Recent housing data is giving buyers a bit more negotiating power. As we moved through late Q3, about 21% of active listings saw price cuts, and inventory reached over 1.16 million homes—now within roughly 9% of our typical pre-pandemic levels. Buyer activity remains measured, with homes under contract down about 4% year over year for the second month in a row; higher mortgage costs are still putting pressure on affordability. The national median list price stood at around $419,000, dropping about 1% both month over month and year over year, extending an eleven-month streak of yearly declines. Price per square foot fell by about 2% compared to last year. Sellers are still present in the market: about 6% of listings were delisted, which is similar to last year, but more owners are adjusting prices and showing a greater willingness to negotiate. As someone who closely tracks market dynamics across Baltimore, Baltimore County, Harford County, Anne Arundel, and Howard, I’m watching to see whether these price adjustments will draw more buyers back or if the current trend of rising supply and cautious demand will continue to shape this period of adjustment.
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