Key Market Highlights for February 2025

by Joe Pierson

Key Market Highlights for February 2025

The February 2025 MLS housing market update provides key insights into the real estate trends in the area. Here's a breakdown of the numbers and what they indicate:

Market Overview:

2,648 homes sold, marking a 2.87% decrease from last year.
- 1,879 single-family homes sold.
- 769 condo/townhome sales.
Median days on the market: 55 days, which is up from 51 days last month.
- Homes are staying on the market slightly longer, signaling a possible cooling in demand.

Pricing Trends:

Median price per sq. ft.: $235.24, showing a slight increase from last month.
Single-family home median sold price: $550,000, which remains the same as last year.
Condo/townhome median sold price: $410,000, reflecting a 2.22% increase from last year.
- This suggests continued demand and appreciation in the condo/townhome sector.

Residential Inventory:

4,449 new listings entered the market in February 2025, compared to 3,865 listings in February 2024.
- Increase in inventory means more homes are available, which could help balance supply and demand.

Key Takeaways:

Market activity remains steady, but home sales have slightly declined.
Days on market have increased, indicating a potential shift towards a more balanced market.
Home prices remain stable, with condos/townhomes seeing minor appreciation.
Higher inventory provides more options for buyers, potentially reducing competition.

What This Means Moving Forward:

Buyers may have more negotiating power with increased listings and longer days on the market.
Sellers should price competitively and be patient as homes take slightly longer to sell.
Investors may find opportunities in the condo/townhome sector, where prices continue to rise.