🏠 Why Now Might Be a Smart Time to Buy in Our Market
If you’ve been waiting for the right time to make your move in real estate, this could be the window you’ve been hoping for.
A recent report from The Real Estate Initiative breaks down housing and rental trends across the country — and the data shows that our local market is shifting in a way that favors smart, informed buyers.
📉 Home Prices Are Stabilizing
Right now, homes in our area are selling for about 15.4% more than their long-term expected value — putting us at #29 nationally for price premiums. But here’s the key: that 15.4% premium is the lowest it’s been since March 2022.
That means we’re seeing prices level off after years of rapid growth — a signal that buyers could soon find more negotiating power and better value in today’s market.
💰 Rents Are Still High — But the Pressure Is Easing
The local rental market is showing a similar trend. Rents are currently about 5.66% above long-term trends, but this too is the lowest it’s been in two years. That’s a helpful benchmark for buyers who are weighing the costs of renting vs. owning.
🔍 What This Means for You
While prices remain elevated compared to historic norms, the slowdown in appreciation suggests the market may be entering a more balanced phase. For buyers, that could mean:
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Less competition
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More room for negotiation
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Opportunities to lock in a better deal before prices or rates shift again
Looking to buy your first home or next investment?
Let’s talk about how this cooling market could work in your favor.
