United States Housing Market Update - September 2025

September’s national housing market continued to offer buyers more choices, although the broader inventory recovery was losing momentum. The historical CSV shows active inventory up 17.41% and total listings up 13.39% from a year earlier. The median list price held at $425,000, while homes spent a median 62 days on the market—about six days longer than in September 2024. The accompanying report emphasized that national conditions remained highly uneven across regions and local markets.

Median List Price -- Trailing 12 Months

Pricing and Value

Metric	Value
National Average List Price	$715,776 (-2.2% YoY)
National Median List Price	$425,000 (0% YoY)
National Median List Price Per Sq Ft	$226/sq ft (-0.2% YoY)
National Median Square Feet	1,840 (-0.1% YoY)

Market Speed and Competition

Metric	Value
National Median Days on Market	62 days (+6 days YoY)
National Price-Increased Share	0.9% (-0.2 percentage points YoY)
National Price-Reduced Share	19.9% (+1.3 percentage points YoY)

Supply Snapshot

Metric	Value
National Active Listings	1,100,407 (+17.4% YoY)
National Total Listings	1,535,298 (+13.4% YoY)

Market Activity

Metric	Value
National New Listings	394,878 (+1.3% YoY)
National Pending Listings	438,714 (+4.3% YoY)
National Pending Ratio	39.9 (-5 percentage points YoY)

What This Means for Sellers

• Active inventory increased 17.41% and total listings rose 13.39%, creating more competition among sellers than a year earlier.
• The typical listing spent 62 days on the market, about six days longer than in September 2024, making realistic timing expectations important.
• Price reductions affected 19.89% of listings, up 1.34 percentage points year over year, reinforcing the importance of accurate initial pricing.
• The pending ratio fell 5.01 percentage points to 39.87%, 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 was unchanged year over year, the average list price declined 2.19%, and homes took longer to sell.
• Nearly one in five listings had a price reduction, although negotiating conditions continued to vary significantly by region, metro, and price tier.
• The article showed that inventory had recovered more fully in the South and West than in the Northeast and Midwest, so buyer leverage remained strongly location-dependent.

Deeper Market Data

The broader CSV shows 438,714 pending listings, up 4.29% year over year, while total listings rose 13.39% to 1,535,298. Because the overall listing pool grew faster, the pending ratio declined by 5.01 percentage points. Median listed square footage was nearly unchanged at 1,840 square feet, median price per square foot slipped 0.2%, and only 0.88% of listings carried a price increase. The article’s price-tier analysis found that reductions were more common below $1 million, with the greatest concentration among lower and middle price ranges. It also stressed that this pattern was not uniform in every metro, underscoring the limits of relying on national averages alone.