October Real Estate Market Recap

Curious about what happened in the real estate market in October and what it means for you? Whether you are buying or selling, understanding the trends can help you make smarter decisions. Let’s take a look at the key numbers and insights from last month.

Single-Family Homes

The median sale price climbed from $768,700 in September to $795,000 in October, showing a modest but steady increase. Inventory tightened slightly as months of supply dropped from 3.3 to 3.1, meaning there were fewer homes available for buyers to choose from. The median price per square foot also saw a small gain, moving from $382 to $383.

Condos

The condo market saw a bit of a different story. The median sale price eased from $441,998 in September to $433,746 in October, while months of supply increased from 7.2 to 7.6. This shift points to a softer condo market with more options for buyers and less competition overall.

Advice from Ivan

For Sellers

Pricing your home right is key. Listing high in hopes that someone might pay more than the market supports doesn't work. Buyers are informed and quick to move on if they don’t see value. Presentation also matters. Keeping your home clean, well cared for, and showing well also makes a big difference. Many buyers today are looking for homes that are move-in ready and do not require a lot of repairs.

For Buyers

This is a great time to buy if you are patient. There are many ways to negotiate a better deal, and through those negotiations, buyers can find real value in today’s market. Interest rates have started to come down, but so far prices have not rebounded. At some point that will change, but for now, buyers who can afford to purchase are in a strong position.

Keeping an eye on the market is always a smart move. Being informed helps you make the best decisions whether you’re buying, selling, or just thinking about it. If you want more advice or a closer look at how these trends affect you, get in touch. We’d love to provide the information you need to make confident, informed decisions, it’s what we do!