New listings hit highest March level in three years, rising 10.2% annually
Pending home sales drop 5.2% YoY in larger metro areas as buyers hesitate
Price drops hit their highest share for any March since 2016
AUSTIN, Texas, April 3, 2025 /PRNewswire/ -- The U.S. housing market saw signs of continued recovery this spring, with more homes hitting the market and total inventory rising for the 17th straight month, according to the March Housing Trends Report from Realtor.com®. However, rising price drops and slipping pending home sales suggest that buyers are proceeding with caution, likely due to current economic unknowns and growing concerns among consumers around their personal finance situations.
"The spring housing season is beginning with more sellers and a growing number of homes for sale," said Danielle Hale, Chief Economist at Realtor.com®. "But the high cost of buying coupled with growing economic concerns suggest a sluggish response from buyers in early spring. We're seeing a market that's rebalancing, offering more choices for shoppers. Data also suggest that pricing competitively is key for sellers in today's environment. This is likely to be even more true after the mid-April Best Time to Sell, when the number of sellers grows even more swiftly. Recent improvements in mortgage rates bode well for the later spring and early-summer housing season, as long as economic concerns settle and don't knock buyers off course."
March 2025 Housing Metrics – National
Metric
Change over Mar. 2024
Change over Mar. 2019
Median listing price
+0.0% (to $424,900)
+38.9 %
Active listings
+28.5 %
-20.0 %
New listings
+10.2 %
-8.8 %
Median days on market
+3 days (to 53 days)
-12 days
Share of active listings with price reductions
+2.5 percentage points
(to 17.5%)
+2.5 percentage points
Median List Price Per Sq.Ft.
+1.3 %
+54.7 %
Pending Home Sales Slide as Buyers Tread Carefully According to pending home listings data from Realtor.com®, buyer momentum took a step back in March as the number of homes under contract, pending listings, fell 5.2% YoY in the nation's largest metro areas. Of the 44 metros analyzed for this metric, 36 posted declines in pending sales compared to last March. Some of the steepest drop-offs were seen in Jacksonville and Miami, Fla. (-15.1%, -13.7%) where the market has been softening as of late, and Virginia Beach, Va. (-14.2%), which has a high share of federal government workers to round out the top three markets seeing pending home sales decline. Interestingly, Washington D.C., which also has a high share of federal government workers placed 10th, with a yearly decline of 7.9%.
At the same time, a few markets bucked the trend including San Jose, Calif. (+6.4%), Grand Rapids, Mich. (+6.1%) and Sacramento (+4.6%), which all posted YoY gains in pending listings, suggesting that local dynamics, such as tighter supply or improved buyer sentiment, may be keeping those markets more competitive.
Price Cuts Hit a March Record as Sellers Adjust to Budget-Conscious Buyers List prices remained relatively stable, with the national median list price at $422,450, down just 0.1% from a year ago. However, more sellers are making adjustments as 17.4% of active listings included price reductions in March, the highest share for any March since 2016.
Markets with the highest share of price reductions included Phoenix, Ariz. (32.6%), Tampa, Fla. (28.9%) and Jacksonville, Fla. (27.7%), where elevated inventory levels and/or tempered demand are putting pressure on sellers to stay competitive. On the other end of the spectrum, markets like Buffalo, N.Y. (5.4%), Hartford, Conn. (5.5%) and New York (7.0%) saw the lowest share of price cuts, signaling tighter inventory and firmer pricing power. For buyers, this means greater negotiation room in some areas, while in others, competition and pricing remain relatively strong. Sellers in high-reduction markets may need to recalibrate expectations, while those in tighter markets can still benefit from solid demand, as long as they price appropriately.
Inventory Grows in the West and South, but the Pre-Pandemic Supply Gap Remains In March, the total number of homes actively for sale jumped 28.5% compared with a year ago, and newly listed homes climbed 10.2%, the strongest March showing in three years. At the local level, all 50 of the largest metro areas posted annual inventory gains, with the most significant increases seen in San Jose, Calif. (+67.9%) Las Vegas, Nev. (+ 67.8%), and Denver, Colo. (+67.3%). Not only did San Jose, Denver and Las Vegas experience significant gains YoY, they are part of the group of 18 metros where inventory levels now exceed pre-pandemic levels including San Antonio, (+49.6%) Dallas (+44.9%), and Austin (+44.2%). Despite this progress, the total U.S. housing inventory remains 20.2% below typical levels seen from 2017 to 2019, with markets in the Northeast lagging nearly one-third below what was typical in that period. This is consistent with supply gap research showing the biggest construction shortfall and no progress toward closing it in the Northeast.
For more information, visit www.realtor.com/research/data where monthly housing data sets, including historical figures, are available for download.
March 2025 Housing Overview of the 50 Largest Metros
Methodology Realtor.com housing data as of March 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts. With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
About Realtor.com® Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
