The U.S. housing market held to the steady pattern that has defined much of 2025 this November but beneath the surface, two powerful forces continued to reshape activity. The first is an increase in delistings as more homeowners retreated from the market, and the second is rise of “refuge markets,” where buyers are finding the last remaining pockets of affordability, according to Realtor.com‘s November Monthly Housing Trends Report. Both trends underscore how persistent affordability challenges are driving both sellers’ and buyers’ decisions heading into year-end.
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“Rising delistings and the growth of refuge markets capture the push and pull defining today’s housing market,” said Danielle Hale, Chief Economist at Realtor.com®. “A number of sellers are retreating after listing if the market doesn’t meet their price expectations, while buyers are strategically redirecting to the metros that remain affordable. These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers. As we move into 2026, gradual improvements in affordability and more consistent inventory will be key to unlocking a more balanced market.”
The November Monthly Housing Report aligns with Realtor.com’s newly released 2026 Housing Forecast, which anticipates a slow but steady improvement in buyer conditions as more inventory comes online and affordability begins to ease. With mortgage rates expected to stabilize and inventory growth continuing into 2026, the housing landscape is gradually shifting toward an environment where buyers have more options and slightly more leverage, even as overall activity remains subdued.
November 2025 Housing Metrics – National (*For metro stats, see table overview at end)
| Metric | Nov-2025 | Change overOct. 2025(MoM) | Change overNov. 2024(YoY) | Change overNov. 2019 | Change overNov. 2022 |
| Median listing price | $415,000 | -2.2 % | -0.4 % | 36.1 % | -0.2 % |
| Active listings | 1,072,417 | -2.5 % | 12.6 % | -6.2 % | 42.9 % |
| New listings | 328,760 | -14.4 % | 1.7 % | -10.9 % | 11.4 % |
| Median days on market | 64 | 2 | 3 | -3 | 9 |
| Share of active listings with price reductions | 18.0 % | -2.2 | 1.3 | 2.8 | -2.2 |
| Median List Price Per Sq.Ft. | $222 | -1.2 % | -1.0 % | 48.4 % | 3.3 % |
Refuge Markets Rise as Buyers Search for What’s Still Affordable
Buyers are increasingly finding opportunities in smaller, traditionally affordable “refuge markets,” a defining trend of 2025. These metros are seeing notable growth in price per square foot, not because they are expensive, but because they remain affordable.
All 10 of the top markets for annual price-per-square-foot growth fit this refuge market profile. Prices remain well below national and regional medians, yet demand is strong enough to push sustained appreciation. Many are located near pricier coastal or major metros, offering budget-conscious buyers a feasible commute or hybrid-work option.
Top-performing refuge markets include:
- Grand Rapids, MI: +5.5% YoY PPSF, +15.4% since 2022
- St. Louis: +5.0% YoY PPSF, + 7.7% since 2022
- Cleveland: +4.5% YoY PPSF, +20.3% since 2022
- Milwaukee: +4.2% YoY PPSF, +21.0% since 2022
- Pittsburgh: +3.7% YoY PPSF, + 7.8% since 2022
These markets reveal how affordability pressures are re-drawing the map of U.S. housing demand. With mortgage rates having surged past 6% in 2022 and remaining elevated, many buyers are moving “down-market” toward metros where prices are 20–30% below the national median, even at their 2022 peak.
Delisting Trends in 2025
Sellers continued to pull back at an unusually high rate this fall. Delistings in October, reported with a one-month lag, rose 45.5% year to date and 37.9% year over year, marking 2025 as the highest delisting year since Realtor.com® began tracking the metric in 2022.
While delistings normally increase in late fall, this year’s pattern tells a different story. The run-up began in June and has remained elevated for five straight months, with roughly 6% of active listings coming off the market each month—levels typically seen only during the slowest winter weeks.
A key indicator, the delisting-to-new-listing ratio, climbed to 0.27 in October. For every 100 new listings brought to market, 27 homes were removed, about the same level as in August, but up from 20 per 100 in October 2024. The markets with the highest ratios were:
- Miami: 45 delistings per 100 new listings, up from 34 in Oct. 2024
- Denver: 39 per 100 new listings, up from 24 in Oct. 2024
- Houston: 37per 100 new listings, up from 31 in Oct. 2024
This reflects a growing mismatch between buyer affordability and seller price expectations, with more homeowners choosing to step back rather than continue to market homes that aren’t attracting offers.
