Recovery Splits the Map as the West and South
Bounce Back, and Other Regions Struggle to Catch Up
AUSTIN,
Texas, June 5, 2025 /PRNewswire/ -- The U.S.
housing market is staging a comeback, but the rebound is sharply
divided, according to the May Monthly Housing Trends Report from
Realtor.com®. The number of homes for sale in the U.S.
topped 1 million for the first time since Winter 2019, but only
metros in the South or West have fully returned to pre-pandemic
inventory levels as the Northeast and Midwest remain stuck in a
supply squeeze.
"The number of homes for sale is growing, and even hit a key
milestone in May, with more than a million active listings.
But not every housing market is equally well-supplied," said
Realtor.com® Chief Economist Danielle Hale. "Recent construction trends
explain a lot of the variation in recovery that we see across
markets. Many markets that built aggressively during and
after the pandemic are now seeing more listings, longer time on
market, and even some modest price softening. In contrast, markets
that didn't build as many homes are still facing an acute shortage,
which continues to prop up prices and limit buyer options."
May 2025 Housing Metrics –
National (*For metro stats, see Table 1 and Table 2
below)
|
Metric
|
May
2025
|
Change
over
Apr. 2025
(MoM)
|
Change
over
May 2024
(YoY)
|
Change over
May 2019
|
|
Median listing
price
|
$440,000
|
+2.0 %
|
+0.1 %
|
+37.5 %
|
|
Active
listings
|
1,036,101
|
+8.0 %
|
+31.5 %
|
-12.3 %
|
|
New listings
|
465,096
|
-1.4 %
|
+7.2 %
|
-20.4 %
|
|
Median days on
market
|
51
|
+1 day
|
+6 days
|
-1 day
|
|
Share of active
listings
with price reductions
|
19.1 %
|
+1.1 percentage
points
|
+2.4 percentage
points
|
+3.7 percentage
points
|
|
Median List Price Per
Sq.Ft.
|
$234
|
+0.5 %
|
+0.6 %
|
+53.3 %
|
Inventory is Recovering Faster in the South and
West
All 50 of the largest U.S. metros posted annual
inventory gains in May 2025. But,
just 22 have fully rebounded to their 2017–2019 inventory norms,
and every single one is in the South or West. When it comes to
active inventory, cities like Denver (+100.0% vs. pre-pandemic),
Austin, Texas (+69.0%), and
Seattle, Washington (+60.9%) lead
the way, thanks in large part to a post-2020 construction boom. On
the flip side, metros like Hartford,
Conn. (-77.7%), Chicago
(-59.3%), and Virginia Beach, Va.
(-56.7%) have recovered the least.
"More homes on the market means buyers finally have options and
leverage they haven't had in years," said Gary Ashton, founder of The Ashton Real Estate
Group of RE/MAX Advantage in Nashville. "But the strategy for buyers and
their agents this spring largely depends on where you live. In
Southern locales, like Nashville,
the average sales price has increased by 3% as homes remain on the
market for longer and local supply increases. We can expect to see
sellers get creative with offering concessions to buyers and start
to consider more price reductions."
More Homes on the Market, But Affordability is Keeping Them
Out of Reach
Nationally, active listings surpassed the 1
million mark for the first time since Winter 2019, while newly
listed homes rose 7.2% year-over-year. But these increases haven't
translated into a hot spring buying season. Homes took a median 51
days to sell, six days longer than last year, and price cuts rose
for the fifth straight month.
In May 2025, 19.1% of listings
featured reduced prices, the highest share for any May since at
least 2016. Metros with the steepest price reductions were mostly
in the West and South, including Phoenix,
Ariz. (31.3%), Tampa, Fla.
(29.9%), and Denver, Colo.
(29.4%).
Why New Construction Is the Great Divider
The
Realtor.com® analysis found a clear link between
pandemic-era building activity and today's inventory conditions.
Metros that built more housing like Austin, Nashville, and Denver have generally returned to pre-2020
inventory levels. Those with less new construction like
New York, Boston, and Buffalo,
N.Y., have not.
This uneven recovery mirrors findings from a recent
Realtor.com® Housing Supply Gap report, which identified
a nationwide shortfall of nearly 4 million homes, and without
meaningful changes to zoning, permitting, and construction
incentives, supply-constrained regions, especially in the Northeast
and Midwest, risk falling even further behind.
