It’s an interesting time for real estate fortune-telling. My colleagues and I have been noticing that sellers have needed to reduce their list price more frequently before being able to entice an offer lately, so I decided to dig into the details a little to compare it to previous years and figure out how fast the market is shifting.
Long story short is that while there has definitely been a slight uptick in sellers whose list prices were higher than what buyers were able/willing to pay, the frequency with which those situations have occurred over the past month or so has still been much less frequent than during the past 25-ish years. Specifically, the data for the towns I analyze suggests that about 17% of sellers have overpriced their homes over the past 2 months, as compared to an average of about 14% since the start of 2021. While this does seem to be another small indication that the market is starting to shift towards more of a buyers’ market, it’s still firmly in seller market territory for now. Here’s a graph of the frequency of listings with price reductions since 1995 if you’re interested:
Click HERE for the rest of the stats if you’re interested!
