- Newly listed homes increase 4.2% year over year, slightly
slower than January's pace
- Homes actively for sale increase 27.5% compared with last
year
- Impact of the recent turmoil within the Federal workforce is
not yet apparent in housing data
AUSTIN,
Texas, Feb. 27, 2025 /PRNewswire/ -- Sellers are
increasingly adjusting to the current market conditions, as the
share of homes with price reductions grew to 16.8%, up from 14.6%
last February, according to the Realtor.com® February
Monthly Housing Report. Sellers increased their activity this
February, as newly listed homes rose 4.2% above last year's levels,
marking the highest February activity since 2021.
"While rates remain elevated, we are beginning to see green
shoots in the market as sellers grow tired of waiting for
significant changes in interest and mortgage rates," said
Danielle Hale, chief economist,
Realtor.com®. "If these trends continue for the next few
months, we could see a market that is entering into more balanced
terrain, with rising inventory and a potential future slowdown in
price growth. While the market does not look like it did before the
pandemic, we are moving away from the ultrahigh demand, low
inventory period we saw in 2021 and 2022."
In February, the median home listing price dipped below last
year's level, to $412,000, and
sellers listed their homes at greater rates than last year, with
newly listed homes increasing 4.2% year over year. More smaller
homes were listed this year, which decreased the median list price
relative to last year.
Federal Employment Uncertainty Has Not Yet Reached the
Housing Market
Despite a swell of attention, data from this
month's report shows that there is no clear connection yet between
the markets experiencing the most significant slowdowns and those
with a large government workforce. As of February, these markets
have not shown notable trends in inventory growth, increasing time
on market, softening prices or price reductions. Given the recency
of these workforce changes, this is expected at this point in time,
and it does not rule out future effects. The health of a local
housing market is often tied to the health of the local labor
market. Federal workforce reductions could have ripple effects on
housing markets with a high concentration of government employees,
and the degree of the impact is likely to depend on the health of
the private sector in these markets and its ability to provide new
opportunities.
For now, housing conditions in these areas are not notably
different from other markets. Prior research from
Realtor.com® suggests that the typical home seller takes
at least two weeks, and often longer, to prepare a home for sale,
so any real impact is likely ahead.
In the Washington, D.C., area,
price reductions increased by 2.3 percentage points compared to
last February, in line with the national trend, placing it 23rd on
the list of metros with the largest increases in price
reductions—about the middle of the ranking. The median list price
per square foot has also declined year over year, with the metro
ranking 21st in terms of price declines. Notably, Washington, D.C.'s share of price reductions
has risen each week throughout February, suggesting that broader
effects could become more apparent as the spring market unfolds.
Buyers and sellers in the region may want to monitor trends closely
as the market continues to adjust.
Homes Stay on the Market Longer than 2024, But Still Move
Faster than Pre-Pandemic
Homes are staying on the market
longer, and February 2025 is the 11th
month in a row where homes have spent more time on market compared
to the previous year. Homes in February spent on average 66 days on
the market, 11 fewer days than the average February between 2017
and 2019. Regionally, the South and Midwest saw the biggest gains
in time on market this month, averaging an additional seven and
eight days on market, respectively.
|
February 2025
Housing Metrics – National
|
|
Metric
|
Change over Feb.
2024
|
Change over Jan.
2019
|
|
Median listing
price
|
-0.8% (to
$412,000)
|
+39.2 %
|
|
Active
listings
|
+27.5 %
|
-23.1 %
|
|
New listings
|
+4.2 %
|
-13.7 %
|
|
Median days on
market
|
+5 days (to 66
days)
|
-9
days
|
|
Share of active
listings with price
reductions
|
+2.2 percentage
points
(to 16.8%)
|
+1.2 percentage
points
|
|
Median List Price Per
Sq.Ft.
|
+1.2 %
|
+54.8 %
|
|
February 2025
Housing Overview of the 50 Largest Metros
|
|
|
Metro
Area
|
Federal
Government
Employee
Share of Total
Employment
(Dec 2024)
|
Median Listing
Price
|
Median Listing
Price YoY
|
Median Listing
Price per Sq.
Ft. YoY
|
Median Listing
Price vs
February 2019
|
Median Listing
Price per Sq.
