The Market Needs a Roadmap
Buying a home right now is like driving through an unfamiliar city without GPS. Some streets look promising, others are dead ends, and every wrong turn costs time and energy. But instead of a folded paper map, today’s buyers have something better: data. With the right roadmap—current market stats, local insights, and strategic thinking—navigating this slower, shifting market becomes a whole lot easier. The path is still there, you just have to know where to look.
Most Homes Are Selling Below Asking—But Not All
In July, 61% of homes closed below their original list price, the highest share since early 2023. Half of all sales also closed below their final asking price, and the median price cut was $32,000. Homes that sold under asking typically took 32 days to go into escrow and sold 2.8% below list.
But don’t be fooled—nearly 26% of homes sold above asking, with a median premium of $30,000, and they sold in just eight days. These are the homes that were turnkey, priced right, and in great condition. Even in a slow market, the best listings get scooped up fast—often with multiple offers.
What Buyers Need to Watch
To avoid overpaying—or missing out—buyers need to evaluate:
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How long the home has been listed
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Any previous price changes or re-listings
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Condition, location, and recent upgrades
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Nearby sales and pending comps
This is the difference between guessing and navigating.
Current Market Snapshot
There are 5,011 active listings, with 40% having reduced price at least once. Inventory dipped slightly in the past two weeks and may have already peaked for the year. That’s good news for buyers—there’s selection now, but the clock is ticking.
Demand is up too. There are 1,652 pending sales, a 3% increase from earlier this month and the highest since March. Why? Mortgage rates have dropped to their lowest point of the year, hovering between 6.5% and 6.6%, which has improved affordability and brought more buyers off the sidelines.
The Market Is Still Slow—But Shifting
The Expected Market Time has improved to 91 days, down from 96 last month. That’s still the slowest mid-August market since 2014, but the direction is important. With better rates, the time it takes to sell is shrinking, and conditions are starting to favor those who act decisively.
This slower pace means homes that are overpriced, in poor condition, or need work tend to sit. That’s where buyers can negotiate. Sellers of stagnant listings are more likely to cut prices or accept stronger buyer terms to move on.
Luxury Market: Holding Steady
At the high end, the luxury market remains stable.
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Inventory: 1,191 homes (down 1%)
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Demand: 169 pending sales (down 1%)
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Expected Market Time: 211 days
Luxury homes are moving, but slowly. Sellers at this level still need patience—and smart pricing—to succeed.
Key Takeaways
For buyers, now is a moment of leverage—but only if you’re prepared. Understand the home, the neighborhood, and the comps. Come in strong on quality listings and negotiate hard on stale ones.
For sellers, price with the market, not against it. The best homes still get action, but only when priced right and well presented.
Bottom Line
The market is split—great homes move fast, others linger. For buyers, that’s opportunity. For sellers, that’s a warning. Know the numbers, follow the data, and use it as your roadmap through today’s market.
If you’re thinking about buying or selling, it’s all about timing, strategy, and staying ahead of the data. Let’s talk about what that looks like for your next move.
