It’s hard to believe we’re already heading into the holidays, but the real estate market continues to move — and there are some meaningful shifts worth noting.
Inventory has increased, especially in the $400k–$800k range. That means buyers now have more options, and sellers are competing a bit more for attention than they were this time last year.
We’re also seeing homes stay on the market longer compared to last year. With that said, the average days on market in October came in at about 71 days, which is a nice 14 day drop from September. For buyers, this is creating an opportunity to negotiate and avoid the rushed, competitive pace we saw during the past few years.
Even with that softening in pace, prices have remained stable. The median sold price last month was $542,500, which is actually slightly higher than where we were at this time last year. So while buyers have more leverage right now, values are still holding — a sign of a healthy market, not a declining one.
And yes — interest rates are shifting again. Any meaningful drop tends to bring buyers back into the market quickly, so this current window of “more inventory + more negotiating room” may not last long. Rates are flirting with the 5's now, so hopefully we will continue to see that downward trend.
If you’re thinking about making a move — whether buying or selling — it’s a good time to have a strategy conversation based on your specific neighborhood and goals.
Just call or text me: 435-200-5508
— Lance Clifford
Southern Utah Real Estate