Months of Inventory dipped from 2.33 in September to 2.24 in October, but remains well above last year (up about 16%) and above the historic October average. The market is still balanced-to-leaning buyer-friendly, just slightly less so than last month.

Compared with 2024, every month in 2025 has run higher than both last year and the long-term norms. That means more selection and a bit more negotiating room for buyers, while sellers must price more carefully and expect longer marketing times, especially for homes that are not move‑in ready.

Supply pulled back from 1,641 to 1,512 listings this month, but it’s still above the historic October average and well ahead of 2024. We’ve likely passed the peak of the 2025 inventory surge, yet buyers still have more options than in a typical year.

Demand is flat-to-soft: 627 pendings, down slightly from last month and below both 2024 and the historic norm.

Net result: the market is tilting mildly in favor of buyers. Sellers must price sharply and prep well; buyers can negotiate more, but shouldn’t expect fire-sale discounts.

Appreciation is clearly downshifting. We moved from roughly 8% annual price growth through late 2024 to under 3% in October 2025. Month to month, prices are still inching up (September to October 2025 rose from about 430K to 432K), but at a much slower pace than a year ago.

This puts the market in a “cooling, not crashing” phase. Sellers still have gains, but the days of rapid jumps are behind us. Buyers now have a bit more leverage and time, with less urgency around “buy now before prices spike again.”

Buyers are gaining quiet leverage. Prices are still higher than last year, but appreciation has cooled sharply to 2.81%, days on market are up, and inventory has risen to 2.24 months. More active listings and bigger gaps between asking and final prices signal more room to negotiate and less pressure to “win” fast. You can be choosier and push harder on inspection and price.

Sellers still hold an edge, but it’s thinner. Sales volume, total sales, and prices are all up, yet buyers are pushing back with more negotiations and more withdrawn listings. Today, accurate pricing and strong presentation matter more than ever.