Real Estate Markets Don’t Always Follow National Trends
Matt Bachus
I'm from the Midwest where a strong work ethic was important and, just like in Colorado, the people are down to earth and friendly...
I'm from the Midwest where a strong work ethic was important and, just like in Colorado, the people are down to earth and friendly...
If you’re curious to see what’s going on around the country, including the Denver Metro area, here’s the most recent state of the market report from Realtor.com
April 2025 Monthly Housing Market Trends Report
The inventory of homes for sale rose 30.6% year over year, marking the 18th consecutive month of inventory growth. Inventory surpassed April 2020 levels, hitting a new post-pandemic high.
- The total number of unsold homes, including those under contract, was up 19.8% compared with last year.
- Pending home sales—homes under contract—fell 3.2% compared with last year, as a renewed climb in mortgage rates weighed on buyers.
- Newly listed homes increased 9.2% from a year ago.
- Homes spent a median of 50 days on the market, four more than a year ago.
- The national median list price for homes was $431,250, largely unchanged from last year, while the price per square foot rose 1.1%, signaling modest home value growth.
- The required income to afford the median-priced home rose by almost $47,000 compared with 2019.
- 18% of listings saw price reductions, the highest share for any April since at least 2016.
According to the Realtor.com® April housing data, the housing market offered buyers more options, as inventory continued to climb for the 17th straight month and new listings increased across most regions. Homes are taking slightly longer to sell than a year ago, though they’re still moving faster than before the COVID-19 pandemic in many areas. Prices remained stable, but a growing share of sellers reduced their asking prices, reflecting mounting affordability pressures.
After easing slightly in March, mortgage rates rose again in April, returning to last year’s levels amid market uncertainty surrounding government trade and economic policies—a shift that is expected to slow buyer and seller activity in the months ahead. While the income needed to purchase a home has leveled off nationally over the past year, it remains significantly higher than before the pandemic, underscoring the ongoing challenge of affordability even as market conditions gradually rebalance.
Buyers gain options as inventory climbs again
Homebuyers found more options in April, as the number of actively listed homes rose 30.6% compared with the same time last year. This marks the 17th consecutive month of year-over-year inventory gains and builds on March’s 28.5% increase. For the first time, the number of homes for sale in April surpassed April 2020 levels—a key pandemic benchmark. Despite this progress, active inventory remains 16.3% below typical 2017–19 levels, signaling that the market still has ground to cover. That said, April’s gains suggest the market is closing that gap more quickly than before.
Total home listing inventory, which includes both homes for sale and those under contract, also posted a solid 19.8% year-over-year increase, maintaining its 17-month streak of growth and surpassing April 2020 levels as well.
While inventory was up, buyer activity was more subdued. Pending home sales—listings under contract—fell 3.2% year over year, marking a smaller decline than March’s 5.2% drop. However, a late-April uptick in mortgage rates—reversing the downward trend seen in March—could put renewed pressure on demand. This increase, driven by market uncertainty around government trade and economic policy, brought rates almost back to where they were a year ago, potentially discouraging some buyers who had been waiting for further declines. If higher borrowing costs persist, they might weigh on both pending sales and new listings as we move into the summer season.
Newly listed homes provided a bright spot, climbing 9.2% from last April. However, this was a modest step back from March’s 10.2% increase. Higher rates late in the month might have led some sellers to hold off, and listing activity could ease further if rate volatility continues.
Where housing inventory is growing the fastest
Inventory increased in all four major U.S. regions in April, though the pace varied:
- West: +41.7%
- South: +33.3%
- Midwest: +18.7%
- Northeast: +12.4%
Compared with pre-pandemic norms, inventory in the West (+4.8%) and South (+1.2%) has effectively recovered. But the Midwest (-44%) and Northeast (-55.7%) continue to lag. These patterns echo construction trends: The South led the nation in new housing starts in 2024, while the Northeast had the widest housing supply gap, according to the Realtor.com Supply Gap Report.