Ft. vs
February 2019
|
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
1.8 %
|
$398,894
|
-2.7 %
|
-1.3 %
|
24.8 %
|
55.9 %
|
|
Austin-Round Rock-San
Marcos, Texas
|
1.0 %
|
$499,000
|
-7.9 %
|
-5.9 %
|
42.6 %
|
54.3 %
|
|
Baltimore-Columbia-Towson, Md.
|
3.7 %
|
$350,000
|
6.2 %
|
2.0 %
|
16.7 %
|
28.5 %
|
|
Birmingham,
Ala.
|
1.8 %
|
$285,000
|
0.3 %
|
0.5 %
|
20.3 %
|
33.6 %
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
1.4 %
|
$839,450
|
-1.8 %
|
1.6 %
|
52.8 %
|
73.6 %
|
|
Buffalo-Cheektowaga,
N.Y.
|
2.0 %
|
$249,974
|
-0.5 %
|
1.1 %
|
37.0 %
|
52.7 %
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
0.8 %
|
$419,475
|
4.9 %
|
1.3 %
|
27.2 %
|
62.2 %
|
|
Chicago-Naperville-Elgin, Ill.-Ind.
|
1.2 %
|
$349,450
|
-2.9 %
|
-0.3 %
|
11.9 %
|
30.2 %
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
1.4 %
|
$324,950
|
-3.7 %
|
2.2 %
|
28.0 %
|
54.6 %
|
|
Cleveland,
Ohio
|
2.0 %
|
$241,725
|
14.0 %
|
14.9 %
|
34.3 %
|
60.1 %
|
|
Columbus,
Ohio
|
1.4 %
|
$349,700
|
-7.2 %
|
1.6 %
|
29.9 %
|
59.9 %
|
|
Dallas-Fort
Worth-Arlington, Texas
|
1.2 %
|
$415,950
|
-4.4 %
|
-0.6 %
|
19.7 %
|
43.6 %
|
|
Denver-Aurora-Centennial, Colo.
|
1.8 %
|
$572,500
|
-6.1 %
|
-3.0 %
|
14.6 %
|
44.3 %
|
|
Detroit-Warren-Dearborn, Mich.
|
1.5 %
|
$239,900
|
4.6 %
|
2.9 %
|
9.1 %
|
26.9 %
|
|
Grand
Rapids-Wyoming-Kentwood, Mich.
|
0.6 %
|
$384,725
|
-6.2 %
|
-2.3 %
|
39.1 %
|
52.6 %
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
0.9 %
|
$433,700
|
6.6 %
|
12.4 %
|
48.4 %
|
61.8 %
|
|
Houston-Pasadena-The
Woodlands, Texas
|
1.0 %
|
$358,000
|
-0.5 %
|
-1.0 %
|
15.5 %
|
37.6 %
|
|
Indianapolis-Carmel-Greenwood, Ind.
|
1.8 %
|
$300,000
|
-5.8 %
|
0.1 %
|
16.6 %
|
52.8 %
|
|
Jacksonville,
Fla.
|
2.5 %
|
$388,098
|
-5.3 %
|
-3.3 %
|
29.4 %
|
51.1 %
|
|
Kansas City,
Mo.-Kan.
|
2.6 %
|
$379,450
|
-9.9 %
|
-0.9 %
|
21.4 %
|
44.2 %
|
|
Las
Vegas-Henderson-North Las Vegas, Nev.
|
1.3 %
|
$469,974
|
1.1 %
|
3.0 %
|
51.2 %
|
58.0 %
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
0.9 %
|
$1,119,000
|
-1.6 %
|
1.4 %
|
49.3 %
|
55.1 %
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
1.6 %
|
$309,950
|
-0.3 %
|
1.6 %
|
20.2 %
|
44.7 %
|
|
Memphis,
Tenn.-Miss.-Ark.
|
2.8 %
|
$328,050
|
1.3 %
|
2.7 %
|
59.4 %
|
69.8 %
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
1.2 %
|
$515,000
|
-6.4 %
|
-5.1 %
|
32.1 %
|
48.4 %
|
|
Milwaukee-Waukesha,
Wis.
