BiggerPockets Daily A Stat That Shows How Soft the Housing Market Has Become
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Apr 24, 2025 The housing market is bending, signaling a shift in power to buyers. Seller concessions are on the rise, with nearly 20% of homes selling below asking price. Recent data reveals a trend of falling prices and diminishing buyer demand. Additionally, 13% of pending sales are collapsing, prompting questions about the reasons behind last-minute cancellations. This insightful analysis offers vital strategies for anyone navigating today’s unpredictable real estate landscape.
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Surge in Seller Concessions
- Nearly 44.4% of home sales involved seller concessions in Q1 2024, indicating a buyer's market nationwide.
- Seller concessions reflect motivated sellers offering perks like repairs or closing cost help to close deals amid lower demand.
Pacific Northwest Market Softness
- Seattle and Portland have exceptionally high concession rates, indicating slow market movement and wary sellers.
- Sellers who bought at peak prices now face higher rates and must offer perks like rate buy downs or HOA fee coverage.
Slowing Price Growth with Local Variations
- U.S. home price growth slowed to just 0.2% month over month in March, the slowest since late 2022.
- Some markets like San Francisco and Milwaukee continue to see price gains amid broader nationwide cooling.