Author: Monica Phillips

Housing inventory has reached its highest point in six years, making this mid-Q3 a unique moment for both buyers and sellers. New listings are up about 3% month-over-month—the most we've seen in over four years—and total homes for sale climbed another 4%, reaching levels not seen since 2020. While buyer demand held steady (pending sales were flat, closed sales dipped by 1%), prices set a new record, and mortgage rates hovered close to 7%.

What’s driving the change? More homeowners are listing as the rate lock-in effect softens, life transitions prompt moves, and sellers adapt to a slower-paced market. This creates more options and negotiating power for buyers. In fact, by mid-Q3, about 60% of homes sold below their original asking price, giving buyers room to negotiate on price, repairs, or closing costs—or even walk away if the fit isn’t right.

Having spent over a decade guiding clients through shifting markets, I know how important it is to understand these trends. If you’re considering a move, this environment offers more space and flexibility than in recent years, even with higher costs and steady demand. My focus is always on helping you make informed, confident decisions—tailored to your unique needs—so you can achieve your real estate goals with clarity and peace of mind.

Indigenous Peoples’ Day celebrates, recognizes, and honors the beautiful traditions and cultures of the Indigenous People
We take a stand for and support the indigenous people on this day.
We should also offer our support to those who invest and uplift the indigenous communities.

Housing affordability continues to be a central conversation for buyers and sellers, with several key questions shaping today’s market. Lately, we’ve seen more sellers offering concessions—an encouraging sign for households striving for homeownership, as these incentives can mean real savings. Yet, the primary challenge remains borrowing costs: benchmark Treasury yields are hovering near 5%, and the average 30-year mortgage rate has climbed above the low-7% range. For the four weeks ending September 13, the median monthly mortgage payment reached around $2,600, up about 3% from last year, highlighting just how much financing costs are impacting affordability.

Resale inventory is still limited, with many homeowners holding onto their low-rate loans and fewer listings coming online. At the same time, sellers are still hoping for those higher, pandemic-era prices. Industry experts describe our current market as correcting toward stability—not a crash—thanks to strong homeowner equity and sound lending standards. As someone who’s guided clients through all kinds of markets, I see opportunities for both buyers and sellers to navigate these changes with confidence and strategy. If you’re working toward your next move, understanding these trends is key to making informed decisions.

Lately, I’ve been seeing a noticeable shift in our local housing market: more inventory means buyers have a wider array of options and less pressure to make a snap decision. This creates valuable negotiating room, especially for homes that have lingered on the market or started out with prices above where demand is today.

For sellers, this environment calls for a thoughtful approach—pricing realistically and being open to negotiations on terms, repairs, or concessions can make all the difference in attracting committed buyers. As someone who guides clients through every stage, from market analysis to closing, I always recommend careful comparison of available listings and a strategic mindset, whether you’re buying or selling. Staying proactive and informed helps ensure a rewarding experience, no matter which side of the table you’re on.

Did you know that homes in top-rated school zones come with a significant premium? From early Q1 to late Q2 2026, the typical U.S. home in a highly rated school district sold for $580,000—about $150,000 more than the national average of $430,000. That’s a 35% premium, and it means a household would need $159,000 in income to afford such a property—roughly $41,000 more than what’s required for the average U.S. home. For median-earning families, buying in these sought-after school zones would have taken up nearly 55% of their income, compared to about 40% for a typical home. Only 13% of listings in these areas were considered affordable for a median-income household, versus 28% nationwide.

As someone who’s guided many clients through the process of weighing school ratings, commute times, and family priorities, I understand how important these factors are to buyers. The premium attached to highly rated school zones often reflects not just the quality of education, but the strong demand for community resources and child-focused programs. Whether you’re prioritizing schools, budget, or both, a tailored approach can help you find the neighborhood and home that fit your unique needs and goals.

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.