What a week.

If you’re trying to figure out what’s happening with real estate right now, you’re probably hearing a little bit of everything. More homes are hitting the market. Buyers seem more cautious. Mortgage rates are still making affordability difficult. And depending on which headline you read, you might think we’re either headed for a housing crash or everything is perfectly fine.

The truth, at least here locally, is somewhere in the middle.

So let’s look at what’s actually happening in Attleboro and North Attleboro and what it means if you’re thinking about buying or selling.

And if you don’t want to read the whole thing, scroll down to THE BOTTOM LINE. I’ll make it simple.

What’s Happening in Attleboro?

The biggest change I’m watching right now is inventory.

• There are currently 61 single-family homes for sale in Attleboro, compared with 44 at this time last year.
• That’s an increase of almost 39%.
• We’ve also gone from approximately 1.8 months of inventory to 2.5 months.

In plain English: buyers have more choices and sellers have more competition.

We’re seeing that in how long it takes homes to sell, too. The average Attleboro home sold this year has spent 40 days on the market, compared with 34 days last year. The average time to receive an offer has increased from 21 days to 25 days.

But here's where it gets interesting.

Home prices haven't fallen.

The average single-family sale price in Attleboro so far this year is approximately $595,500, compared with about $571,200 last year. That's an increase of approximately 4.3%. Average price per square foot is also up about 1.5%.

So we're seeing something that can sound contradictory:

More inventory. Longer market times. But higher average sale prices. That's why I don't think you can describe today's market with one dramatic headline.

The market is changing. It isn't collapsing.

North Attleboro Is Telling a Different Story

This is a great example of why I always say real estate is local.

North Attleboro currently has 42 single-family homes for sale, compared with only 24 last year. That's a 75% increase in inventory.

Months of inventory has increased from approximately 1.67 to 2.46. And unlike Attleboro, the average sale price in North Attleboro is lower than it was last year. The average sale price has gone from approximately $716,900 to $663,600, a decline of about 7.4%.

But there's an important wrinkle.

Average price per square foot is actually up about 1.9%. That tells me we need to be careful with the headline number. Average sale price can change simply because a different mix of homes sold this year compared with last year. It doesn't necessarily mean every North Attleboro home's value dropped 7%.

But it does tell us something important:

Attleboro and North Attleboro are behaving differently right now. They're neighboring communities. That's how local real estate can be.

Is It a Buyer’s Market or a Seller’s Market?

We're moving toward a more balanced market, but I wouldn't call this a true buyer's market yet.

Buyers unquestionably have more choices. They're able to compare properties. They're being more selective. And in some situations, they have negotiating opportunities that were almost nonexistent during the craziest years of the market.

For sellers, that means simply putting a house on the market and hoping buyers fight over it isn't a strategy.

Price matters. Condition matters. Preparation matters. Marketing matters.

But sellers shouldn't panic either. Attleboro homes sold this year have averaged approximately 101.9% of their final asking price. There are still buyers out there. They're just becoming more selective about which homes they're willing to fight for.

What About Mortgage Rates?

This remains one of the biggest pieces of the puzzle. Mortgage rates affect what buyers can afford every month, and even relatively small rate movements can make a meaningful difference in someone's purchasing power.

That's why I watch rates every week; not because one week's movement determines the housing market, but because affordability ultimately affects buyer demand.

When rates are higher, some buyers lower their budgets. Others decide to wait. If rates eventually move meaningfully lower, we could see some of those buyers come back into the market.

And if that happens while inventory remains relatively limited, the market could change again pretty quickly.

What About Everything Else?

Housing doesn't exist in a bubble. I'm also watching inflation, employment, consumer confidence, gas and everyday expenses, and the overall economy.

Why?

Because buying a house isn't just a mathematical decision.

It's also a confidence decision. Someone may technically qualify to buy a home, but if they're worried about their job, paying significantly more for everyday expenses, or uncertain about where the economy is headed, they may decide to wait.

The same goes for sellers.

A homeowner with a 3% mortgage isn't necessarily excited about selling their house and replacing that loan with today's rate unless there's a compelling reason to move. Those forces are part of what continues to make this market unusual.

Where Do I Think We’re Headed?

I think we're continuing toward a more normal and balanced real estate market. And honestly, that's not necessarily a bad thing.

For several years, sellers could get away with things they normally couldn't.

• Overpricing.
• Deferred maintenance.
• Poor presentation.

Sometimes none of it mattered because there simply weren't enough homes available. That's changing.

Today, buyers have more options. And that means the homes that are prepared properly, positioned correctly and priced appropriately are going to separate themselves from the ones that aren't.

For buyers, there are finally more opportunities to breathe, look at several homes and sometimes negotiate.

For sellers, there is still demand, but strategy matters again.

And perhaps the most important lesson from this week's numbers is this:

There isn't one housing market.

Attleboro's average sale price is up roughly 4% while North Attleboro's average sale price is down roughly 7%. Two neighboring communities. Two very different numbers.

That's why I'm much more interested in what's happening here than whatever national housing headline happens to be trending this week.

THE BOTTOM LINE

🏡 SELLERS: This is still a good market, but buyers have more choices. Pricing, preparation, presentation and positioning matter more than they did a couple of years ago.

🔑 BUYERS: You're finally getting more inventory and potentially more negotiating room. That doesn't mean homes are suddenly cheap, but you don't necessarily have to approach every property like there are 20 other offers coming.

📍 ATTLEBORO: Inventory is up almost 39%, but the average sale price is still up approximately 4.3% from last year.

📍 NORTH ATTLEBORO: Inventory is up 75%, while the average sale price is approximately 7.4% lower than last year.

📈 MORTGAGE RATES: Affordability remains one of the biggest challenges facing buyers and one of the biggest factors I'm watching for where the market goes next.

My Take

We're not in a housing crash. We're not in the crazy seller's market of a few years ago either.

We're somewhere in between, and we're continuing to move toward balance.

Buyers have more choices.

Sellers have more competition.

And good homes that are prepared well, positioned correctly and priced for today's market can still do very well.

That's the market this week.

I'll be back next week to see what changed.