How Is the Real Estate Market Right Now?

By Josh Painter

Josh Painter is a coach, philanthropist, and the author of the book Best Version Ever.

“How is the housing market right now?” I’ve been getting this question a lot recently, and I understand why. This is the time of year when people plan their moves for 2025, but it’s difficult to know what you should do without understanding where the market is at. The truth is that our market can be summed up in one word: Normalization. While the red-hot market of the pandemic is far behind us, the market isn’t heading for a crash anytime soon. Instead, things are balancing out. Here are three things you need to know about our normalizing housing market:

1. Competition is increasing. There are more homes for sale in the U.S. than there have been since before the pandemic. For buyers, this means more options and thus the perfect time to reenter the market. Meanwhile, sellers need to reset expectations about how long it will take to sell. You can still get a great deal in this market, but your home probably won’t fly off the market like it would have a few years ago.

2. Prices are increasing slowly but steadily. In most markets around the country, prices are still increasing, although it’s at a modest pace with a predicted growth of about 4% in 2025. This means sellers need to be careful about not overpricing their properties because buyers are savvy enough to know when a property isn’t worth what you’re asking. Meanwhile, buyers shouldn’t wait to enter the market. Home prices keep climbing and you might end up paying more down the line.

3. Condition matters. Right now, there is a large gap between homes that need a little work and homes that are in turnkey condition. Good-quality homes still sell quickly and for top dollar; they might even create a bidding war among buyers. On the other hand, homes in need of repairs could sit on the market for a long time. Most buyers don’t have extra cash for repairs after closing, so putting in a little effort upfront can make a big difference.

These points are broad strokes that are generally true for most markets across the country. While they apply broadly to the housing market, it’s important to remember that your neighborhood still has its own unique market and trends. If you want to learn more about your local market, call or email me for more details. I’d love to share more information with you.