Sellers Retreat While Buyers Grow More Selective
Pending home sales dipped 1.0% year over year in November, and homes spent a median of 64 days on the market, three days longer than last year. Yet homes are still selling four days faster than 2017–2019 norms.
Price cuts remained elevated at 18.0% of listings, up 1.3 percentage points from a year ago, a sign that many sellers must adjust expectations to meet buyers where they are.
List Prices Tick Down Nationally, Rise Only in the Midwest
The national median list price fell to $415,000 in November, down 0.4% year over year and 2.2% from October. Price per square foot—a measure that accounts for the size of homes for sale—declined 1.0% annually and 1.2% month over month.
Despite this year’s softness, long-term gains remain substantial. Since November 2019, the typical list price is up 36.1%, while price per square foot has climbed 48.4%, reshaping affordability even before accounting for higher mortgage rates. And although inventory has risen 42.9% and time on market has lengthened by 9 days since October 2022, list prices are just 0.2% below their October 2022 level and price per square foot is up 3.3%.
Price cuts remain prevalent. Nationally, 18.0% of listings had price reductions in November, up 1.3 percentage points from a year ago. Price cuts were least common in the tight Northeast (12.8%), followed by the Midwest (18.2%), West (18.5%), and South (19.1%).
Inventory Growth Continues—But at a Slower Pace
Active listings rose 12.6% year over year in November, marking the 25th consecutive month of annual inventory gains. But growth has decelerated steadily from a roughly 30% peak in May and June. Inventory remained above 1 million for the seventh straight month and close to mid-summer levels, though still 11.7% below 2017–2019 norms.
Inventory rose across all major regions: West: +14.3%, South: +14.1%, Midwest: +10.3% and Northeast: +7.0%
At the metro level, 47 of the 50 largest markets saw annual inventory increases. Charlotte (+34.7%), Las Vegas (+33.0%) and Washington, D.C. (+32.0%) posted the biggest gains.
Even so, inventory relative to pre-pandemic levels remains deeply divided. The West (+3.1%) and South (+5.7%) are above their 2017–2019 norms, while the Midwest (-32.9%) and Northeast (-48.4%) continue to lag sharply. Ten major markets now exceed pre-pandemic inventory by 25% or more—led by Denver (+58.3%), San Antonio (+53.0%), and Austin (+42.8%). On the other end of the spectrum, 16 metros remain at least 25% below their historical baselines, with Hartford (-74.0%), Chicago (-55.1%), and Providence (-49.7%) the furthest behind.
Newly listed homes ticked up 1.7% year over year and declined 14.4% month over month, a typical seasonal shift. Annual new-listing growth occurred in all regions except the South.
