The present housing market in Ferris is down with high active listings and low sales volume. Home prices have decreased 3.4% in the past month. With 41 active listings, inventory is 78% higher than seasonal norms. Homes are now taking an average of 150 days to sell, significantly longer than the 32 days typical for this market. A significant 51.2% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 0.0% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Ferris market with the affordability index at 1003.1. Current trends suggest further price adjustments may occur as the market continues to favor buyers.
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