In today’s shifting market, we’re seeing a notable trend: 20.4% of active listings across the country experienced price reductions in Mid-Q3. Despite a slight dip in homes going under contract—less than 1% year-over-year—buyers are feeling the effects of higher borrowing costs, with the average 30-year fixed mortgage peaking near 6.7% and remaining elevated. Even so, the real estate market continues to move forward: the national median list price adjusted to $424,500, active listings climbed by about 4%, and new listings saw a minor decrease. Interestingly, fewer sellers opted to delist, with that figure dropping approximately 13%. This slower pace has given buyers more time and negotiating power, while sellers who priced strategically still found success. As we look ahead, it’s clear that stability in mortgage rates—perhaps as much as lower rates themselves—could shape seller decisions, potentially leading to further price adjustments or withdrawn listings if rates linger around 6.7%. As a Luxury Real Estate Specialist deeply connected to Johnson County and the Greater Kansas City market, I’m always tracking these shifts to help clients navigate their next move with confidence.
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