*Table 1: May 2025 Top 50
Metros by Active Listings, Median List Price (Sq. Ft), Days on
Markets
|
Metro
|
Active
Listings
|
Median Listing Price
Per Sq. Ft.
|
Median Days on
Market
|
|
YoY
|
vs.
Pre-pandemic
|
YoY
|
vs.
Pre-pandemic
|
Y-Y
|
vs.
Pre-pandemic
|
|
Atlanta-Sandy
Springs-Roswell, GA
|
42.7 %
|
2.2 %
|
-1.6 %
|
62.2 %
|
9
|
0
|
|
Austin-Round Rock-San
Marcos, TX
|
26.5 %
|
69.0 %
|
-5.0 %
|
56.3 %
|
3
|
3
|
|
Baltimore-Columbia-Towson, MD
|
48.7 %
|
-44.1 %
|
4.5 %
|
28.6 %
|
-2
|
-11
|
|
Birmingham,
AL
|
13.0 %
|
-18.8 %
|
1.0 %
|
41.2 %
|
7
|
-5
|
|
Boston-Cambridge-Newton, MA-NH
|
35.2 %
|
-28.5 %
|
2.1 %
|
81.8 %
|
3
|
-5
|
|
Buffalo-Cheektowaga,
NY
|
11.0 %
|
-42.5 %
|
6.3 %
|
69.2 %
|
5
|
-1
|
|
Charlotte-Concord-Gastonia, NC-SC
|
56.4 %
|
7.0 %
|
0.7 %
|
67.9 %
|
10
|
-2
|
|
Chicago-Naperville-Elgin, IL-IN
|
14.5 %
|
-59.3 %
|
-1.0 %
|
34.9 %
|
3
|
-10
|
|
Cincinnati,
OH-KY-IN
|
27.8 %
|
-44.2 %
|
0.4 %
|
62.5 %
|
3
|
-9
|
|
Cleveland,
OH
|
24.5 %
|
-51.5 %
|
5.2 %
|
44.4 %
|
4
|
-16
|
|
Columbus, OH
|
45.1 %
|
-4.0 %
|
0.7 %
|
64.9 %
|
11
|
2
|
|
Dallas-Fort
Worth-Arlington, TX
|
44.8 %
|
55.5 %
|
-1.2 %
|
45.7 %
|
7
|
5
|
|
Denver-Aurora-Centennial, CO
|
63.9 %
|
100.0 %
|
-2.3 %
|
45.5 %
|
9
|
14
|
|
Detroit-Warren-Dearborn, MI
|
23.1 %
|
-28.3 %
|
3.9 %
|
33.7 %
|
1
|
2
|
|
Grand
Rapids-Wyoming-Kentwood, MI
|
30.0 %
|
-29.7 %
|
-0.4 %
|
60.9 %
|
4
|
1
|
|
Hartford-West
Hartford-East Hartford, CT
|
15.5 %
|
-77.7 %
|
4.5 %
|
66.0 %
|
8
|
-17
|
|
Houston-Pasadena-The
Woodlands, TX
|
35.3 %
|
18.6 %
|
-0.6 %
|
40.8 %
|
3
|
-2
|
|
Indianapolis-Carmel-Greenwood, IN
|
30.0 %
|
-14.1 %
|
-0.8 %
|
61.8 %
|
4
|
-4
|
|
Jacksonville,
FL
|
31.2 %
|
31.8 %
|
-2.3 %
|
54.0 %
|
9
|
3
|
|
Kansas City,
MO-KS
|
19.0 %
|
-16.2 %
|
-1.4 %
|
52.4 %
|
2
|
5
|
|
Las
Vegas-Henderson-North Las Vegas, NV
|
66.8 %
|
28.6 %
|
0.3 %
|
64.8 %
|
7
|
5
|
|
Los Angeles-Long
Beach-Anaheim, CA
|
53.9 %
|
-2.5 %
|
-1.1 %
|
55.8 %
|
10
|
10
|
|
Louisville/Jefferson
County, KY-IN
|
22.4 %
|
-26.1 %
|
1.8 %
|
55.5 %
|
5
|
-5
|
|
Memphis,
TN-MS-AR
|
26.2 %
|
22.3 %
|
1.7 %
|
75.8 %
|
10
|
8
|
|
Miami-Fort
Lauderdale-West Palm Beach, FL
|
38.7 %
|
6.6 %
|
-4.3 %
|
45.3 %
|
13
|
-1
|
|
Milwaukee-Waukesha,
WI
|
7.9 %
|
-46.0 %
|
4.7 %
|
58.8 %
|
0
|
-9
|
|
Minneapolis-St.
