United States Housing Market Update - November 2025
In November, the U.S. housing market continued a steady 2025 pattern: inventory increased year over year while buyer activity remained subdued. Homes spent longer on the market and the median list price edged down slightly compared with last year.
Market Snapshot
- Active listings: +12.6% YoY
- Median days on market: 64 days (+3 days YoY)
- National median list price: $415,000 (-0.4% YoY)
- New listings: +1.7% YoY
- Pending home sales (under contract): -1.0% YoY
- Price-reduced share: 18% of listings (+1.3 percentage points YoY)
Pricing and Value
National asking prices softened slightly year over year, with values also down on a price-per-square-foot basis.
| Metric | Value |
|---|---|
| Median List Price | $415,000 |
| Median List Price YoY | -0.4% |
| Median List Price Per Sq Ft YoY | -1.0% |
Market Speed and Competition
Homes took longer to sell than last year, signaling softer demand in many markets.
| Metric | Value |
|---|---|
| Median Days on Market | 64 days |
| Days on Market YoY | +3 days |
| Price-Reduced Share | 18% |
Supply Snapshot
Supply continued to rebuild, with inventory higher than last year and new listings modestly higher year over year.
| Metric | Value |
|---|---|
| Active Listings YoY | +12.6% |
| New Listings YoY | +1.7% |
Market Activity
Buyer activity remained soft, with pending sales slightly lower than last year and discounts more common.
| Metric | Value |
|---|---|
| Pending Home Sales YoY | -1.0% |
| Price-Reduced Share YoY | +1.3 percentage points |
What This Means for Sellers
- More competing inventory means pricing and condition matter more than last year.
- Plan for longer marketing time compared with recent years in many areas.
- Be prepared for negotiation, as price reductions are more common nationally.
- Track local demand closely, since conditions vary widely by region and metro.
What This Means for Buyers
- Rising inventory can expand choices, especially in markets where supply has recovered.
- Longer market times can provide more room for due diligence and negotiations.
- Watch price reductions as a signal of motivated sellers and more flexible terms.
- Consider affordability-driven alternatives, including lower-priced metros.
Deeper Market Data
Inventory increased across all major regions in November, and the report highlighted elevated delistings and the continued rise of lower-cost “refuge markets” posting stronger price gains. Nationally, the combination of higher inventory and softer demand contributed to longer time on market and modest year-over-year list price declines.
Ray’s Notes
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