United States Housing Market Update - September 2025
The national housing market continued to cool in September as inventory growth slowed and homes took longer to sell. Regional differences became more pronounced across the country.
Market Snapshot
- Inventory rose for the 23rd consecutive month
- Growth pace continued to decelerate
- Time on market increased nationwide
- Prices remained flat overall
- Price reductions remained widespread
Pricing and Value
National list prices held steady, masking sharp regional differences.
| Metric | Value |
|---|---|
| National Median List Price | $425,000 (0.0% YoY) |
| Price Per Square Foot | -0.3% YoY |
Market Speed and Competition
Homes continued to take longer to sell compared to last year.
| Metric | Value |
|---|---|
| Median Days on Market | 62 days (+7 YoY) |
Supply Snapshot
Inventory levels improved but remain uneven across regions.
| Metric | Value |
|---|---|
| Active Listings YoY | +17.0% |
| Inventory vs Pre-Pandemic | -13.9% |
Market Activity
Buyer activity remained subdued despite easing mortgage rates.
| Metric | Value |
|---|---|
| New Listings YoY | -1.2% |
| Pending Sales YoY | 0.0% |
What This Means for Sellers
- Pricing discipline is increasingly important
- Expect longer listing times in many markets
- Regional conditions vary widely
What This Means for Buyers
- More leverage than recent years
- Opportunities vary by region and price tier
- Price reductions remain common
Deeper Market Data
Inventory recovery continues to diverge between regions, with the South and West leading gains.
Ray’s Notes
[Placeholder for commentary]
Realtor.com. Data includes active listings, new listings, prices, market time, and price reductions for the United States. Snapshot month: September 2025.