Paul-Bloomington, MN-WI
|
14.1 %
|
-20.2 %
|
-1.8 %
|
37.1 %
|
4
|
-2
|
|
Nashville-Davidson--Murfreesboro--Franklin,
TN
|
40.0 %
|
44.4 %
|
-2.7 %
|
66.3 %
|
19
|
17
|
|
New York-Newark-Jersey
City, NY-NJ
|
10.7 %
|
-44.0 %
|
-5.3 %
|
84.1 %
|
2
|
-4
|
|
Oklahoma City,
OK
|
30.4 %
|
-7.6 %
|
0.4 %
|
51.0 %
|
2
|
-5
|
|
Orlando-Kissimmee-Sanford, FL
|
38.8 %
|
44.2 %
|
-2.3 %
|
58.4 %
|
13
|
11
|
|
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
|
22.9 %
|
-51.4 %
|
1.6 %
|
63.8 %
|
-2
|
-14
|
|
Phoenix-Mesa-Chandler,
AZ
|
23.1 %
|
25.8 %
|
-0.9 %
|
63.8 %
|
-3
|
13
|
|
Pittsburgh,
PA
|
20.2 %
|
-41.3 %
|
0.9 %
|
41.8 %
|
1
|
-17
|
|
Portland-Vancouver-Hillsboro, OR-WA
|
34.3 %
|
21.0 %
|
-1.6 %
|
42.1 %
|
7
|
14
|
|
Providence-Warwick,
RI-MA
|
34.0 %
|
-56.2 %
|
5.4 %
|
58.9 %
|
9
|
-12
|
|
Raleigh-Cary,
NC
|
63.5 %
|
10.2 %
|
-0.4 %
|
59.6 %
|
10
|
-5
|
|
Richmond, VA
|
17.8 %
|
-38.4 %
|
0.9 %
|
64.9 %
|
-3
|
-8
|
|
Riverside-San
Bernardino-Ontario, CA
|
50.5 %
|
-1.5 %
|
-0.9 %
|
66.4 %
|
10
|
9
|
|
Sacramento-Roseville-Folsom, CA
|
54.6 %
|
4.9 %
|
-2.5 %
|
41.3 %
|
8
|
6
|
|
San Antonio-New
Braunfels, TX
|
20.1 %
|
58.3 %
|
-3.0 %
|
40.7 %
|
7
|
8
|
|
San Diego-Chula
Vista-Carlsbad, CA
|
66.4 %
|
-5.1 %
|
-2.1 %
|
65.8 %
|
10
|
9
|
|
San
Francisco-Oakland-Fremont, CA
|
40.3 %
|
53.5 %
|
-4.0 %
|
26.7 %
|
10
|
12
|
|
San
Jose-Sunnyvale-Santa Clara, CA
|
55.7 %
|
33.1 %
|
-1.1 %
|
30.0 %
|
8
|
5
|
|
Seattle-Tacoma-Bellevue, WA
|
50.7 %
|
60.9 %
|
4.7 %
|
72.4 %
|
6
|
11
|
|
St. Louis,
MO-IL
|
19.4 %
|
-42.4 %
|
-1.8 %
|
36.9 %
|
7
|
-11
|
|
Tampa-St.
