U.S. Housing Market Recap:
September 2025 Home Prices & Sales Trends

One of the biggest takeaways from REMAX’s September National Housing Report is that inventory rose again last month. September became the 21st consecutive month of annual growth in home inventory. This most likely benefited buyers who looked for more wiggle room in the market in September. REMAX’s housing report surveyed 52 metro areas last month to provide a bird’s eye view of the most recent market conditions. As we mention in all of our report recaps, no two markets were the same, so let’s dig in to the numbers.

There were a few other standout stats in this month’s report besides inventory. The average days on market for a home (48 days in September 2025), was up one day from August 2025 and was up a week from September 2024. New listings — meaning new homes on the market in September, showed an upward trend as well. They increased 4.5% over August 2025 and 0.9% year over year. That reversed a three-month decline in new listings. Overall, these stats may have favored homebuyers in September, though some highly in-demand markets still saw fierce competition that may have benefited sellers too.

Some Markets with Higher Demand in September 

While some markets increased greatly in inventory last month, and had a slight decrease in price — others saw the opposite. In Milwaukee, WI, homes averaged only 23 days on the market, which is 47% fewer days than the national average of 48 days. Milwaukee’s median sale price also increased 11.5% in September which made it a competitive market. Other cities where prices increased were Manchester, NH, Hartford, CT, and Omaha, NE.  

On the flip side, the cities with the longest days on market included San Antonio, TX, Miami, FL, and Bozeman, MT. As reported in April’s NHR, Miami faced some challenges in its condo market, with more condos available than there were buyers looking for those units.  

Prices Were Up Yearly, But Down Monthly

In September, the overall price of a home increased 2.1% to $439,000, when compared to September 2024. When looking at last month however, prices decreased just by 1.3%. Markets where prices increased the most included — Milwaukee, WI, Trenton, NJ, and Coeur d’Alene, ID. The markets where price decreased the most were Houston, TX, Tampa, FL, and Honolulu, HI.

Buyers looking for price drops most likely looked at markets like Houston or Tampa. Meanwhile, sellers in Milwaukee and Trenton probably breathed a little easier, as they sold their homes for a higher price than last year.  

Home Sales Were Up and Down 

Home sales increased 8.5% when compared to September 2024, showing that the market still had movement. However, they were down 4.6% from August 2025, a typical slowdown when heading into fall and winter. Honolulu, Hawaii had the largest increase in home sales overall — they increased a whopping 55% in September. Omaha, Nebraska, and Raleigh, NC, both also had increased home sales as well, around 20%. While those markets experienced growth, others such as Dover, Delaware, and Fayetteville, Arkansas, had a decline in home sales.

Close-to-List Price Ratio 

The close-to-list price ratio is determined by averaging the ratio of the final sales price to the original list price across all transactions. For example, if a home is listed for $500,000 and sells for $490,000, that’s a 98% close-to-list ratio. Overall, the average close-to-list price ratio was 98% in September 2025, down 1% from both September 2024 and August 2025.  

This slight dip may have benefited buyers, while sellers may have had to to get a little more creative to make sure their home was ready for a sale. Some markets like Hartford, CT, and San Francisco, CA, had the highest close-to-list price ratios meaning that homes sold for over the asking price in those cities. The areas with the lowest close-to-list price ratio were Miami, Fl and Bozeman, MT.  

What This Means For You

On the whole, the September market showed continued momentum. Inventory was up year-over-year, and home sales rose when compared to September 2024. There were also signs of seasonal shifts in the market as the market cooled down for fall and winter. Overall, buyers paid less, while sellers accepted 98% of a home’s asking price. That’s down slightly from 99% a year ago and is very dependent on which market a home is located.  

For both buyers and sellers there were some positives and negatives. Buyers benefited from homes that spent longer on the market and prices that decreased. In certain high-demand markets, sellers received over their asking price due to strong competition. Either way, whether a buyer or a seller, it’s important to understand your local market conditions. Sellers needed to ensure their home was in tip-top condition to attract offers in September, while buyers had a little more time to look at options. An experienced REMAX agent can help you navigate your local market with ease, help price your home correctly, and get you the deal you deserve.