United States Housing Market Update - November 2025

November’s national housing market offered buyers more choices, but the pace of the inventory recovery continued to slow. The historical CSV shows active inventory up 12.58% and total listings up 9.38% from a year earlier. The median list price was $415,000, down 0.39%, while homes spent a median 64 days on the market—three days longer than in November 2024. The accompanying report emphasized that national averages still concealed sharp regional differences in supply and demand.

Median List Price -- Trailing 12 Months

Pricing and Value

Metric	Value
National Average List Price	$705,178 (-1.4% YoY)
National Median List Price	$415,000 (-0.4% YoY)
National Median List Price Per Sq Ft	$222/sq ft (-1% YoY)
National Median Square Feet	1,820 (0% YoY)

Market Speed and Competition

Metric	Value
National Median Days on Market	64 days (+3 days YoY)
National Price-Increased Share	0.9% (-0.2 percentage points YoY)
National Price-Reduced Share	18.1% (+1.4 percentage points YoY)

Supply Snapshot

Metric	Value
National Active Listings	1,072,266 (+12.6% YoY)
National Total Listings	1,480,235 (+9.4% YoY)

Market Activity

Metric	Value
National New Listings	330,908 (+2.3% YoY)
National Pending Listings	411,071 (+1.4% YoY)
National Pending Ratio	38.3 (-4.2 percentage points YoY)

What This Means for Sellers

• Active inventory increased 12.58% and total listings rose 9.38%, creating more competition among sellers than a year earlier.
• The typical listing spent 64 days on the market, three days longer than in November 2024, so sellers had less reason to assume a quick sale.
• Price reductions affected 18.09% of listings, up 1.41 percentage points year over year, reinforcing the importance of realistic initial pricing.
• The pending ratio fell 4.22 percentage points to 38.34%, suggesting that the listing pool expanded faster than the share moving under contract.

What This Means for Buyers

• Active and total inventory both increased from a year earlier, giving buyers more options at the national level.
• The median list price declined 0.39% and the median price per square foot fell 1.03%, while homes took three additional days to sell.
• More than 18% of listings had a price reduction, indicating that some sellers were adjusting to softer demand.
• The report showed that the South and West generally had more recovered inventory than the Northeast and Midwest, so buyer leverage continued to depend heavily on location.

Deeper Market Data

The broader CSV shows 411,071 pending listings, up 1.41% year over year, but the pending ratio still declined because total inventory grew considerably faster. The average list price fell 1.44%, median listed square footage was unchanged at 1,820 square feet, and only 0.9% of listings carried a price increase. The accompanying article also highlighted elevated delistings, noting that frustrated sellers were pulling homes from the market at unusually high rates. Its “refuge market” analysis showed that some lower-priced metros were posting stronger price-per-square-foot gains as cost-conscious buyers looked for more attainable alternatives.