🏡 Sales Market
Active Listings: 1,386 (+4.0% YoY)
→ Inventory remains elevated compared to last year, though it has pulled back from February’s recent peak
Median Sold $/SF: $224.47 (-4.0% YoY)
→ Prices continue to trend below last year, reflecting ongoing softness in the market
Average Days on Market: 59 (-2.5% YoY)
→ Homes are selling faster than last year, a positive shift after months of slower activity
30-Year Mortgage Rate: 6.44%
→ Rates increased this month, which could begin to impact affordability and buyer demand
🏘️ Rental Market
Active Listings: 117 (-28.7% YoY)
→ Rental inventory has dropped significantly, indicating a tightening supply environment
Median Rented $/SF: $1.09 (-4.4% YoY)
→ Rents remain below last year despite some month-to-month fluctuations
Median Days on Market: 37 (+23.3% YoY)
→ Rentals are taking longer to lease compared to last year, suggesting softer demand
📉 Key Takeaways
- Sales inventory remains higher than last year, giving buyers more options
- Home prices continue to face downward pressure
- Homes are selling faster, signaling improving buyer activity
- Rental supply has tightened significantly, but leasing demand has softened
- Rising mortgage rates may impact buyer momentum moving forward
👉 Overall:
Surprise is showing a mixed market dynamic. The sales side is improving in terms of speed, but pricing remains soft with elevated inventory levels. Meanwhile, the rental market is tightening on supply but experiencing slower leasing activity. As mortgage rates rise, affordability will continue to influence both buyers and renters heading into the spring market.