REMAX NATIONAL HOUSING REPORT FOR NOVEMBER 2025

Inventory Continues to Grow as Seasonal Slowdown Hits New Listings and Home Sales 

November brought the expected seasonal cooling to the U.S. housing market, with fewer new listings and home sales compared to October as inventory levels remained elevated. Although the supply of homes declined 5.5% from October, it was still 14.5% higher than a year ago, marking the 23^rd consecutive month of year-over-year inventory increases, a streak that dates to January 2024.

Across the 51 metro areas surveyed, new listings dropped 30.7% month over month, marking the largest decline among key metrics. Year-over-year, new listings fell 8.3%.

Buyers closed on 18.5% fewer home sales from October to November and 4.7% less than in November 2024, reflecting typical seasonal patterns.  

November’s Median Sales Price of $438,000 posted a 1.7% year-over-year gain, continuing a 29-month growth streak that began in July 2023. Prices eased 1.5% from October.

“While some numbers reflect the typical seasonal slowdown, others point to encouraging trends,” said REMAX CEO Erik Carlson. “Inventory has continued to grow as prices have remained steady, pointing to a resilient market for both buyers and sellers. As the market continues to adjust heading into the new year, there’s plenty of opportunity to make a smart move, especially with guidance from a trusted REMAX agent.”  

Other metrics of note:

• Homes took an additional week to sell and averaged 54 days on market. That’s up from 47 days in November 2024 and 50 days in October.
• Months’ Supply of Inventory increased to 3.3 months, up from 2.9 months a year ago and 3.0 months in October.
• Sellers received 98% of asking price, down slightly from 99% last year but unchanged month over month.

One notable shift came in Seattle, a market that typically ranks among the highest in median sales price but saw its largest monthly price drop of the year, declining 5.4% from $740,000 in October to $700,000 in November. John Manning, local Broker/Owner of REMAX Gateway, says several factors may be contributing to the cooling trend.

“Seattle has enjoyed decades of incredible growth driven by Washington State’s appeal to a diverse mix of industries. More recently, shifts in tax policy appear to be influencing corporate decisions about where to allocate resources, which may be contributing to cooling home prices. We’re also seeing signs of wealth relocation, as higher estate taxes prompt some higher-net-worth residents, particularly seniors, to consider relocating later in life. At the same time, changes in the tech sector driven by artificial intelligence are reshaping hiring patterns that once fueled an influx of younger tech workers into the Seattle area.”

Highlights and local market results for November include:

New Listings 
In the 51 metro areas surveyed in November 2025, the number of newly listed homes was down 8.3% compared to November 2024, and down 30.7% compared to October 2025. The markets with the biggest decrease in year-over-year new listings percentage were Dover, DE at -48.6%, Trenton, NJ at -48.3%, and Washington, DC at -45.2%. The markets with the biggest year-over-year increase in new listings percentage were Bozeman, MT at +21.8%, Burlington, VT at +10.4%, and St. Louis, MO at +9.8%.

Closed Transactions
Of the 51 metro areas surveyed in November 2025, the overall number of home sales was down 4.7% compared to November 2024, and down 18.5% compared to October 2025. The markets with the biggest decrease in year-over-year sales percentage were San Antonio, TX at -22.9%, Bozeman, MT at -15.7%, and Anchorage, AK at -13.5%. The markets with the biggest increase in year-over-year sales percentages were Wichita, KS at +12.0%, Miami, FL at +10.4%, and Honolulu, HI at +5.3%.

Median Sales Price – Median of 51 metro area prices
In November 2025, the median of all 51 metro area sales prices was $438,000, up 1.7% from November 2024 and down 1.5% compared to October 2025. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +13.6%, Cleveland, OH at +11.8%, and Cincinnati, OH at +10.2%. The markets with the biggest year-over-year decrease in median sales price were Seattle, WA at -4.7%, Tampa, FL at -3.5%, and Richmond, VA at -2.5%.

Close-to-List Price Ratio – Average of 51 metro area prices
In November 2025, the average close-to-list price ratio of all 51 metro areas in the report was 98%, down from 99% in November 2024 and the same as October 2025. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the biggest year-over-year decrease in close-to-list price ratios were Burlington, VT at -2.1 pp (98.3%), Dover, DE at -1.5 pp (98.6%), and Baltimore, MD at -1.2 pp (99.5%). The metro areas with the biggest year-over-year increase in close-to-list price ratio were Philadelphia, PA at +0.3 pp (99.9%), followed by Des Moines, IA (98.6%), Kansas City, MO (99.2%) and Coeur d’Alene, ID (98.2%) tied at +0.2 pp.

Days on Market – Average of 51 metro areas
The average days on market for homes sold in November 2025 was 54, up seven days compared to the average in November 2024 (47) and up four days compared to October 2025 (50). The metro areas with the biggest year-over-year increase for days on market averages were St. Louis, MO at +39.1% (44 days), Manchester, NH at +38.7% (27 days) and Washington, DC at +28.7% (39 days). The markets with the biggest year-over-year decrease for days on market averages were Fayetteville, AR at -14.2% (65 days), New Orleans, LA at -5.1% (64 days) and Hartford, CT at -2.7% (24 days). Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months’ Supply of Inventory – Average of 51 metro areas
The number of homes for sale in November 2025 was up 14.5% from November 2024 and down 5.5% from October 2025. Based on the rate of home sales in November 2025, the months’ supply of inventory was 3.3, up from 2.9 from November 2024 and up from 3.0 from October 2025. In November 2025, the markets with the highest months’ supply of inventory were Miami, FL at 7.5, San Antonio, TX at 6.5 and Bozeman, MT at 6.1. The markets with the lowest months’ supply of inventory were Hartford, CT at 1.3, Manchester, NH at 1.4 and Seattle, WA at 1.5.

SOURCE RE/MAX, LLC