Ketchikan's real estate market is experiencing a price correction, with values down 59.0% from last year. Home prices have decreased 61.3% in the past month. With 6.5 months of supply, Ketchikan's inventory levels remain relatively tight. Homes are now taking an average of 60 days to sell, significantly longer than the 37 days typical for this market. A significant 61.5% 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 Ketchikan market with the affordability index at 163.6. Current trends suggest further price adjustments may occur as the market continues to favor buyers.
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