Short answer: Not significantly, but we are seeing a shift in pricing strategy and seller expectations.
This week’s report shows:
- Median List Price: $1,649,444
- New Listings Median Price: $1,599,000
- Price Decreased: 20% of listings
- Price Increased: Only 3% of listings
What does this tell us?
Home prices aren’t “dropping” as the median price remains strong. But 20% of sellers have reduced their asking price, indicating that overpriced homes are being corrected to match current buyer demand. New listings are also entering the market at a slightly lower price point ($1,599,000), suggesting sellers are becoming more realistic from day one.
This isn’t a drop. It’s a market recalibration.
Buyers are more selective. Sellers can’t rely on pandemic-era bidding wars. Homes that show well, are priced fairly, and are in desirable neighborhoods (think Willow Glen, Evergreen, or Cambrian with top schools) are still selling near asking price and often quickly. Those that are overpriced or need significant work are sitting longer and undergoing price adjustments.
So if you’re asking whether prices are dropping:
Yes, in some cases, but only for the homes that were priced ahead of the market’s comfort zone.
Well-positioned homes continue to hold value.