TL;DR: The Housing Market Is Ending the Year on More Stable Ground
November brought a normal seasonal slowdown, but the U.S. housing market remained resilient. Inventory was higher than last year, prices were steady, and the pace of activity was more balanced and predictable than previous years. Buyers, overall, had more options last month, and sellers saw solid results. Let’s take a look at the housing market, which looks well positioned heading into the new year.
A Calmer Housing Market Takes Shape
As 2025 winds down, the U.S. housing market is showed signs of stability. That is, following a familiar seasonal pattern with fewer new listings and fewer closed sales. This pattern was pretty typical as colder weather and holiday schedules took hold and became priority.
One standout takeaway from this year, is the overall sense of balance in the market. After years of rapid price growth and intense competition, the market has settled into a more sustainable rhythm. The days of getting a bunch of cash offers at once are waning. Depending on the market of course! Instead of sudden swings, buyers and sellers were seeing consistency, clarity, and confidence in November.
Inventory Growth Is Creating Real Opportunity
While new listings dropped from October to November, the larger story is inventory growth over the past year. The total number of homes for sale nationwide was up 14.5 percent compared to November 2024. That marks nearly two years of steady year over year inventory gains.
For buyers: this means more choice and more time to make decisions. There was less pressure to rush and fewer situations where multiple offers dominate the process.
For sellers: increased inventory brought a more informed and motivated pool of buyers who are serious about making a move.
Several markets, including Bozeman, Montana and St. Louis, Missouri, even saw an increase in new listings compared to last year, which signaled growing homeowner confidence.
Sales Are Slower but Steadier
Home sales declined in November compared to October and last year, but the slowdown closely follows historical seasonal trends. Fewer people typically shop for homes during the holidays, and many buyers wait until the new year to begin their search.
What is positive is that buyer demand remained steady. Buyers who stayed active late in the year tended to be prepared, financially qualified, and motivated. That often led to smoother transactions and stronger outcomes for sellers.
Markets such as Wichita, Miami, and Honolulu posted year over year sales increases in November, showing that demand continues to exist in many parts of the country.
Home Prices Continue to Show Strength
The national median home price reached $438,000 in November, reflecting a 1.7 percent increase from a year ago. This marks 29 straight months of year over year price growth, highlighting the long term strength of the housing market.
Prices dipped slightly from October, which is a normal seasonal adjustment. Rather than signaling weakness, this moderation helps keep homes within reach for buyers and supports a more sustainable pace of growth.
Some metro areas saw especially strong gains. Trenton, New Jersey, Cleveland, Ohio, and Cincinnati, Ohio all experienced double digit price increases compared to last year, demonstrating continued demand in more affordable markets.
Seattle’s Price Shift Signals Market Evolution
Seattle experienced its largest monthly price decline of the year in November, standing out among major metro areas. While this shift may sound concerning at first, it reflects a market that is adjusting rather than declining.
After decades of strong growth driven by technology and job creation, Seattle is experiencing changes tied to government policy, corporate decision making, and evolving tech hiring patterns. These factors are reshaping demand and slowing price growth to a more manageable level.
For buyers, this shift creates new opportunities in a market that has historically been difficult to enter. For sellers, it reinforces the importance of pricing accurately and understanding local trends.
Homes Are Taking Longer to Sell
Homes sold in November spent an average of 54 days on the market, which is longer than last year and slightly longer than October. This change reflects a market that allows buyers to make thoughtful decisions rather than rushed ones.
Longer days on market also benefit sellers by reducing the volatility seen in fast moving markets. Transactions are more likely to be stable, with fewer last minute renegotiations or contract cancellations.
In many areas, homes are still selling efficiently. The process is simply calmer and more deliberate.
Sellers Are Still Achieving Strong Results
Despite the shift toward balance, sellers continue to perform well. On average, homes sold for 98 percent of their asking price in November. This shows that buyers are still willing to pay close to list price when homes are priced correctly and presented well.
In some metro areas, close to list price ratios improved compared to last year. This reinforces the idea that strategy, preparation, and professional guidance play a key role in achieving top dollar.
Inventory Levels Point Toward Balance
Months supply of inventory rose to 3.3 months in November, up from both last year and October. While the market still slightly favors sellers, it is moving closer to a balanced environment.
Some markets, including Miami and San Antonio, offer a high level of choice for buyers, while others remain more competitive. This variation across regions is a sign of a healthy national market shaped by local conditions.
What This Means as We Head Into the New Year
As the year comes to a close, the housing market is on solid footing. Inventory growth, steady prices, and predictable trends are creating opportunities for both buyers and sellers.
Buyers can take advantage of increased choice and a less competitive atmosphere. Sellers can benefit from stable pricing and serious, motivated buyers. With the right strategy and professional support, this market offers the chance to make confident and well informed decisions in the months ahead.