|
1.3 %
|
$374,950
|
6.4 %
|
6.8 %
|
43.2 %
|
54.4 %
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
1.1 %
|
$434,950
|
0.1 %
|
-0.6 %
|
11.6 %
|
28.4 %
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
1.5 %
|
$529,450
|
-5.4 %
|
-1.0 %
|
47.4 %
|
63.3 %
|
|
New York-Newark-Jersey
City, N.Y.-N.J.
|
1.1 %
|
$766,889
|
1.9 %
|
-2.4 %
|
39.6 %
|
79.4 %
|
|
Oklahoma City,
Okla.
|
4.2 %
|
$314,992
|
-2.6 %
|
1.3 %
|
33.5 %
|
47.2 %
|
|
Orlando-Kissimmee-Sanford, Fla.
|
1.2 %
|
$418,950
|
-3.7 %
|
-2.4 %
|
39.0 %
|
54.2 %
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
1.8 %
|
$350,000
|
3.0 %
|
4.4 %
|
40.0 %
|
59.4 %
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
1.0 %
|
$515,000
|
-4.9 %
|
-1.0 %
|
47.2 %
|
59.3 %
|
|
Pittsburgh,
Pa.
|
1.7 %
|
$229,000
|
0.9 %
|
2.3 %
|
37.1 %
|
38.0 %
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
1.4 %
|
$598,415
|
-0.3 %
|
-0.6 %
|
25.2 %
|
40.0 %
|
|
Providence-Warwick,
R.I.-Mass.
|
1.4 %
|
$534,900
|
7.0 %
|
7.8 %
|
49.7 %
|
52.7 %
|
|
Raleigh-Cary,
N.C.
|
0.9 %
|
$435,962
|
-1.5 %
|
0.4 %
|
22.9 %
|
54.7 %
|
|
Richmond,
Va.
|
2.7 %
|
$429,653
|
-4.2 %
|
2.3 %
|
34.5 %
|
59.8 %
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
1.0 %
|
$599,450
|
0.7 %
|
0.8 %
|
49.9 %
|
59.9 %
|
|
Sacramento-Roseville-Folsom, Calif.
|
1.3 %
|
$619,000
|
-2.2 %
|
-1.3 %
|
34.0 %
|
39.0 %
|
|
San Antonio-New
Braunfels, Texas
|
3.0 %
|
$327,000
|
-2.4 %
|
-2.1 %
|
14.4 %
|
36.6 %
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
3.1 %
|
$949,995
|
-4.7 %
|
-2.0 %
|
42.0 %
|
62.4 %
|
|
San
Francisco-Oakland-Fremont, Calif.
|
1.2 %
|
$899,944
|
-9.0 %
|
-7.3 %
|
1.5 %
|
17.9 %
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
1.0 %
|
$1,304,500
|
-4.6 %
|
0.2 %
|
19.1 %
|
21.4 %
|
|
Seattle-Tacoma-Bellevue, Wash.
|
1.5 %
|
$737,400
|
-3.6 %
|
0.9 %
|
24.2 %
|
54.0 %
|
|
St. Louis,
Mo.-Ill.
|
1.8 %
|
$276,799
|
-3.7 %
|
-2.8 %
|
31.8 %
|
31.0 %
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
2.0 %
|
$399,000
|
-4.0 %
|
-4.0 %
|
47.8 %
|
64.2 %
|
|
Tucson,
Ariz.
|
2.8 %
|
$396,200
|
-1.0 %
|
-1.2 %
|
38.7 %
|
55.7 %
|
|
Virginia
Beach-Chesapeake-Norfolk, Va.-N.C.
|
7.0 %
|
$392,500
|
1.4 %
|
5.4 %
|
41.7 %
|
53.9 %
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
11.0 %
|
$579,995
|
-3.3 %
|
0.0 %
|
28.9 %
|
58.4 %
|
Source: U.S. Bureau of Labor Statistics, State and Area
Employment, Hours, and Earnings, Employed and Office of Employment
and Unemployment Statistics : Government - Federal Government
|
Metro
Area
|
Active Listing
Count YoY
|
New Listing
Count YoY
|
Median Days
on Market
|
Median Days
on Market Y-Y
(Days)
|
Price–
Reduced
Share
|
Price-
Reduced
Share Y-Y
(Percentage Points)
|
|
Atlanta-Sandy
Springs-Roswell, Ga.
