February 2025 Market Update

Spring buying season is off to a slower start, but the spring selling season is in full swing. We are in a little bit of a buyer’s market. Buyers really want a turnkey property and don’t want to take on renovations after purchasing, so turnkey homes are selling faster than fixer-uppers.

Home prices are up 3.93% from last year!

• In February 2025, the average residence sold for $702,011

• The average single-family home sold for $782,106

• The average attached home sold for $456,537

Nationally, we are in our 3rd year of a housing recession. National pending home sales hit their lowest level since records began in 2001. Mortgage applications at the end of February were at the lowest level since 1995, excluding 2023 & 2024.

Because of this, rates have dropped a little bit and are in the mid-high 6%s on any given day.

If you want more detailed market info on your town or neighborhood, I am here for you!