At the metro level, all of the 50 largest markets recorded year-over-year inventory growth. These markets saw the sharpest increases:
- San Diego (+70.1%)
- Washington, DC (+69.3%) *
- San Jose (+67.6%)
Still, most major metros remain below pre-pandemic inventory levels. Even so, 20 markets have now exceeded their 2017–19 norms, up from 18 last month. Only Southern and Western metros made this list, with Midwestern and Northeastern metros notably absent. Standouts include the following:
- Denver (+90%)
- Austin (+60.5%)
- Dallas (+53.4%)
Seller activity picked up in most metros
Newly listed homes increased across all four regions in April:
- West: +11.7%
- Northeast: +10.2%
- South: +6%
- Midwest: +5.2%
Relative to pre-pandemic April months, the South is nearing a full recovery, with new listings just 4.1% below historical norms. The Northeast continues to lag—down 33.2%—mirroring its persistent construction shortfall.
Among the 50 largest metros, 48 saw a year-over-year increase in new listings, up slightly from 47 in March. Just eight metros surpassed pre-pandemic norms for new listings, including Austin, San Antonio, and Dallas.
These metros showed the strongest growth in newly listed homes over the past year:
- Denver (+24.7%)
- Phoenix (+22.9%)
- Boston (+20.1%)
Time on the market edges up in many areas
In April, the typical home spent 50 days on the market, which is 4 days longer than the same time last year. This marks the 13th straight month of homes taking longer to sell on a year-over-year basis. Still, homes are moving more quickly than they did before the pandemic, spending 5 fewer days on the market than the April 2017–19 average.
Regional and metro trends: Time on the market ticks up
Three out of four regions saw year-over-year increases in time on the market, reflecting broader cooling trends. The Northeast was the only exception, where homes sold slightly faster than last year, likely due to limited inventory in the region:
- South: +4 days
- West: +3 days
- Midwest: +1 day
- Northeast: -3 days
Relative to pre-pandemic norms, most regions are still seeing quicker sales:
- West: 2 days slower
- South: 5 days faster
- Midwest: 11 days faster
- Northeast: 18 days faster
Among the 50 largest U.S. metro areas, 34 saw homes linger longer than last year. These markets observed the biggest slowdowns in time on the market:
- Nashville (+16 days)
- Memphis (+8 days)
- Orlando (+8 days)
- Miami (+8 days)
A select group of markets, including Nashville, Portland, and Denver, is now seeing listings sit longer than their pre-pandemic averages, indicating localized slowdowns even as many areas remain faster than historical norms.
Home prices are steady, but sellers are more willing to cut
In April, the national median list price held at $431,250, almost the same as this time last year (+0.3%). While that top-line number is relatively flat, the price per square foot—a gauge of home values that accounts for smaller homes entering the market—rose 1.1% year over year, indicating modest price growth under the surface.
Since April 2019, the typical list price has climbed nearly 37%, while price per square foot is up 54%. These long-term increases have significantly affected affordability.
To afford a median-priced home in April, a household needed to earn about $114,000 per year. That figure assumes:
- A 30-year fixed mortgage
- A 20% down payment
- No more than 30% of your gross income going toward housing costs
Put simply, this means you’d need to earn about $9,500 per month before taxes to comfortably cover the mortgage, property taxes, and insurance on a typical home.
Compared with 2019, the required income has jumped by nearly $47,000 (+70.1%), largely driven by home price appreciation and higher mortgage rates. However, over the past year, the required income has held relatively steady, as mortgage rates and median prices have remained flat.
Even though overall asking prices haven’t declined, more sellers are making price cuts. In April, 18% of home listings had price reductions—up 2.5 percentage points from last year. This is the highest April share in Realtor.com data going back to at least 2016.
This trend suggests that sellers are adjusting their expectations in the face of affordability challenges and weaker buyer demand in some markets.
