As we moved through late Q3, I noticed that about one in five home listings experienced a price cut, while fewer than 6% were taken off the market altogether. This trend highlights that many sellers are opting to stay the course, adjusting their expectations rather than stepping away. Mortgage rates also played a significant role, with the conforming 30-year fixed rate moving from the high 6% range to above 7% within just a couple weeks—a shift that certainly caught the attention of buyers and sellers alike.
By the end of Q3, active inventory reached over 1.16 million homes, and the median listing price eased by around 1% month-over-month to $419,300. This slight adjustment has offered buyers a bit more room to negotiate, though new listings dipped by about 2% to roughly 395,000. Economists have pointed out that higher borrowing costs are still holding some buyers back from leveraging these changes fully.
Looking ahead to early Q4, I’m watching closely to see if these tougher conditions will lead to deeper discounts, repeated price cuts, or longer selling times. The market is shifting, and as always, my priority is to help clients navigate these changes with confidence. My two decades in Coastal Georgia real estate have shown me that adapting to evolving trends is key to achieving the best results—no matter which side of the transaction you’re on.