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If you’ve been scrolling through real estate headlines lately, you’ve probably seen something like, “Home Prices Are Flat!” Sounds simple, right? But the truth is… that’s not what’s actually happening.
Across the country, the real estate market is playing out like two totally different movies—depending on your ZIP code.
What the Numbers Really Say
Sure, prices have calmed down since the rollercoaster of 2020–2022. But when you dig into the data from ResiClub and Zillow across the 50 largest metros, the story splits right down the middle.
Half the markets are still seeing prices creep up. The other half? Prices are softening just a bit.
That’s not “flat.” That’s local markets doing their own thing.
And here’s the kicker: inventory is driving the divide.
The Joint Center for Housing Studies (JCHS) of Harvard University put it perfectly:
“Prices are declining in a growing number of markets where inventories have soared while they continue to climb in markets where for-sale inventories remain tight.”
So when you average it all together—it looks flat on paper. But that’s not what buyers and sellers are actually feeling on the ground.
If You’re Buying… Know Your Local Game Plan
Your local price trend can totally change your strategy.
In a rising market? Waiting could mean paying more later.
In a softening market? You might score a better deal—or even get the seller to cover repairs or closing costs.
The bottom line: local data puts you in control. Don’t rely on national averages—they won’t help you win in your own backyard.
If You’re Selling… Strategy Is Everything
If your local market’s still hot, congrats—you’ve got leverage! But if prices are dipping in your area, you’ll need to be strategic with pricing and flexible in negotiations.
Overpricing in a soft market is the fastest way to scare off buyers. That’s why partnering with an experienced agent who knows your market inside and out is key. Homes that are priced right are still moving—fast.
The Real Story? It’s Always Local.
As Anthony Smith, Senior Economist at Realtor.com, puts it:
“While national prices continued to climb, local market conditions have become increasingly fragmented.”
Translation: don’t trust a national headline to tell you what’s happening in your neighborhood. What’s “flat” on paper could be rising or falling in your zip code.
That’s why working with a local expert—someone who understands your community’s trends—is more valuable than ever.
Bottom Line
Headlines might say “home prices are flat,” but the reality is way more nuanced. Whether prices in your area are ticking up or cooling slightly, one thing’s certain—real estate is local.