It’s clear that the national housing landscape is shifting: in Mid-Q3, price per square foot dropped year-over-year in 36 out of the 50 largest metro areas, signaling a broader cooling in many major markets. Across the U.S., we saw a nearly 2% yearly decrease in price per square foot at this point—marking the tenth consecutive month of softening in this key metric. As the quarter wrapped up, momentum slowed further, with more sellers adjusting their asking prices in response to changing buyer expectations. High mortgage rates remain a major hurdle for affordability, especially in areas that saw rapid price growth during the pandemic. Many sellers are now meeting buyers closer to the middle to make deals work. According to an economist, some of the pandemic’s hottest markets are now giving back a portion of their gains, aided by inventory levels that are above what we saw before the pandemic. Navigating these evolving conditions takes local expertise—especially in dynamic markets like Las Vegas, where understanding both the broader trends and the local nuances can make all the difference.
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