Regional price patterns: Flat or falling in most areas
Year-over-year changes in median list prices by region:
- Northeast: +0.2%
- South: -0.4%
- West: -0.5%
- Midwest: -1.6%
When adjusting for changing home sizes, price per square foot tells a more consistent story of growth—except in the South:
- Northeast: +4.2%
- West: +1.2%
- Midwest: +1%
- South: -0.1%
Among large metros, these showed the biggest year-over-year price increases:
- Providence (+11.5%)
- Baltimore (+11.5%)
- Cleveland (+7%)
Since 2019, the required income to buy a home has risen sharply in many areas. These markets saw the largest jumps:
- Memphis (+94.8%)
- Providence (+92.8%)
- Las Vegas (+86.5%)
Metros with the most listings with price cuts, often linked to slower demand, included the following:
- Phoenix (31.3% of listings)
- Tampa (29.3%)
- Jacksonville (27.6%)
April 2025 Regional Statistics
| Region | Active Listing Count YoY | New Listing Count YoY | Median List Price YoY | Median List Price Per SF YoY | Median Days on Market YoY (Days) | Price-Reduced Share YoY (Percentage Points) |
| Midwest | 18.7% | 5.2% | -1.6% | 1.0% | 1 | +1.3 pp |
| Northeast | 12.4% | 10.2% | 0.2% | 4.2% | -3 | +0.8 pp |
| South | 33.3% | 6.0% | -0.4% | -0.1% | 4 | +1.9 pp |
| West | 41.7% | 11.7% | -0.5% | 1.2% | 3 | +4.1 pp |
April 2025 Housing Overview of the 50 Largest Metros
| Metro Area | Median List Price | Median List Price YoY | Median List Price per Sq. Ft. YoY | Median List Price vs. April 2019 | Required Income to Afford Median-Priced Home | Required Income vs. April 2019 |
| Atlanta-Sandy Springs-Roswell, Ga. | $412,470 | -0.8% | -1.3% | 26.9% | $109,034 | 57.7% |
| Austin-Round Rock-San Marcos, Texas | $525,000 | -5.9% | -5.1% | 41.9% | $138,781 | 76.3% |
| Baltimore-Columbia-Towson, Md. | $392,688 | 11.5% | 4.0% | 19.0% | $103,805 | 47.9% |
| Birmingham, Ala. | $299,900 | 1.5% | 0.8% | 18.8% | $79,277 | 47.6% |
| Boston-Cambridge-Newton, Mass.-N.H. | $878,000 | 0.9% | 1.6% | 46.4% | $232,095 | 81.9% |
| Buffalo-Cheektowaga, N.Y. | $280,000 | -1.7% | 1.2% | 31.8% | $74,017 | 63.8% |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $439,500 | 4.0% | 1.0% | 25.6% | $116,180 | 56.1% |
| Chicago-Naperville-Elgin, Ill.-Ind. | $372,450 | -4.4% | -0.5% | 9.8% | $98,455 | 36.4% |
| Cincinnati, Ohio-Ky.-Ind. | $347,725 | -7.3% | 2.3% | 23.8% | $91,919 | 53.8% |
| Cleveland, Ohio | $267,450 | 7.0% | 8.5% | 34.5% | $70,699 | 67.1% |
| Columbus, Ohio | $377,450 | -4.9% | 1.3% | 24.8% | $99,777 | 55.1% |
| Dallas-Fort Worth-Arlington, Texas | $430,000 | -4.4% | -0.7% | 19.4% | $113,668 | 48.4% |
| Denver-Aurora-Centennial, Colo. | $599,450 | -4.1% | -1.1% | 14.5% | $158,462 | 42.2% |
| Detroit-Warren-Dearborn, Mich. | $253,575 | 1.4% | 1.8% | 1.3% | $67,031 | 25.8% |
| Grand Rapids-Wyoming-Kentwood, Mich. | $397,000 | -2.6% | 1.0% | 36.9% | $104,945 | 70.2% |
| Hartford-West Hartford-East Hartford, Conn. | $453,675 | 6.8% | 7.0% | 49.7% | $119,927 | 86.0% |
| Houston-Pasadena-The Woodlands, Texas | $369,900 | 0.2% | -0.6% | 14.7% | $97,781 | 42.5% |
| Indianapolis-Carmel-Greenwood, Ind. | $329,211 | -3.4% | -0.8% | 18.7% | $87,025 | 47.4% |
| Jacksonville, Fla. | $399,995 | -4.8% | -2.9% | 28.1% | $105,737 | 59.2% |
| Kansas City, Mo.-Kan. | $399,450 | -5.3% | 0.5% | 23.9% | $105,593 | 53.9% |
| Las Vegas-Henderson-North Las Vegas, Nev. | $475,000 | 0.0% | 0.9% | 50.1% | $125,564 | 86.5% |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,195,000 | 0.3% | 1.4% | 49.7% | $315,892 | 86.0% |
