April was a quiet win for buyers who did their homework. With 2,949 active listings and 3.22 months of supply, there’s real selection on the table — and sellers are feeling it. The median days on market held flat at 27 days, but 47% of active listings had already taken at least one price cut, with the median reduction happening just 17 days into the listing. Homes are closing around 1.9% below asking on average, and those that went through a price reduction before selling came in nearly 8.4% below their original list price. If you’re shopping right now, condition and pricing matter more than urgency — well-priced homes are still moving, and overpriced ones telegraph weakness fast.

The single-family median landed at $375,000, down 2.6% year-over-year, while the average sale price ticked slightly higher to $484,494 — a split that tells a specific story. The upper end of the market is holding its ground; the middle is getting compressed. Condos and townhomes fared a bit better with a median of $270,000, up 0.9%, a sign that more affordable price points still carry some resilience even in a rate-sensitive environment. The market is not rewarding aggressive pricing strategies right now. Sellers who price correctly from day one are closing. Those who don’t are handing buyers the leverage.

The standout number in April is the price-drop data. Nearly half of all active listings — 47% — had at least one price reduction, with an average drop of 6.5%. On the closed-sales side, homes that went through a reduction before closing finished an average of 8.4% below their original list price. On a $400,000 listing, that’s a $33,600 gap from where the seller started. The market isn’t broken — 916 homes still closed and $403.7 million in volume still traded. But it is brutally efficient at identifying overpricing. Sellers who understand that are closing. The ones still anchored to 2022 comp expectations are doing the math the hard way.