May Market Update

This month’s snapshot shows 2,475 closed sales, a 4.5% drop from April and down 15.2% from May 2024. The median sales price remained stable at $355,000, with a slight 0.1% monthly increase, though still 4.7% lower year-over-year. Homes spent a median of 43 days on market, reflecting a 9.0% increase from last month and 37.1% longer than a year ago, pointing to slower decision-making among buyers.

Inventory continues to build, with 13,174 active listings—up 5.1% from April and a notable 20.4% increase year-over-year. New listings fell to 3,940, a 7.8% decrease from April and 6.5% lower than last May, suggesting some hesitancy among sellers. The median price per square foot held steady at $202, though it has dipped 2.4% compared to May 2024.