Months of Inventory ticked up again in October to 4.87 from 4.44 in September, a modest softening month over month. Compared with 2024, we’re slightly lower, but still well above the historic October norm near the mid‑3s.

Big picture, 2025 has run consistently higher inventory than 2024 and far above long‑term averages, shifting power away from sellers. Buyers now have more choice and a bit more negotiating room, while sellers must price sharply and expect longer market times, especially for homes that aren’t move‑in ready or are pushing the top of their range.

Supply held flat from September to October at 1,663 listings, but remains 6–7% above last year and roughly 38% above its long‑term October average. Buyers now have meaningfully more choices than a typical fall market.

Demand (332 pendings) slipped slightly from September and sits just below its historic October average. Pending sales are up only about 3% year over year, far slower than the growth in supply.

Net result: the market is tilting a bit more in buyers’ favor month over month, pressuring sellers to price sharply and offer cleaner terms to get deals done.

Appreciation cooled meaningfully this month: from 6.21% in October 2024 to 1.85% in October 2025, and from 6.6% in September 2024 to 1.45% in September 2025. Year-over-year price growth is now running at a third or less of last year’s pace.

Still, the median price just hit a new high at $231,243, up from $229,078 last month.

This is now a “slow‑grind up” market: better for buyers (less frantic appreciation), but sellers still hold the advantage as values keep edging higher, not falling.

Buyers, this market is slowly tilting in your favor. Prices are higher than last year, but homes are sitting much longer (median 64 days) and there’s more to choose from, with active listings up over 5%. Sellers are cutting more from both the original and asking prices, and total sales are down, which gives you room to negotiate and time to be selective.

Sellers, the story is price power plus patience. Both average and median prices jumped sharply year over year, and sales volume is up, so serious buyers are still paying. But with nearly five months of inventory and longer days on market, correct pricing and strong presentation matter more than ever.