March kicked off the spring market with a strong showing, despite the challenging economic and workforce headwinds facing the region. Median sold price was up nearly 6% year-over-year, coming in at $475,325 in March of 2025 compared to $449,949 last year. Total sold dollar volume was up nearly 9% in March, posting approximately $219.9 million in sales compared to just over $202 million last March. Units sold remained fairly static year-to-year, with 417 homes sold last March compared to 423 this year, a gain of just over 1%.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service jumped 20%, going from 30 days last March to 36 days this year. Even with that overall increase in average days on market, over 40% of homes sold in 10 days or less.
Active listings jumped again in March, posting a more than 36% gain from last year. The market saw 704 homes for sale at the end of March 2024 compared to 962 homes at the end of this March. New listings also jumped over 34%, with 555 homes coming on the market during the month of March last year compared to 746 new homes this year. Pending sales remained even with just more two homes under contract this March compared to last year.
“March has shown us signs of cautious optimism,” states FAAR Board of Director member Jennifer Caison. “While inventory remains relatively low, we are starting to see an increase in listings, giving buyers a few more options than in previous months. Days on market are stretching slightly longer depending on price point and location, which suggests that homes need to be well-priced and show-ready to sell quickly. Buyers are more discerning now, taking their time and not rushing into offers like they did during the peak frenzy. On the other hand, sellers are having to adjust expectations, understanding that while it’s still a good time to sell, pricing realistically and being open to negotiation is key. It’s a market that rewards preparation and strategy on both sides. Overall, I believe we saw a great spring market in March, definitely an improvement from the prior three months.”
