SFH Market Report: Prices Continue to Slide
The numbers for what the real estate market did in September are in!
The median price of a single-family home and townhome declined both month-over-month and year-over-year to $730,000. We’re not surprised to seeing it declining month-over-month, prices typically peak in the spring and decline in the back half of the year. Though we’re a little surprised to see it is down from last September, as last September was a particularly bad month.
We saw more new listings hit the market in September than we did in August, which isn’t a surprise as August is typically a slow month with everyone out on vacation. It is worth noting we didn’t see nearly as many as last year (which was a freak year) and saw about what we saw in previous years.
We still have a fair amount of homes on the market though. While there are a few less than last year at this time, it is nearly double what we had in 2017 in September. So buyers have much better selection and sellers face more much competition.