Cabot's Housing Market Right Now
If you have been watching Cabot listings this fall, you have probably noticed things feel a little different than they did over the summer. Here is where the numbers actually stand as we head into October.
The median sale price in Cabot sits at $246,337 over the last three months, essentially flat compared to a year ago, up just 0.1%. Price per square foot tells a slightly different story though, coming in at $147, down 2.6% year over year. That combination, flat overall price but lower price per square foot, usually means buyers are getting a bit more house for their money than they were last fall.
Homes are also taking longer to sell. The median days on market is 47, which actually runs seven days faster than where it sat a year ago on Redfin's measure, but other local market trackers are showing days on market stretching closer to 70 to 75 days for a broader slice of Cabot listings. Either way, the days of a well priced Cabot home going under contract in a week or two are not the norm right now. Buyers have room to look around before making a decision.
Inventory Is Building
Active inventory in Cabot has grown noticeably, with roughly 415 homes currently on the market and new listings continuing to come on at a steady pace. The median list price across that active inventory is $259,999. More choices for buyers is generally a good thing, but it also means sellers cannot assume their home will stand out just by being on the market.
One number worth watching closely if you are selling: 32.2% of Cabot listings have taken a price drop at some point, up 8.4 percentage points from a year ago. That is a meaningful jump, and it tells me pricing a home right from day one matters more now than it did twelve months ago.
On the flip side, homes that are priced well are still finding buyers quickly and competitively. The sale to list price ratio in Cabot is running at 98.4%, and just under 12% of homes are selling above asking. So the market has not flipped to all buyer leverage. It is more that the easy, "name any price and it will sell" conditions from the last couple of years have cooled off.
Where Mortgage Rates Stand
Mortgage rates ticked up again this week. According to Freddie Mac's Primary Mortgage Market Survey, the 30 year fixed rate averaged 7.28% as of October 1, up from 7.03% the week before. The 15 year fixed rate averaged 6.60%, also up from the prior week's 6.42%.
That jump matters for affordability math. On a $246,337 home with 10% down, the difference between a rate in the high 6% range and 7.28% can add well over $100 a month to a payment. If you are house hunting right now, it is worth talking through rate lock timing and buydown options with your lender before you fall in love with a listing.
What This Means for Cabot Buyers
Buyers are in a genuinely better negotiating position in Cabot than they were a year ago. With inventory climbing past 400 active listings and nearly a third of sellers already cutting price, there is room to ask for closing cost help, a rate buydown, or repairs rather than feeling pressure to waive everything to win a bid.
That said, rates moving up to 7.28% eats into some of that leverage on the payment side. If you are working with a tight budget, get a true pre approval now so you know exactly what a 7.28% rate does to your number, and talk to your lender about temporary buydowns if a seller is willing to help cover one. Homes priced realistically are still selling in under two months, so do not assume every property will sit.
What This Means for Cabot Sellers
Pricing strategy is the headline here. With a third of listings taking a price cut, the sellers who are getting ahead of it with accurate pricing from day one are the ones closing at 98%, or better, of asking. Sellers who list high and wait to see what happens are more likely to end up chasing the market down with repeated reductions, which tends to leave buyers wondering what is wrong with the house even when nothing is.
With active inventory up significantly, presentation and marketing matter more than they did when almost anything sold. A home that shows well, is priced using real comparable data rather than a guess, and gets strong photos and online exposure from day one is going to outperform a similarly nice home that just gets listed and left alone.
If you are weighing whether now is the right time to sell, the honest answer depends heavily on your specific street, square footage, and condition, not just the city wide averages above. That is exactly what a current comparative market analysis is for.
Ready to Talk Through Your Numbers?
Whether you are trying to figure out what your Cabot home is worth in today's market or you want a realistic read on what your budget gets you at current rates, I am glad to walk through it with you. Reach out for a free home valuation or a no pressure buyer consultation, and we can talk about what these numbers mean for your specific situation.
Until next time, here's to finding home.
Michelle Executive Broker, Blair & Co. Realtors 501-424-7949 / 501-654-HOME
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