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March Market Update: Varied Performance Across Property Types
Supply conditions in March showed notable variation across different property types. Overall inventory increased compared with the previous month, yet when compared to long-term trends, row and apartment-style units remained above average, while detached homes were below trend. This pattern reflects last year’s reduction in detached housing starts and a record increase in apartment-style construction, influencing the current market balance.
Sales activity in March rose slightly from February but remained below levels seen last year and long-term March averages. Apartment-style units saw the largest decline in sales, as higher supply and slower population movement spread demand across a wider range of options. Detached homes also experienced slower sales in certain districts, largely due to limited availability. The overall market, however, still showed balanced trends, with sales, listings, inventories, and prices all increasing modestly heading into the spring season.
Detached homes continued to exhibit the tightest market conditions. Sales to new listings ratios remained high, and months of supply were generally low, particularly in the Northwest, West, South, Southeast, and East districts. Prices for detached homes showed moderate gains in several districts, reflecting the constrained supply and strong demand. Semi-detached properties demonstrated relatively balanced conditions, with inventory and sales tracking close to long-term trends, while prices varied modestly by district.
Row homes and apartment-style units presented contrasting conditions. Row home sales slowed compared to last year, with inventory levels rising, particularly in areas where supply exceeded demand, leading to downward pressure on prices. Apartment condominium supply continued to increase, approaching record highs, while sales lagged, resulting in extended months of supply. Consequently, apartment prices remained under pressure, with declines observed across most districts, particularly in the North and South.
In surrounding regional markets, conditions were mostly balanced but varied by location. Some areas saw modest inventory gains and relatively stable prices, while others experienced slower sales and increased months of supply. Overall, benchmark prices in these regions showed minor increases or slight declines compared with last year, reflecting a combination of new supply options, shifting demand, and seasonal trends across the broader housing market.