September 2026 market update

Shocker, home values went up again. Throughout the year we have seen a gradual increase in home values across the MRED MLS. In August, the median sale price was $345,000, up $2,000 from July and up $30,000 from January. If you own a home, your asset continues to gain value. If you are a would-be buyer, the cost of waiting keeps rising. It calls to mind a saying: the best time to plant a tree was 20 years ago, the second best time is today.

This is a trend we have been tracking all summer. In July there were 167,479 listings across the MLS; in August that number took a small drop to 166,998. Is that a substantial number that calls for a panic button? No. But small decreases become large over time, and this is a trend we do not want to see continue.

In my opinion, higher mortgage rates, the overall cost of living, and questions about the economy are deterring homeowners from selling. At the same time, a lot of people are on the sidelines wanting to buy. Demand is still high while supply stays low, so prices keep climbing. That is a very simplified take on inventory and prices; if you want the longer conversation, we can set up a time to talk in person or by phone.

According to Freddie Mac's Primary Mortgage Market Survey, the 30-year average fixed rate was 6.71% on September 3, 2026. In last month's update we were at 6.58%. The U.S.-Iran conflict and tariffs could keep prices higher, making it harder for rates to come down. The Fed was watching the September 11 CPI report for a fresh look at how consumer prices moved in August; one Fed official warned rates may need to rise again if inflation stays high, while another said the report could shape what the Fed does next. For a detailed read on rates, talk to your lender, or ask Nick to connect you with one of Rife Realty's preferred lenders.

This is a challenging market for buyers, but there is still plenty of opportunity in it. Times like this are when it is critical to have a broker who knows the market. Two Rife Realty appraisals came back in the past week, and both appraised values were higher than the purchase price. That was not a surprise: the offer prices came from an extensive comparative market analysis, set to win the home without overpaying for it.

For sellers, high prices and low inventory do not mean you can put a house up and expect multiple offers. Some listings on the market today are priced and marketed in ways that will sell them for less than they are worth. Buyers are stretched, and a listing has to account for that: an asking price positioned strategically and backed by professional marketing. If you would like to talk about doing the same for your home, start with a free home evaluation.