Wakefield's real estate market is experiencing a price correction, with values down 31.6% from last year. Home prices have increased 25.1% in the past month alone. At the current pace, all available homes in Wakefield would sell out in just 0.5 months, indicating a continued supply shortage. Homes are now taking an average of 75 days to sell, significantly longer than the 40 days typical for this market. Only 0.0% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Wakefield market with the affordability index at 592.7. Based on current market indicators, home prices in Wakefield are projected to decrease by approximately 15.8% over the next month.