| Region | ActiveListingCount, YoY | New ListingCount, YoY | Median ListPrice | Median ListPrice, YoY | Median ListPrice Per SF, YoY | Median Dayson Market, Y-Y (Days) | Price-ReducedShare | Price-ReducedShare, Y-Y(PercentagePoints) |
| Northeast | 7.0 % | 3.6 % | $500,000 | 0.0 % | 3.9 % | 0 | 12.8 % | 0.9 |
| Midwest | 10.3 % | 2.1 % | $305,000 | 1.7 % | 1.7 % | 0 | 18.2 % | 1.7 |
| South | 14.1 % | -1.8 % | $380,000 | -1.3 % | -1.9 % | 4 | 19.1 % | 1.1 |
| West | 14.3 % | 2.4 % | $591,090 | -1.5 % | -1.6 % | 6 | 18.5 % | 1.8 |
| National Average | 12.6 % | 1.7 % | $415,000 | -0.4 % | -1.0 % | 3 | 18.0 % | 1.3 |
| Metro | ActiveListingCount YoY | NewListingCount,YoY | MedianList Price | MedianList Price, YoY | MedianList PricePer SF,YoY | MedianDays onMarket, Y-Y (Days) | PriceReducedShare | PriceReducedShare, Y-Y(PercentagePoints) |
| Atlanta-Sandy Springs-Roswell, GA | 13.0 % | -0.1 % | $410,000 | 1.1 % | -0.9 % | 2 | 21.4 % | 0.7 |
| Austin-Round Rock-San Marcos, TX | 8.1 % | 4.3 % | $479,000 | -4.2 % | -4.5 % | 4 | 24.9 % | 1.6 |
| Baltimore-Columbia-Towson, MD | 22.8 % | 6.2 % | $375,000 | 4.2 % | 0.6 % | 4 | 19.3 % | 2.5 |
| Birmingham, AL | 11.2 % | 3.8 % | $298,500 | 1.2 % | 0.5 % | 4 | 16.5 % | 0.8 |
| Boston-Cambridge-Newton, MA-NH | 21.8 % | 17.1 % | $785,000 | -4.3 % | 0.1 % | 2 | 18.7 % | 3.6 |
| Buffalo-Cheektowaga, NY | 10.9 % | 23.1 % | $259,900 | 4.0 % | 3.7 % | 4 | 10.0 % | 0.6 |
| Charlotte-Concord-Gastonia, NC-SC | 34.7 % | 4.3 % | $429,740 | 0.2 % | -1.0 % | 7 | 22.7 % | 3.6 |
| Chicago-Naperville-Elgin, IL-IN | -1.5 % | -12.4 % | $355,900 | -1.1 % | 0.8 % | 0 | 16.0 % | 1.4 |
| Cincinnati, OH-KY-IN | 17.8 % | 8.6 % | $335,000 | 4.7 % | 2.9 % | 0 | 20.3 % | 2.9 |
| Cleveland, OH | 6.6 % | -2.0 % | $250,000 | 0.0 % | 4.5 % | 1 | 17.6 % | 0.2 |
| Columbus, OH | 21.1 % | 1.5 % | $359,900 | 0.0 % | -0.5 % | 3 | 27.4 % | 4.8 |
| Dallas-Fort Worth-Arlington, TX | 11.8 % | 0.1 % | $420,000 | -1.9 % | -2.1 % | 6 | 24.4 % | 1.1 |
| Denver-Aurora-Centennial, CO | 14.6 % | 10.8 % | $579,000 | -2.5 % | -3.1 % | 6 | 25.6 % | 2 |
| Detroit-Warren-Dearborn, MI | 21.7 % | 3.9 % | $255,000 | -1.9 % | -0.5 % | 0 | 19.5 % | 4.2 |
| Grand Rapids-Wyoming-Kentwood, MI | 3.2 % | 10.8 % | $389,900 | 4.0 % | 5.5 % | -2 | 19.7 % | 0.3 |
| Hartford-West Hartford-East Hartford, CT | 8.2 % | 1.4 % | $429,000 | 5.6 % | -0.3 % | -2 | 10.6 % | 1 |
| Houston-Pasadena-The Woodlands, TX | 21.5 % | 1.4 % | $354,999 | -2.7 % | -2.0 % | 4 | 18.9 % | 1.6 |
| Indianapolis-Carmel-Greenwood, IN | 24.2 % | 11.2 % | $315,000 | -0.3 % | -0.2 % | 2 | 28.7 % | 2 |
| Jacksonville, FL | -0.8 % | -6.8 % | $389,000 | -1.3 % | -3.3 % | 6 | 23.8 % | 0.5 |
| Kansas City, MO-KS | 15.9 % | 1.9 % | $375,000 | 0.6 % | 1.4 % | 0 | 18.5 % | 1.9 |
| Las Vegas-Henderson-North Las Vegas, NV | 33.0 % | -1.5 % | $469,997 | 0.0 % | -2.2 % | 9 | 21.3 % | 3.9 |
