The national housing market is sending mixed signals.
The median down payment dropped from 16.1% to 15% this year, suggesting buyers have a little more negotiating power and less pressure to bring huge amounts of cash to the table.
But here’s the catch:
The typical buyer still needs roughly a six-figure income to afford the median-priced home in America.
Prices have cooled in many markets.
Inventory is improving.
Homes are sitting longer.
Yet mortgage rates remain high enough that affordability is still a major challenge.
The most telling statistic?
74% of first-time buyers say they would consider a 50-year mortgage if one were available.
That’s not a sign of confidence.
It’s a sign that many buyers are looking for any way to make monthly payments work.
For buyers, today’s market may offer more options and more negotiating leverage than we’ve seen in years.
For sellers, pricing and presentation matter more than they did during the frenzy of 2021–2022.
We’re moving from a market driven by urgency to one driven by affordability.
That’s a meaningful shift.
What are you seeing in your local market?