The Anchorage, AK metro area housing market in February 2025 presents a complex landscape characterized by contrasting trends in pricing, sales, and inventory. The Median Sales Price has decreased by 1.3% year-over-year to $399,900, indicating a slight cooling in the market. Conversely, the Median List Price has risen by 7.0% to $428,000, suggesting sellers are optimistic about the market's potential.

Price Per Square Foot metrics further illustrate this dichotomy. The median Price Per Square Foot has increased by 4.8% to $236.19, while the Median List Price per square foot has seen a more substantial rise of 8.7% to $252.70. These figures suggest that while sellers are setting higher price expectations, buyers are negotiating more effectively, leading to a narrower gap between list and sale prices.

Sales activity has experienced a downturn, with the number of Homes Sold dropping by 9.8% year-over-year to 239 units. However, Pending Sales have increased by 7.1% to 375, indicating potential future growth in closed transactions. New Listings have also risen by 7.0% to 396, contributing to an 11.9% increase in inventory, now totaling 622 homes. This rise in inventory, coupled with a 50.0% increase in Months of Supply to 2.6 months, suggests a shift towards a more balanced market.

The Median Days on Market have decreased by 6.0% to 37 days, indicating that homes are selling slightly faster than they were a year ago. However, the average sale to list ratio has dipped slightly by 0.3% to 99.0%, and the percentage of Homes Sold above list price has decreased by 2.8% to 29.3%. These figures suggest that while homes are selling more quickly, buyers are negotiating more effectively, resulting in fewer homes selling above the asking price.

Price Drops have increased by 9.2% to 25.4%, reflecting sellers' adjustments to align with market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.5% to 46.4%, indicating a slight slowdown in the pace at which homes are being snapped up.

Overall, the Anchorage housing market in February 2025 is characterized by a mix of rising list prices and increased inventory, alongside a decrease in sales and a slight cooling in the speed of transactions. These dynamics suggest a market in transition, with potential opportunities for both buyers and sellers as they navigate the evolving landscape.