic norms.

Net result: the market is tilting more in favor of sellers again. Well‑priced homes move quickly; buyers have less room to negotiate and need to act decisively.

Appreciation has cooled sharply. After running 5–7% for most of late 2024 and early 2025, year‑over‑year appreciation has slid to nearly flat at 0% this month. That’s a big shift from October 2024’s 6.27% annual gain and even from August–September 2025’s roughly 2% pace.

Median prices are drifting sideways, not falling hard. The median peaked around mid‑2025 and has edged down for three straight months. For sellers, the “easy gains” phase is over; for buyers, price pressure has eased, but not enough to expect big discounts yet.

Buyers: This market is moving faster and tighter than last year, with inventory cut nearly in half and days on market dropping. Prices are mixed: the median sales price is actually down, even as price per square foot and total sales jump. That means competition is real, but value is still on the table if you’re flexible on size, finishes, or location. Go in pre-approved, expect smaller discounts off asking, and be ready to act quickly on well-priced homes.

Sellers: This is a strong window for you. Sales volume is up sharply, inventory is down, days on market are shorter, and buyers are giving up less of a discount from both original and asking price. While overall appreciation has flattened compared with last year, the higher price per square foot shows buyers will still pay for quality and good presentation. If you price close to market and list now, you’re more likely to sell faster, with fewer price cuts, and face less competition.