Observing the Mid-Q3 numbers, it’s clear that home prices have softened across many major U.S. metros—price per square foot declined year-over-year in 36 out of the 50 largest metro areas. Nationally, we saw a ~2% dip in price per square foot compared to last year, making this the tenth consecutive month of annual softening. For many sellers, this has meant adjusting list prices more noticeably to align with shifting buyer expectations, especially as the market lost steam towards the end of the quarter. High mortgage rates continue to weigh on affordability, particularly in markets that saw pandemic-era surges—prompting sellers to find more common ground with buyers. With inventory holding above pre-pandemic levels, even boom-era markets are giving back some of their rapid gains. Having spent over 20 years guiding families through the nuances of the Chicagoland real estate market, I know firsthand how important it is to recognize true value and quality, especially in a changing landscape. My combined background in banking and commercial real estate allows me to help clients navigate these shifts with clarity and confidence.
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