We’re seeing a noticeable cooling in the housing market across many major metro areas this Mid-Q3—price per square foot has dropped year-over-year in 36 out of the 50 largest U.S. cities. Nationally, that’s about a 2% dip in price per square foot compared to last year, and it’s now the tenth month in a row we’ve seen this kind of yearly softening. The shift is encouraging some sellers to make more substantial price adjustments to meet buyers where they are—especially with higher mortgage rates affecting affordability, particularly in markets that saw big jumps during the pandemic. Inventory levels are sitting above pre-pandemic norms, which is helping bring prices back toward balance, with some of those rapid-growth areas giving back a portion of their recent gains. Whether you’re buying or selling, staying updated and having clear guidance makes all the difference in navigating these changes—something I strive to provide every step of the way for my clients in Oxford, Lapeer, Lake Orion, and beyond.
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