|
40.9 %
|
7.1 %
|
58
|
16
|
20.5 %
|
5.1 pp
|
|
Austin-Round Rock-San
Marcos, Texas
|
19.6 %
|
1.7 %
|
66
|
6
|
20.2 %
|
-0.6 pp
|
|
Baltimore-Columbia-Towson, Md.
|
30.5 %
|
3.5 %
|
41
|
-3
|
12.8 %
|
1.4 pp
|
|
Birmingham,
Ala.
|
17.2 %
|
6.4 %
|
71
|
5
|
15.0 %
|
1.7 pp
|
|
Boston-Cambridge-Newton, Mass.-N.H.
|
11.7 %
|
-2.8 %
|
33
|
0
|
9.5 %
|
1.7 pp
|
|
Buffalo-Cheektowaga,
N.Y.
|
25.2 %
|
-20.0 %
|
79
|
13
|
6.0 %
|
0.8 pp
|
|
Charlotte-Concord-Gastonia, N.C.-S.C.
|
45.7 %
|
9.3 %
|
56
|
11
|
20.9 %
|
6.4 pp
|
|
Chicago-Naperville-Elgin, Ill.-Ind.
|
9.0 %
|
-0.1 %
|
43
|
2
|
10.4 %
|
1.5 pp
|
|
Cincinnati,
Ohio-Ky.-Ind.
|
25.4 %
|
9.5 %
|
50
|
11
|
14.0 %
|
3.1 pp
|
|
Cleveland,
Ohio
|
11.7 %
|
-6.0 %
|
61
|
10
|
13.0 %
|
1.8 pp
|
|
Columbus,
Ohio
|
34.8 %
|
4.3 %
|
49
|
12
|
18.4 %
|
2.6 pp
|
|
Dallas-Fort
Worth-Arlington, Texas
|
36.1 %
|
0.2 %
|
56
|
9
|
22.0 %
|
2.8 pp
|
|
Denver-Aurora-Centennial, Colo.
|
64.4 %
|
20.1 %
|
44
|
10
|
22.9 %
|
8.0 pp
|
|
Detroit-Warren-Dearborn, Mich.
|
6.2 %
|
-8.3 %
|
52
|
6
|
11.1 %
|
-0.3 pp
|
|
Grand
Rapids-Wyoming-Kentwood, Mich.
|
29.8 %
|
5.2 %
|
56
|
5
|
10.7 %
|
2.9 pp
|
|
Hartford-West
Hartford-East Hartford, Conn.
|
4.4 %
|
-1.7 %
|
38
|
-3
|
6.0 %
|
-0.1 pp
|
|
Houston-Pasadena-The
Woodlands, Texas
|
28.1 %
|
8.8 %
|
54
|
6
|
17.6 %
|
0.9 pp
|
|
Indianapolis-Carmel-Greenwood, Ind.
|
22.8 %
|
0.3 %
|
63
|
4
|
19.6 %
|
3.9 pp
|
|
Jacksonville,
Fla.
|
36.8 %
|
-3.7 %
|
66
|
16
|
26.6 %
|
5.8 pp
|
|
Kansas City,
Mo.-Kan.
|
11.4 %
|
-4.2 %
|
75
|
3
|
10.7 %
|
-0.1 pp
|
|
Las
Vegas-Henderson-North Las Vegas, Nev.
|
60.8 %
|
19.7 %
|
47
|
8
|
19.2 %
|
5.7 pp
|
|
Los Angeles-Long
Beach-Anaheim, Calif.
|
43.0 %
|
27.1 %
|
39
|
-1
|
11.8 %
|
2.9 pp
|
|
Louisville/Jefferson
County, Ky.-Ind.
|
19.8 %
|
-3.1 %
|
51
|
4
|
17.0 %
|
2.6 pp
|
|
Memphis,
Tenn.-Miss.-Ark.
|
29.1 %
|
-2.0 %
|
71
|
4
|
19.2 %
|
1.0 pp
|
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
39.2 %
|
7.1 %
|
74
|
12
|
20.6 %
|
1.0 pp
|
|
Milwaukee-Waukesha,
Wis.
|
11.1 %
|
24.3 %
|
36
|
-1
|
11.3 %
|
1.2 pp
|
|
Minneapolis-St.
