As we head into fall, the housing market is starting to find its balance, creating both opportunities and challenges for buyers and sellers. If you’re thinking about buying, selling or investing in real estate in the coming months, here’s what you need to know.

Slower price appreciation. Home prices are not rising as quickly as they did before, with more moderate increases of 2% to 5% seen across most of Long & Foster Real Estate’s Mid-Atlantic and Northeast markets.

More homes on the market. Although inventory levels vary from one community to another, we are generally seeing an increase in available homes. For example, in the Triangle (Raleigh) area of North Carolina, inventory increased by a robust 41% last month, while the D.C. metro saw a healthy 13% jump.

Homes take longer to sell. With more options available, buyers are taking their time. Across all Long & Foster’s regions, days on market have stretched compared to last year, potentially giving buyers more room to negotiate.

Steady mortgage rates. Mortgage rates have remained relatively high but consistent, ranging between 6% and 7% over the past year, according to Freddie Mac. These higher rates affect affordability, particularly for first-time buyers. 

While we’re seeing these trends at a higher level, your local neighborhood might be experiencing different shifts. If you’d like to know how it’s performing, stop by your nearest Long & Foster office to speak with a professional real estate agent. They’ll provide you with in-depth local insights that can help you determine your best strategy for real estate success.