Petersburg-Clearwater, FL
|
31.2 %
|
45.3 %
|
-2.4 %
|
68.9 %
|
8
|
7
|
|
Tucson, AZ
|
54.6 %
|
23.0 %
|
-1.5 %
|
61.2 %
|
10
|
2
|
|
Virginia
Beach-Chesapeake-Norfolk, VA-NC
|
26.8 %
|
-56.7 %
|
4.9 %
|
57.6 %
|
6
|
-11
|
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
75.6 %
|
-15.9 %
|
-4.0 %
|
49.6 %
|
1
|
-3
|
*Table 2: May 2025 Top 50
Metros by Price, New Listings, and Price Reduced Share
|
Metro
|
Median Listing
Price
|
Median Listing
Price YoY
|
New Listing
Count YoY
|
Price-Reduced
Share
|
Price-Reduced
Share Y-Y
(Percentage Points)
|
|
Atlanta-Sandy
Springs-Roswell, GA
|
$419,900
|
-0.7 %
|
17.3 %
|
23.3 %
|
4.2 pp
|
|
Austin-Round Rock-San
Marcos, TX
|
$525,000
|
-6.3 %
|
13.2 %
|
29.2 %
|
0.9 pp
|
|
Baltimore-Columbia-Towson, MD
|
$399,999
|
10.4 %
|
6.6 %
|
15.3 %
|
2.3 pp
|
|
Birmingham,
AL
|
$299,900
|
0.0 %
|
-4.1 %
|
18.2 %
|
2.1 pp
|
|
Boston-Cambridge-Newton, MA-NH
|
$879,000
|
-1.7 %
|
18.1 %
|
16.4 %
|
3.5 pp
|
|
Buffalo-Cheektowaga,
NY
|
$299,900
|
0.8 %
|
4.6 %
|
7.0 %
|
-0.2 pp
|
|
Charlotte-Concord-Gastonia, NC-SC
|
$450,000
|
3.4 %
|
20.5 %
|
23.6 %
|
4.2 pp
|
|
Chicago-Naperville-Elgin, IL-IN
|
$379,900
|
-3.8 %
|
5.6 %
|
11.5 %
|
1.3 pp
|
|
Cincinnati,
OH-KY-IN
|
$354,975
|
-6.2 %
|
8.7 %
|
14.6 %
|
2.4 pp
|
|
Cleveland,
OH
|
$275,000
|
3.8 %
|
5.7 %
|
14.2 %
|
3.2 pp
|
|
Columbus, OH
|
$389,900
|
-2.5 %
|
5.0 %
|
21.1 %
|
4.4 pp
|
|
Dallas-Fort
Worth-Arlington, TX
|
$440,000
|
-3.2 %
|
12.1 %
|
27.0 %
|
3.5 pp
|
|
Denver-Aurora-Centennial, CO
|
$600,000
|
-5.8 %
|
4.3 %
|
29.4 %
|
4.7 pp
|
|
Detroit-Warren-Dearborn, MI
|
$270,000
|
3.1 %
|
8.0 %
|
13.7 %
|
3.2 pp
|
|
Grand
Rapids-Wyoming-Kentwood, MI
|
$399,900
|
-3.1 %
|
15.9 %
|
13.5 %
|
1.8 pp
|
|
Hartford-West
Hartford-East Hartford, CT
|
$469,450
|
3.2 %
|
2.4 %
|
6.8 %
|
0.9 pp
|
|
Houston-Pasadena-The
Woodlands, TX
|
$372,500
|
0.7 %
|
17.0 %
|
19.9 %
|
1.7 pp
|
|
Indianapolis-Carmel-Greenwood, IN
|
$331,500
|
-5.3 %
|
11.6 %
|
21.3 %
|
1.4 pp
|
|
Jacksonville,
FL
|
$405,000
|
-4.0 %
|
0.8 %
|
28.8 %
|
1.4 pp
|
|
Kansas City,
MO-KS
|
$410,073
|
-4.1 %
|
15.7 %
|
14.3 %
|
2.1 pp
|
|
Las
Vegas-Henderson-North Las Vegas, NV
|
$484,999
|
1.7 %
|
17.3 %
|
25.4 %
|
8.3 pp
|
|
Los Angeles-Long
Beach-Anaheim, CA
|
$1,195,000
|
-2.3 %
|
6.3 %
|
15.7 %
|
4.7 pp
|
|
Louisville/Jefferson
County, KY-IN
|
$326,990
|
-0.6 %
|
0.3 %
|
16.6 %
|
1.4 pp
|
|
Memphis,
TN-MS-AR
|
$350,000
|
0.5 %
|
1.9 %
|
21.9 %
|
0.2 pp
|
|
Miami-Fort
Lauderdale-West Palm Beach, FL
|
$510,000
|
-5.5 %
|
0.2 %
|
19.7 %
|
0.7 pp
|
|
Milwaukee-Waukesha,
WI
|
$399,500
|
-0.1 %
|
28.4 %
|
10.7 %
|
3.1 pp
|
|
Minneapolis-St.
