We’ve all seen the open house browsers who show up for the free cookies—but then there are serious buyers wondering: Is now the right time to make a move?

Here’s the honest answer: It’s not ideal—but it’s improving.

The days of runaway home prices are behind us (for now). According to Redfin, the median sale price last month was $431,048—just a 2.5% increase from last year. So while prices aren’t climbing like they were in 2021 and 2022, that doesn’t necessarily mean it’s cheap to buy.

What’s keeping affordability tough?

Interest rates.

The average 30-year mortgage rate was sitting at 6.81% as of April 24 (Freddie Mac), compared to just 2.98% in 2021. That’s a massive jump, and it’s reflected in monthly payments. Last year, the median mortgage payment hit $2,207—up from $1,525 in 2021 (Bankrate).

So yes, higher rates are pricing some buyers out of the market. But they’re also discouraging current homeowners from selling, since many don’t want to give up their low-rate loans to finance their next home at today’s higher rates. The result? A major slowdown in homes hitting the market.

But Here’s the Good News for Buyers

Things are beginning to shift—and in many ways, it’s starting to benefit buyers.

Inventory is ticking up. The number of homes for sale rose nearly 20% last month compared to a year ago, according to the National Association of Realtors. And that’s not just more options—it’s more leverage for you.

In fact, buyers are seeing more room to negotiate. Redfin reports that 44% of home sales in early 2025 involved seller concessions—meaning things like covering closing costs, repair credits, or even rate buydowns. Sellers are finally budging, and that can make a big difference in your bottom line.

Add to that an uncertain economic outlook and cautious consumer sentiment, and competition among buyers is quieter than it’s been in years.

That said, don’t expect a flood of new listings—high interest rates have also slowed down new home construction. So while things are better, inventory may still remain tight.

Looking Ahead

The wildcard? Mortgage rates.

The Federal Reserve is taking a cautious, wait-and-see approach on cutting rates, which means we don’t know when—or if—they’ll start to ease. But if you’re financially ready, today’s market offers more breathing room and negotiating power than we’ve seen in a while.

Bottom line: Timing the market perfectly is nearly impossible. But making an informed, strategic move? That’s where the opportunity lives.