The latest housing data is painting a picture of increased opportunity for buyers. As we moved through late Q3, about 21% of active listings saw price cuts, and inventory climbed above 1.16 million homes—now just about 9% below pre-pandemic norms. Buyer activity, however, remained measured, with homes going under contract down approximately 4% year-over-year for a second consecutive month, reflecting the continued impact of higher mortgage costs on affordability.
The national median list price hovered around $419K, showing a slight drop of about 1% both month-over-month and year-over-year, and marking eleven months straight of annual declines. Price per square foot also dipped by roughly 2% year-over-year. Sellers are still holding steady in the market, with only about 6% of listings delisted—virtually unchanged from last year—but many homeowners are adjusting expectations, reducing prices, and making room for negotiation.
As someone who specializes in luxury real estate across Johnson County and the Greater Kansas City area, I’m closely watching whether these price adjustments will motivate more buyers to move forward, or if the combination of rising supply and cautious demand will continue to shape this unique market phase. It’s a time of shifting dynamics, and informed strategy is more important than ever.
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