Months of Inventory held almost flat from September (5.32) to October (5.30), but remains well above 2024 and the long‑term average.

2025 has run consistently higher than 2024 all year, signaling a clear shift toward a more balanced-to-buyer-leaning market versus the tighter, more seller-friendly conditions of prior years.

For sellers, this means pricing sharply and expecting longer days on market. For buyers, it means more choice, slightly more negotiating power, and less pressure to rush, though not a true “buyer’s market” yet.

Supply is still very high, but the build-up is slowing. Active listings dipped from 13,874 in September to 13,349 in October, yet remain far above both 2024 and historic norms. Buyers now have leverage: more choices, more time, more room to negotiate.

Demand is stabilizing. Pendings rose from 2,387 in September to 2,458 in October and edged above last year, though still below long-term averages. Motivated, well-priced sellers are getting deals done; overpriced listings are sitting.

Appreciation is still negative, but the direction is improving.

From October 2024 to October 2025, appreciation moved from -3.08% to -1.2%, and from last month to this month it improved from -1.47% to -1.2%, while the median price ticked up from $435,025 to $435,536.

2024 was about deeper price declines slowly easing; 2025 is about flattening out. Sellers: expect fewer price cuts, but not bidding wars. Buyers: this is closer to a “fair value” than anything since 2020.

Buyers are gaining leverage. Inventory is up (both new and active listings), homes are sitting longer, and total sales slipped, which means more choice and less competition. At the same time, prices are higher than last year, but appreciation has softened and median price per square foot dipped, suggesting more room to negotiate—especially on homes that have been on the market 60+ days or saw price cuts.

Sellers are still benefiting from higher prices and improving appreciation, but the market is less forgiving. More inventory and longer days on market mean you must price precisely and nail presentation from day one. Expect buyers to negotiate.