The regional median home price was up again in July, despite anecdotal information from area Realtors® that they are seeing a slower pace of sales.  The median home price for July came in at a record setting $490,000, up 3% year-over-year compared to $473,740 last July.  Units sold also surpassed last July with 543 homes changing hands this year compared to 527 in 2024, a 3% increase.  Sold dollar volume was up over 11% posting nearly $298.9 million in volume, compared to $268.4 million in July of 2024. 

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 12% up to 28 days this July compared to 25 days last year. 

Inventory was up again, finishing out the month with 1,226 active listings compared to 912 last year, a more than 34% increase.  New listings were up a scant 0.31% from last year with 639 homes coming on the market in July of 2024 compared to 641 this year.  New pending sales were up about 1% in the last month, with 542 pending contracts compared to 538 last July. 

“As we’ve seen an influx of inventory available, the conversation with my sellers has shifted,” states FAAR Board of Director Rachel Flynn.  “We are discussing longer days on market to be expected and the need for flexibility and openness as we receive feedback.  In addition to the already popular below $500,000 buyer pool, I’ve noticed a rise in buyer activity in the above $500,000 to $650,000 price range. With news from local lenders of a small recent rate drop and talk of lower rates to come in the cooler season, I’ve been answering more incoming questions and inquiries about whether now is the right time to buy. With inventory steady and buyers ramping up, it seems we are going to have a strong fall and winter season in our local real estate market.” 

The regional median home price was up again in June, with all but two localities in the FAAR footprint seeing increases.  The median sold price settled at $480,000 this month compared to $474,093 in June of 2024, representing a 1% year-over-year increase.  Units sold remained basically flat in the FAAR footprint with 539 homes selling this June compared to 537 last year.  Total sold dollar volume was up over 4%, posting approximately $283 million in sales for June of 2025 compared to $271.4 million in sales last year. 

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 20% up to 24 days this June compared to 20 days last year. 

Inventory was up again, finishing out the month with 1,190 active listings compared to 877 last year, a nearly 36% increase.  New listings were up 4% from last year with 631 homes coming on the market in June of 2024 compared to 659 this year.  New pending sales were up nearly 4% in the last month, with 562 pending contracts compared to 542 last June. 

“June was a strong month for me,” comments FAAR Board of Director Heather Ferris.  “My listings have been moving quickly, often receiving multiple offers within days when priced appropriately. Buyers in my market are motivated and prepared to compete, especially for well-presented and accurately priced homes. I’m finding that transactions are closing smoothly, which reflects the overall readiness and seriousness of both buyers and sellers. The key continues to be smart pricing. Homes that are listed too high are sitting, while those aligned with market value are generating fast interest. Inventory remains tight, but when the right home hits, demand is definitely there.”

The local real estate market continued to see rising prices against a backdrop of expanding inventory and fewer sales than a year ago.  The median price for April increased nearly 3%, going from $450,000 last April to $462,000 this year.  While prices continued to climb, pace of sales slowed compared to last year.  There were 479 homes transacted this April compared to 522 last year, representing an 8% year-over-year decrease from April of 2024.  That decline in sales led to a decrease of nearly 5% in total sold dollar volume, posting approximately $244.4 million in sales activity this year compared to $256.7 million last April. 

“April 2025 proved positive for sellers with median home prices higher by percentage,” comments FAAR Board of Directors member Gary Gardiner.  “Buyers have had a more challenging start to the year with inventory remaining low.”  

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 fell 4% going from 26 days last April to 25 days this year. 

Active listings broke 1,000 homes on the market for the first time since October of 2022 offering some optimism for buyers in the market who have persistently struggled with low inventory and strong competition.  There were 1,012 active listings on the market at the end of April compared to just 791 last year.  New listings also increased by about 5% with 678 homes coming on the market in April, about 30 more than last year.  New pendings posted strong activity and were up nearly 5% with 636 homes under contract at the end of the month compared to 608 last year. 

“We’ve seen a continued sellers’ market through the first quarter and into the second quarter of 2025.  Sellers have seen increased days on market in some cases, but a nice return on their investment at settlement.  Buyers find challenges through mortgage interest rates remaining higher in the mid-6% range, which is impacting affordability.  Real estate professionals representing both sellers and buyers remain optimistic for a positive future in our local housing market with stability in home pricing, reduction in mortgage interest rates, and increased inventory of homes in the marketplace.”