Paul-Bloomington, MN-WI
|
$446,000
|
-2.5 %
|
4.1 %
|
12.9 %
|
1.1 pp
|
|
Nashville-Davidson--Murfreesboro--Franklin,
TN
|
$548,950
|
-5.7 %
|
15.2 %
|
20.9 %
|
0.1 pp
|
|
New York-Newark-Jersey
City, NY-NJ
|
$795,000
|
0.2 %
|
6.4 %
|
8.7 %
|
0.4 pp
|
|
Oklahoma City,
OK
|
$329,875
|
-0.8 %
|
8.9 %
|
20.8 %
|
2.0 pp
|
|
Orlando-Kissimmee-Sanford, FL
|
$429,900
|
-2.3 %
|
-2.0 %
|
25.3 %
|
3.3 pp
|
|
Philadelphia-Camden-Wilmington,
PA-NJ-DE-MD
|
$385,000
|
1.3 %
|
3.8 %
|
14.2 %
|
2.4 pp
|
|
Phoenix-Mesa-Chandler,
AZ
|
$525,000
|
-3.2 %
|
3.8 %
|
31.3 %
|
7.2 pp
|
|
Pittsburgh,
PA
|
$249,900
|
-2.9 %
|
-1.2 %
|
15.8 %
|
1.7 pp
|
|
Portland-Vancouver-Hillsboro, OR-WA
|
$610,707
|
-1.5 %
|
9.7 %
|
26.8 %
|
7.2 pp
|
|
Providence-Warwick,
RI-MA
|
$595,000
|
3.1 %
|
0.8 %
|
10.5 %
|
3.1 pp
|
|
Raleigh-Cary,
NC
|
$456,695
|
-1.5 %
|
11.2 %
|
23.4 %
|
8.2 pp
|
|
Richmond, VA
|
$460,000
|
-1.1 %
|
6.5 %
|
12.5 %
|
2.6 pp
|
|
Riverside-San
Bernardino-Ontario, CA
|
$600,000
|
-2.9 %
|
4.4 %
|
19.7 %
|
4.5 pp
|
|
Sacramento-Roseville-Folsom, CA
|
$639,000
|
-3.6 %
|
13.7 %
|
22.7 %
|
6.2 pp
|
|
San Antonio-New
Braunfels, TX
|
$340,000
|
-1.4 %
|
4.4 %
|
24.9 %
|
-1.3 pp
|
|
San Diego-Chula
Vista-Carlsbad, CA
|
$995,000
|
-5.7 %
|
6.4 %
|
19.9 %
|
5.4 pp
|
|
San
Francisco-Oakland-Fremont, CA
|
$998,800
|
-4.5 %
|
2.9 %
|
15.3 %
|
3.8 pp
|
|
San
Jose-Sunnyvale-Santa Clara, CA
|
$1,419,500
|
-3.9 %
|
-0.3 %
|
13.5 %
|
5.0 pp
|
|
Seattle-Tacoma-Bellevue, WA
|
$799,000
|
3.1 %
|
18.0 %
|
16.2 %
|
4.8 pp
|
|
St. Louis,
MO-IL
|
$299,900
|
-2.5 %
|
6.3 %
|
14.3 %
|
2.2 pp
|
|
Tampa-St.
Petersburg-Clearwater, FL
|
$417,500
|
-1.6 %
|
0.1 %
|
29.9 %
|
1.0 pp
|
|
Tucson, AZ
|
$398,000
|
-1.1 %
|
-4.9 %
|
23.2 %
|
1.7 pp
|
|
Virginia
Beach-Chesapeake-Norfolk, VA-NC
|
$415,000
|
5.4 %
|
10.4 %
|
17.5 %
|
0.5 pp
|
|
Washington-Arlington-Alexandria,
DC-VA-MD-WV
|
$634,900
|
-0.7 %
|
11.7 %
|
15.8 %
|
4.9 pp
|
Methodology
Realtor.com housing data as of
May 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.
Beginning with our April 2025
report, we have transitioned to a revised national pending home
sales data series that applies enhanced cleaning methods to improve
consistency and accuracy over time. While the insights and
commentary in this report reflect the new series, the downloadable
data remains based on our legacy automated pipeline. As a result,
there may be slight differences between the report figures and
those in the national download file as we transition.
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.
Media contact: Asees Singh, press@realtor.com
View original
content:https://www.prnewswire.com/news-releases/us-inventory-surpasses-1-million-homes-for-the-first-time-since-winter-of-2019-302473618.html
SOURCE Realtor.com