A notable trend is the clear differentiation between single-family homes and townhouse/condo properties. Homes priced under $1,000,000 are firmly in a seller’s market, as evidenced by the decreasing days on the market. This segment remains highly sought after, with buyers eager to close deals swiftly, underscoring the affordability and attractiveness of these properties.

In contrast, properties priced at $1 million and above are shifting towards a buyer’s market. This segment is experiencing longer days on the market, indicating that buyers are taking more time to make decisions and are likely negotiating more aggressively on price and terms. The trend is even more pronounced for homes over $2 million, where a stronger buyer’s market is evident. Sellers in the luxury segment may need to adopt strategic marketing and pricing approaches to attract potential buyers effectively.

Adding another layer to the market dynamics is the rising demand for new construction and recently remodeled turn-key homes. Buyers are increasingly looking for properties that are move-in ready, with modern amenities and contemporary finishes. This shift reflects a preference for convenience and reduced need for immediate updates or renovations. Turn-key homes offer a hassle-free transition, appealing to those who want to settle in quickly without the stress of extensive remodels.

Location remains a pivotal factor in property desirability. Homes situated in attractive neighborhoods with good schools and easy access to amenities are particularly coveted. This trend highlights the importance for sellers to present properties that meet modern standards and are located in prime areas to capture potential buyers’ interest.

Despite a slight decrease in the number of units sold, which indicates a slower market rhythm, median sales prices have steadily risen. This price increase points to strong demand coupled with limited inventory. Rising interest rates and constrained supply are influencing market behavior, pushing prices higher as buyers compete for available properties.

Understanding these nuanced trends across different market segments and price points is crucial for effective real estate strategies.