In March, ongoing economic uncertainty, particularly from tariff concerns, affected consumer confidence and slowed housing activity, with sales dropping by 19% year-over-year to 2,159 units. All property types saw declines in sales, especially higher-density homes. However, sales still outpaced those from 2015-2020, a time of significant economic strain. The decline in demand was balanced by a rise in new listings and growing inventories, helping to shift the market back toward more balanced conditions after years of favoring sellers.

March saw over 4,000 new listings, leading to a decrease in the sales-to-new-listing ratio to 54%, which supported further inventory growth. Residential inventory reached 5,154 units, and the months of supply increased to 2.4 months. While the market has shifted from last year’s conditions, there is still limited supply across all property types, providing a better balance between buyers and sellers, though regional and price differences remain.

The increase in supply has also eased pressure on home prices. The benchmark price for residential properties in March remained steady at $592,500, similar to both last month and last year. Prices for detached and semi-detached homes have stayed near their peaks, while apartment and row home prices are slightly below their high points from last year.

Detached Homes
Sales of detached homes in March declined by 10% compared to last year, totaling 1,035 units. However, the increase in new listings helped raise inventory levels. The months of supply for detached homes rose to just over two months, an improvement from last spring. Homes under $700,000 remain in tight supply, but homes priced above $800,000 are seeing more balanced conditions. The benchmark price for detached homes rose to $769,800, up 4% from last year.

Semi-Detached Homes
Sales of semi-detached homes slowed in March, contributing to an 11% decrease in the first quarter. The increase in new listings helped boost inventory, raising the months of supply to 2.2 months. The benchmark price for semi-detached homes reached $691,900, more than 5% higher than last year.

Row Homes
March saw a large increase in new row home listings, with 697 units added. This led to a rise in inventory and a more balanced market. The unadjusted benchmark price for row homes rose 2% year-over-year, reaching $454,000, but it remains nearly 4% below the peak from last June.

Apartment Condominiums
Condo sales in March dropped the most compared to other property types, but they were still above long-term trends. Increased new listings led to higher inventory levels, with the months of supply rising to over three months. The benchmark price for condominiums was $336,100, nearly 3% higher than last year, but still below last August’s peak.