March Residential Market Update

The March 2025 housing market data reflects a cooling trend compared to the same period in 2024. Although the number of new listings declined slightly from 33 to 29, the average list price rose significantly by over $45,000, suggesting sellers may be pricing homes higher in response to limited inventory or perceived market value. However, closed sales dropped sharply from 26 in March 2024 to just 16 this year—a 38% decrease—indicating reduced buyer activity or affordability challenges.

Moreover, the average sales price declined by over $36,000, and homes stayed on the market longer, with median days on the market increasing from 123 to 138. This points to a potential mismatch between seller expectations and buyer willingness or ability to pay, possibly driven by economic factors such as interest rates or shifting demand. Overall, the data suggests a softening market with slower sales and increased pricing pressure.