Paul-Bloomington, Minn.-Wis.
|
8.8 %
|
-6.3 %
|
41
|
4
|
9.8 %
|
1.3 pp
|
|
Nashville-Davidson-Murfreesboro-Franklin,
Tenn.
|
30.8 %
|
12.9 %
|
55
|
16
|
16.0 %
|
-1.4 pp
|
|
New York-Newark-Jersey
City, N.Y.-N.J.
|
1.0 %
|
0.0 %
|
68
|
-1
|
5.9 %
|
-0.6 pp
|
|
Oklahoma City,
Okla.
|
34.2 %
|
5.1 %
|
52
|
-4
|
17.0 %
|
-1.1 pp
|
|
Orlando-Kissimmee-Sanford, Fla.
|
43.8 %
|
17.1 %
|
74
|
10
|
23.3 %
|
3.6 pp
|
|
Philadelphia-Camden-Wilmington,
Pa.-N.J.-Del.-Md.
|
14.6 %
|
-3.4 %
|
52
|
-7
|
11.8 %
|
0.8 pp
|
|
Phoenix-Mesa-Chandler,
Ariz.
|
45.3 %
|
14.7 %
|
56
|
11
|
30.2 %
|
5.2 pp
|
|
Pittsburgh,
Pa.
|
13.7 %
|
-10.1 %
|
86
|
9
|
14.2 %
|
-0.2 pp
|
|
Portland-Vancouver-Hillsboro, Ore.-Wash.
|
24.8 %
|
-2.0 %
|
75
|
21
|
22.5 %
|
3.5 pp
|
|
Providence-Warwick,
R.I.-Mass.
|
20.2 %
|
-3.0 %
|
39
|
1
|
8.7 %
|
1.9 pp
|
|
Raleigh-Cary,
N.C.
|
41.6 %
|
6.2 %
|
53
|
9
|
15.7 %
|
3.5 pp
|
|
Richmond,
Va.
|
16.9 %
|
-5.1 %
|
49
|
1
|
10.5 %
|
1.6 pp
|
|
Riverside-San
Bernardino-Ontario, Calif.
|
47.2 %
|
17.8 %
|
60
|
10
|
17.0 %
|
4.0 pp
|
|
Sacramento-Roseville-Folsom, Calif.
|
45.4 %
|
20.9 %
|
39
|
0
|
13.4 %
|
3.0 pp
|
|
San Antonio-New
Braunfels, Texas
|
15.1 %
|
0.2 %
|
76
|
8
|
24.7 %
|
3.5 pp
|
|
San Diego-Chula
Vista-Carlsbad, Calif.
|
61.3 %
|
24.3 %
|
34
|
1
|
14.6 %
|
4.0 pp
|
|
San
Francisco-Oakland-Fremont, Calif.
|
34.0 %
|
27.2 %
|
30
|
2
|
9.4 %
|
1.9 pp
|
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
46.1 %
|
28.0 %
|
22
|
-1
|
7.3 %
|
2.2 pp
|
|
Seattle-Tacoma-Bellevue, Wash.
|
40.8 %
|
4.2 %
|
35
|
3
|
11.2 %
|
3.9 pp
|
|
St. Louis,
Mo.-Ill.
|
13.8 %
|
3.8 %
|
53
|
5
|
12.7 %
|
2.2 pp
|
|
Tampa-St.
Petersburg-Clearwater, Fla.
|
28.9 %
|
3.9 %
|
66
|
9
|
27.5 %
|
2.0 pp
|
|
Tucson,
Ariz.
|
47.4 %
|
8.9 %
|
52
|
8
|
24.1 %
|
6.3 pp
|
|
Virginia
Beach-Chesapeake-Norfolk, Va.-N.C.
|
27.2 %
|
1.9 %
|
39
|
3
|
16.0 %
|
1.0 pp
|
|
Washington-Arlington-Alexandria, DC-Va.-Md.-W.
Va.
|
41.0 %
|
8.5 %
|
34
|
-3
|
10.8 %
|
2.3 pp
|
Methodology
Realtor.com® housing data as of
February 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.
Media contact: Mallory
Micetich, press@realtor.com
View original
content:https://www.prnewswire.com/news-releases/increased-price-reductions-could-give-buyers-more-room-to-negotiate-this-spring-302386752.html
SOURCE Realtor.com
