November Market Update: Steady Prices, Softer Pace, and Signs of Opportunity

As we head into November, we’re seeing some meaningful shifts in the real estate market. Nationally, home prices continue to show steady growth, but activity has slowed, and affordability remains the top concern for many buyers.

Over the past 60 days, the Federal Reserve has met twice—each time making a modest 0.25% rate cut. Those cuts didn’t immediately translate into lower mortgage rates. In fact, rates briefly spiked before easing back down.

The good news? Compared to two years ago—when the average 30-year mortgage rate hovered around 7.9%—today’s buyers are in a much better position. Conventional 30-year loans are now sitting in the low 6% range, and some government-backed programs are even dipping into the high 5s.

For Buyers

There’s more leverage and flexibility in the market than we’ve seen in years. Both resale and new-construction homes are offering price adjustments, seller credits, and rate-buydown incentives. Buyers also have more room to conduct inspections and negotiate repairs—something that was nearly impossible during the pandemic-era frenzy.

If you’ve been waiting for the market to “cool off,” this season may be your window of opportunity. More inventory, steadier pricing, and motivated sellers make now a great time to explore your options.

For Sellers

While inventory has increased slightly—creating more competition—it’s still technically a seller’s market overall. Homes are holding their value, but pricing competitively and staging purposefully are now essential to stand out. The days of instant offers may be behind us for now, but well-presented, well-priced homes are still selling quickly.

Looking Ahead

The Fed has one final meeting before the end of the year, and early indicators suggest there won’t be major changes to rates. So if you’ve been waiting for another big drop before making your move, it may be a while. Remember, you can always refinance later when the timing is right.

Whether you’re buying, selling, or simply watching the market, the end of the year is shaping up to be a season of balance—and opportunity.