Real Estate Recap March 2025

It seems the major trend is increasing inventories, and prices finally leveling off.  We seem to be heading from a seller’s market to a more balanced market where neither the buyer nor seller has the upper hand.

The following data is from March 2025 as compared to March 2024:

New Listings rose 6.8% to 145

Pending Sales rose 16% to 94

Closed Sales rose 31.1% to 80 homes sold

Median Sales Price dropped 2.5% to $390,000

Average Sales Price rose .5% to 427,554

Cumulative Days on the Market rose 20% to 96 days until sale

Average Listing Price dropped 3% to $475,914

Inventory of Homes for Sale rose by 32.5% to 334

Our months of inventory rose from 3.0 in March 2024 to 4.2 months in March 2025.  A balanced market is usually defined as having a 5 to 6 month’s inventory of homes.  I believe we are gradually working toward a “balanced market” where neither a buyer nor seller has an advantage due to a shortage of homes for sale, or an over-abundance of homes for sale.

If you have any real estate question, or comment, please let us know.  We can help!