It’s been an interesting season for homebuyers and sellers lately. Nationally, existing-home sales dipped to a 14-month low, slipping just under 4 million in Mid-Q3—with a pace of 3.98 million and a 2% month-over-month decline. What does that mean for those of us navigating the real estate market right now?
With the average 30-year fixed mortgage hovering near 7% and supply stretching to 4.9 months, there’s a shift: buyers have more choices, and homes are spending a bit longer on the market (31 days on average). Even so, the median home price just set a new Mid-Q3 record at $429,100, with higher-priced homes seeing the most action.
It’s worth noting that rising wages and steady job gains are still supporting demand. First-time buyers made up 30% of all purchases in Mid-Q3, and 27% of deals were all-cash. I see these national trends reflected in our local Hinesville market, too—especially when it comes to new opportunities for negotiation. Every buyer’s situation is unique, and having a bit more time and choice can make all the difference when finding the right fit. If you have questions about what these changes could mean for your own home search or sale, I’m always here to chat.
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