As we move through late Q3, we’re seeing the market shift in ways that give buyers more leverage than we've seen in recent years. About 21% of all active listings have had price cuts, and inventory has climbed to over 1.16 million homes—just about 9% shy of typical pre-pandemic levels. Buyer activity, however, remains measured, with homes under contract down roughly 4% year-over-year for the second consecutive month. This reflects the continued impact of higher mortgage costs on affordability. The national median list price sits at approximately $419,000, marking an 11-month stretch of yearly declines—down about 1% both month-over-month and annually, with price per square foot down 2% over last year. Sellers are still committed, with only about 6% of listings being delisted, which is essentially unchanged from last year. Instead, many are opting for price reductions and greater flexibility at the negotiation table. The real test ahead is whether these additional price cuts will motivate more buyers to move forward, or if an increase in supply paired with tempered demand will extend this adjustment period. With nearly two decades of experience guiding clients through evolving markets in Coastal Georgia and beyond, I continue to watch these trends closely to help you navigate your options with confidence.