| Los Angeles-Long Beach-Anaheim, CA | 13.3 % | -1.7 % | $1,085,000 | -4.0 % | -2.1 % | 5 | 12.9 % | 0.7 |
| Louisville/Jefferson County, KY-IN | 23.6 % | 10.5 % | $309,900 | 0.0 % | 3.7 % | -1 | 21.2 % | 0.2 |
| Memphis, TN-MS-AR | 9.9 % | -5.6 % | $319,000 | -4.4 % | -2.9 % | 5 | 23.2 % | 2.3 |
| Miami-Fort Lauderdale-West Palm Beach, FL | 8.0 % | -6.1 % | $500,000 | -4.8 % | -2.6 % | 10 | 15.4 % | -1.3 |
| Milwaukee-Waukesha, WI | 0.6 % | -0.4 % | $379,000 | 3.8 % | 4.2 % | 1 | 17.1 % | -0.4 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 6.0 % | 10.7 % | $410,000 | -2.4 % | -0.8 % | -1 | 16.8 % | 0.4 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 12.0 % | 13.1 % | $531,664 | -1.5 % | -0.1 % | -1 | 19.0 % | 2.7 |
| New York-Newark-Jersey City, NY-NJ | 4.0 % | 0.9 % | $750,000 | -2.3 % | -3.0 % | 1 | 8.6 % | 0.5 |
| Oklahoma City, OK | 11.5 % | 6.8 % | $315,995 | 1.9 % | 0.2 % | -3 | 21.5 % | 3.2 |
| Orlando-Kissimmee-Sanford, FL | 7.0 % | 1.2 % | $419,900 | -1.2 % | -2.3 % | 7 | 21.5 % | 0.9 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 6.3 % | 0.4 % | $370,000 | -0.7 % | 0.6 % | 0 | 16.8 % | 1.7 |
| Phoenix-Mesa-Chandler, AZ | 18.1 % | 1.0 % | $489,000 | -5.0 % | -2.1 % | 7 | 28.1 % | 2.1 |
| Pittsburgh, PA | 5.4 % | 6.4 % | $245,000 | 4.3 % | 3.7 % | 0 | 19.2 % | 1.2 |
| Portland-Vancouver-Hillsboro, OR-WA | 12.7 % | 4.9 % | $589,000 | -1.8 % | -1.6 % | 7 | 25.0 % | -1.7 |
| Providence-Warwick, RI-MA | 10.8 % | -2.1 % | $550,000 | 1.9 % | 3.4 % | -1 | 13.2 % | -3.8 |
| Raleigh-Cary, NC | 30.2 % | 9.4 % | $445,000 | -1.1 % | -1.5 % | 8 | 22.0 % | 4.5 |
| Richmond, VA | 16.4 % | -0.3 % | $426,000 | -0.9 % | 2.1 % | 3 | 16.7 % | 1.9 |
| Riverside-San Bernardino-Ontario, CA | 7.7 % | -2.4 % | $595,000 | -0.7 % | -0.7 % | 4 | 15.6 % | 1 |
| Sacramento-Roseville-Folsom, CA | 7.4 % | 1.7 % | $615,000 | 0.0 % | -1.6 % | 8 | 17.3 % | 0.3 |
| St. Louis, MO-IL | 11.0 % | 8.9 % | $291,900 | 0.7 % | 5.0 % | -2 | 18.0 % | 2.4 |
| San Antonio-New Braunfels, TX | 15.2 % | -3.3 % | $324,900 | -1.5 % | -3.7 % | 0 | 24.6 % | 1.8 |
| San Diego-Chula Vista-Carlsbad, CA | 12.5 % | -4.4 % | $915,000 | -5.7 % | -2.4 % | 2 | 17.1 % | 0.2 |
| San Francisco-Oakland-Fremont, CA | -0.9 % | -3.8 % | $915,000 | -5.6 % | -5.6 % | -1 | 14.1 % | 1 |
| San Jose-Sunnyvale-Santa Clara, CA | 16.8 % | -3.1 % | $1,299,900 | -3.7 % | -2.3 % | 4 | 12.2 % | 3.3 |
| Seattle-Tacoma-Bellevue, WA | 28.4 % | -8.0 % | $749,950 | 1.3 % | 0.4 % | 5 | 18.8 % | 4.5 |
| Tampa-St. Petersburg-Clearwater, FL | 14.8 % | -15.8 % | $400,000 | 0.0 % | 1.0 % | 4 | 24.2 % | -0.2 |
| Tucson, AZ | 15.4 % | 4.7 % | $383,640 | -1.6 % | -1.5 % | 1 | 22.1 % | 4.1 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 7.7 % | 10.3 % | $400,000 | 2.6 % | 2.1 % | 1 | 20.2 % | 2.8 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 32.0 % | 0.4 % | $575,000 | -2.4 % | -3.9 % | 5 | 17.4 % | 3.8 |
