Peninsula's real estate market is experiencing a price correction, with values down 31.5% from last year. The median home price has fallen to $397,500, a significant 31.5% decrease year-over-year. At the current pace, all available homes in Peninsula would sell out in just 0.5 months, indicating a continued supply shortage. Homes are now taking an average of 39 days to sell, significantly longer than the 4 days typical for this market. A significant 100.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 50.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Peninsula market with the affordability index at 3034.4. Based on current market indicators, home prices in Peninsula are projected to increase by approximately 3.6% over the next month.