Recently, we’ve seen home prices per square foot ease in 36 of the 50 largest U.S. metro areas, a trend that signals a wider cooling period across major markets. Nationally, price per square foot dropped about 2% year-over-year by mid-Q3, continuing a ten-month streak of annual softening in this key measure. As the quarter closed, momentum slowed further—some sellers responded by making more significant price cuts, aiming to bridge the gap between their expectations and what buyers are willing to pay. High mortgage rates remain a considerable challenge for affordability, especially in areas that saw prices climb rapidly during the pandemic. In these markets, sellers are increasingly meeting buyers closer to the middle. According to economists, many of the boom-era metros are now giving back some of their pandemic-era gains, a shift supported by inventory levels that are above what we saw before 2020. As someone who follows market trends closely and is dedicated to guiding clients through every shift—whether you’re buying, selling, or investing—I’m here to help you navigate the changing landscape with clarity and confidence.
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