| Louisville/Jefferson County, Ky.-Ind. | $324,950 | -0.6% | 1.9% | 16.2% | $85,899 | 44.4% |
| Memphis, Tenn.-Miss.-Ark. | $345,495 | 1.8% | 1.6% | 56.8% | $91,330 | 94.8% |
| Miami-Fort Lauderdale-West Palm Beach, Fla. | $510,000 | -5.6% | -4.2% | 27.8% | $134,816 | 58.8% |
| Milwaukee-Waukesha, Wis. | $385,000 | 2.3% | 5.3% | 26.5% | $101,773 | 57.1% |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $447,400 | -0.5% | -0.2% | 20.4% | $118,268 | 49.6% |
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $549,450 | -4.0% | -1.4% | 48.5% | $145,244 | 84.6% |
| New York-Newark-Jersey City, N.Y.-N.J. | $789,450 | 1.9% | -2.3% | 36.3% | $208,687 | 69.4% |
| Oklahoma City, Okla. | $322,255 | -2.3% | 0.4% | 27.4% | $85,186 | 58.3% |
| Orlando-Kissimmee-Sanford, Fla. | $425,000 | -3.4% | -2.1% | 35.8% | $112,347 | 68.7% |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $375,000 | 1.4% | 2.7% | 36.4% | $99,129 | 69.4% |
| Phoenix-Mesa-Chandler, Ariz. | $525,000 | -2.2% | -0.9% | 41.4% | $138,781 | 75.7% |
| Pittsburgh, Pa. | $243,724 | 0.5% | 1.6% | 33.2% | $64,427 | 65.6% |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $614,950 | 0.0% | -0.5% | 29.2% | $162,559 | 60.6% |
| Providence-Warwick, R.I.-Mass. | $584,900 | 11.5% | 6.9% | 55.2% | $154,615 | 92.8% |
| Raleigh-Cary, N.C. | $451,245 | -0.5% | -0.3% | 22.0% | $119,284 | 51.6% |
| Richmond, Va. | $458,950 | 0.0% | 2.3% | 37.2% | $121,321 | 70.5% |
| Riverside-San Bernardino-Ontario, Calif. | $602,500 | 0.4% | 0.3% | 46.8% | $159,268 | 82.4% |
| Sacramento-Roseville-Folsom, Calif. | $633,570 | -2.5% | -1.5% | 30.1% | $167,481 | 61.7% |
| San Antonio-New Braunfels, Texas | $339,950 | -1.3% | -2.3% | 15.0% | $89,864 | 42.9% |
| San Diego-Chula Vista-Carlsbad, Calif. | $979,500 | -6.7% | -3.0% | 39.5% | $258,926 | 73.4% |
| San Francisco-Oakland-Fremont, Calif. | $995,000 | -3.1% | -5.6% | 5.0% | $263,023 | 30.5% |
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,399,947 | -4.6% | -1.8% | 24.2% | $370,069 | 54.3% |
| Seattle-Tacoma-Bellevue, Wash. | $782,225 | 0.9% | 3.4% | 24.7% | $206,777 | 54.9% |
| St. Louis, Mo.-Ill. | $294,900 | 0.2% | -0.9% | 31.1% | $77,955 | 62.9% |
| Tampa-St. Petersburg-Clearwater, Fla. | $410,000 | -2.4% | -2.3% | 46.5% | $108,381 | 82.0% |
| Tucson, Ariz. | $396,133 | -3.2% | -0.7% | 32.7% | $104,716 | 64.9% |
| Virginia Beach-Chesapeake-Norfolk, Va.-N.C. | $409,950 | 3.8% | 4.8% | 39.7% | $108,368 | 73.6% |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.* | $622,983 | -0.6% | -2.9% | 28.1% | $164,682 | 59.1% |
*Note: Changes in the underlying source data for the Washington, DC; Philadelphia; and Baltimore metro areas may mean that growth in active and new listings counts is slightly over or understated, depending on the season, and time on market is slightly lower in 2025 relative to previous years. Unfortunately, there is not an adjustment mechanism for these changes, but data trends should be viewed with caution.
Methodology
Realtor.com housing data as of April 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 this month’s 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 might 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.
April 2025 Monthly Housing Market Trends Report
According to the Realtor.com April housing data, the housing market offered buyers more op...
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