By Mike Bodeen · 7 July 2025
While Others Throw in the Towel
We trust you enjoyed the 249th birthday celebration of our country’s founding this weekend. I still fondly recall our bicentennial celebration 49 years ago (big ships) and look forward to our 250th next year!
Though no huge fireworks occurred within our local market this past week, there are some trends worth watching.
First off, we bring you June’s sales and rental numbers, which include *The Cromford Report’s* addition of a new category: Residential Rental Supply. This stat will now be included with our monthly market reporting. In brief, that stat shows rental supply increasing from last month and substantially from last year – this is good news for renters.
* **Active Listings:** 25,683 vs 18,121 last year – up 42% – down 3.4% from 26,580 last month.
* **Under Contract Listings:** 7,702 vs 7,402 last year – up 4.1% – but down 2.9% from 7,936 last month.
* **Monthly Sales**: 6,629 vs 6,319 last year – up 4.9% – down 6.8% from 7,114 last month.
* **Monthly Average Sales Price per Sq. Ft:** $293 vs $295 last year – but down 0.8% – and down 2.4% from $300 last month.
* **Monthly Median Sales Price:** $450,000 the same as last year – but down 1.1% from $455,000 last month.
* There were 1,379 **closed new homes**, down 13% from 1,585 in June 2024 and down 8.2% from May.
* The **new home median sales price** was $528,000 up 4.9% from June 2024 and up 1.6% from May.
* **Residential Rental Supply:** 5876. Up 9% from last month. Up 21% from one year ago.
* **Residential Rental Lease Price Per SqFt (PSF):** $1.37 PSF. Same as last month
And there’s (finally) some good news for seller’s in this data. The supply of homes for sale (the competition) dropped 3.4% from last month, mostly on the backs of listing cancellations and expired listings.
Our price-change chart this week is one of the first times we’ve used it in Mike’s Market Snapshot. The chart (below) shows a 4 week running total of how many price changes are happening in the market. They include ALL price changes, increases and reductions, but due to our current market conditions, almost 100% of these are price reductions.
From a low point at the end of 2024 until now, we’ve seen a HUGE increase in the number of seller’s adjusting (read: dropping) their listed prices to “find the market.” From 5669 in December to 13,027 in June – a 129% increase.
I used the term “finding the market,” because many of the price reductions are not resulting in sales, usually meaning their lowered list price, though reduced, is still too high per the market. Many of these sellers then, will again wait too long before reducing their listed price once more, and when they do, the market has dropped again. We call this chasing the market.
“I used the term “finding the market,” because many of the price reductions are not resulting in sales, usually meaning their lowered list price, though reduced, is still too high per the market.”
Many sellers, especially investors then, are throwing in the towel, pulling their listing off the market and placing it in the rental pool, hence the large increase in our rental inventory. This trend could very well continue. This will have the effect of softer rental pricing and a greater ability for renters to negotiate.
Keep in mind, however, that our rental market as well as our sales market will differ from community to community. One location could have higher renter demand with few rental listings, while another location could have lower demand, causing rentals to sit on the market – just like many homes for sale are doing right now.
Market data referenced in this article comes from The Cromford Report.