The regional housing market demonstrated significant softness this November with falling sales and total sold volume along with stagnant price appreciation. Median price didn’t budge from last year, again coming in at $465,000 across the region. Units sold dropped nearly 13% with 451 sales in November of 2024, compared to 393 this year. That translated into a more than 17% decline in total sold dollar volume with approximately $201.4 million in sales in November of this year compared to nearly $244 million last year.
“‘The month of November started off strong for buyers, with sellers gradually adjusting to the shifting market—namely, buyers requesting concessions such as closing costs, repairs, and more,” states FAAR Board of Director Member Denise Smith. “Sellers are beginning to recognize that buyers are now in the driver’s seat, something we haven’t seen in several years. In our area, the market is still active, especially for homes that are updated and show-ready.”
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, increased 19% up to 37 days this November compared to 31 days last year.
Inventory continued to grow in November, finishing out the month with 1,202 active listings compared to 943 last year, a 27% increase. New listings were down 8% from last year with 425 homes coming on the market in November of 2024 compared to 391 this past month. New pending sales were a bright spot this month, posting a more than 18% increase, with 434 pending contracts compared to 367 last year.
