If you’ve been following real estate news lately, you’ve probably seen headlines claiming home prices are flat. At first glance, that sounds simple enough — stable prices, steady market, right? But here’s the truth: the reality isn’t quite that straightforward.
In most areas, home prices aren’t flat at all.
The Real Data Behind “Flat” Prices
While prices have moderated from the rapid climb we saw between 2020 and 2022, the amount of change varies greatly depending on where you live.
Data from ResiClub and Zillow shows a clear divide among the 50 largest U.S. metros:
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Half are still seeing prices inch higher.
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The other half are experiencing slight declines.
That’s why “flat” doesn’t really mean prices are holding steady everywhere. It’s an average — and averages can hide the full story.
One major factor driving this divide is inventory. According to the Joint Center for Housing Studies (JCHS) at Harvard University:
“Price trends are beginning to diverge in markets across the country. Prices are declining in a growing number of markets where inventories have soared while they continue to climb in markets where for-sale inventories remain tight.”
So when you combine these contrasting markets into a national figure, you get an average that looks “flat.” But that’s not the reality most buyers and sellers are feeling today.
What This Means If You’re Buying
Understanding your local market conditions is key — because it influences everything from how fast you need to act to how much negotiating power you have.
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In markets where prices are still climbing, waiting could cost you more down the road.
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In areas where prices are easing, you might have more room to negotiate on repairs, credits, or closing costs.
The bottom line: knowing your local trend puts you in the driver’s seat.
What This Means If You’re Selling
For sellers, local data is just as crucial. It helps you price your home correctly and understand what buyers expect.
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In appreciating markets, you may not need to compromise much to sell quickly.
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In softening markets, pricing right from the start and staying flexible is key.
Homes that are priced strategically — based on local trends — are the ones selling fastest and for the best return. Working with a local expert ensures you don’t leave money on the table.
The Real Story Is Local
National averages can show overall trends, but they don’t tell the whole story. As Anthony Smith, Senior Economist at Realtor.com, puts it:
“While national prices continued to climb, local market conditions have become increasingly fragmented… This regional divide is expected to continue influencing price dynamics and sales activity as the fall season gets underway.”
That’s why the smartest move — whether you’re buying or selling — is to partner with a local real estate expert who understands your market. They’ll help you make decisions based on current, on-the-ground insights — not just national headlines.
Bottom Line
Headlines might say home prices are flat, but the truth depends on where you are. Every market tells a different story — and you deserve to know yours.
Has anyone walked you through what’s really happening in your neighborhood?
👉 Connect with The Ace Estate Team today to get a personalized look at what’s driving home prices in your local market — and how to make your next move with confidence.