We're seeing a notable shift in the housing market: in Mid-Q3, the price per square foot dropped year-over-year in 36 of the 50 largest U.S. metro areas, signaling a broader cooling trend. Nationally, there was about a 2% yearly decrease in price per square foot—marking the tenth consecutive month of this softer pattern. As we closed out Mid-Q3, momentum slowed, and sellers began adjusting list prices more aggressively to align with buyers' expectations. High mortgage rates are putting extra pressure on affordability, especially in regions that saw significant price increases during the pandemic. It's clear that many markets are now giving back some of those rapid gains, with inventory sitting above pre-pandemic levels. Drawing from my extensive experience in the Baltimore area, I’m keeping a close eye on how these trends play out locally, and what opportunities or challenges may arise for both buyers and sellers.
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