One in Five Homes Slashes Prices in September, Realtor.com® Reports

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Oct 02, 2025, 06:00 ET

As inventory rises for the 23rd straight month, lower- and mid-tier sellers adjust prices to stay competitive

AUSTIN, Texas, Oct. 2, 2025 /PRNewswire/ -- Nearly one in five homes saw a price reduction in September, as rising inventory gives buyers more negotiating power, according to the Realtor.com^®September Monthly Housing Trends report. Sellers of homes at the lower- and mid-tier are the most likely to adjust their asking price, while luxury home prices remain largely untouched, with reductions least common at the top of the market.

"September's trends show a housing market increasingly tilting in buyers' favor, with a rising inventory of homes for sale, longer days on market and more competitive pricing," said Danielle Hale, chief economist at Realtor.com^®. "At the same time, a Realtor.com^® analysis of seasonal trends shows the week of October 12–18 offers a particularly good window for buyers. While market power varies across regions and price tiers, reflecting economic conditions, in many areas momentum is lining up with seasonal price cuts and other advantages, which will make this fall particularly buyer-friendly relative to recent years."

Price cuts widespread, concentrated in lower- and mid-tier priced homes and the South
In September, some 19.9% of listings saw price reductions – up a modest 1.2 percentage points from last year, and unchanged from last month. Luxury listings saw the fewest reductions, reflecting more patient sellers, while lower- and mid-tier homes continue to drive price cuts across many markets. Homes priced between $350,000–$500,000 saw the greatest share of price cuts, 21.6%, compared to just 13.3% of listings priced over $1 million.

Regionally, price reductions in September varied notably, with the Northeast standing out at just 14.0% of listings, compared with 19.2% in the Midwest, 20.9% in the West, and 21.1% in the South. Metros with the highest share of listings seeing price cuts – often reflecting slower demand – included Portland, Ore. (30.2%), Denver (30.7%), and Indianapolis (29.7%).

Nationwide price cuts by listing price tier

List Price Tier	Share of Listings	Share with a Price Cut
Under $350k	39.8 %	20.8 %
$350k-$500k	22.2 %	21.6 %
$500k-$750k	18.3 %	21.1 %
$750k-$1M	8.1 %	18.3 %
Over $1M	11.5 %	13.3 %
Overall:		19.9 %

Regional gaps widen as inventory continues to grow
In September, home buyers had more options as active inventory rose 17.0% compared with a year ago, keeping the number of homes for sale above 1 million for the fifth consecutive month and marking the 23rd straight month of year-over-year growth. However, the pace of growth has slowed since the summer peak, dropping from 31.5% in May, to 28.9% in June, 24.8% in July, and 20.9% in August. Despite overall gains, nationwide inventory remains 13.9% below typical 2017–2019 levels, indicating that the broader recovery in housing supply has stalled.

Newly listed homes decreased from last September (-1.2%), down significantly from 7.3% growth in August, and following only modest gains since April. Across the regions, the Midwest (+2.4%) and Northeast (+1.3%) saw growth in new listings, while they dropped in the West (-0.1%) and South (-3.5%), and. While new listings this year have generally remained above 2023 and 2024 levels, they are still roughly 12.8% below pre-pandemic norms.

Regionally, inventory rose across all four major U.S. regions in September, though growth has slowed and regional disparities are widening. The South (+17.9% year-over-year) and West (+21.1%) are not only above pre-2020 inventory levels but continue to add supply, while the Midwest (+13.2%) and Northeast (+10.1%) remain structurally undersupplied.

At the metro level, 10 of the 50 largest U.S. markets now have inventories at least 25% above pre-pandemic levels, all in the South or West, with the strongest gains in Denver (+59.6%), San Antonio, Texas (+49.6%), and Austin, Texas (+46.9%). Conversely, 17 of the top 50 metros remain at least 25% below pre-pandemic inventory, led by Hartford, Conn. (-74.8%), Chicago (-56.9%), and Providence, R.I. (-51.7%).

Prices stabilize, but long-term increases keep affordability challenged
Nationally, the median list price held steady at $425,000 in September, flat from a year ago and -1.2% from August. Regional trends varied: prices fell -3.6% in the West, dipped slightly in the South and Northeast (both -0.4%), and remained unchanged (0.0%) in the Midwest.

While prices have flattened in the short term, long-term growth continues to affect affordability. Since August 2019, the typical list price has jumped 36%, and price-per-square foot has risen 50.6%, highlighting persistent cost pressures for buyers.

Homes stay on the market a week longer than last year as cooling continues
In September, homes spent a median of 62 days on the market – 7 days longer than the same month last year – marking the 18th consecutive month of annual increases. All four regions saw longer selling times, reflecting broader cooling trends, including the West (+10 days), South (+8 days), Midwest (+3 days), and Northeast (+1 day).

Among the 50 largest U.S. metro areas, 45 reported longer times on market than last year, with slower sales most pronounced in Florida and the West. Miami (+16 days), Orlando, Fla. (+14 days), Las Vegas (+13 days), and Tampa, Fla. (+13 days) saw the largest year-over-year increases, underscoring the trend of a more measured housing market.

September 2025 National Housing Metrics

Metric	September 2025	Change over Aug. 2025 (MoM)	Change over Sept. 2024 (YoY)	Change over Sept. 2019	Change over Sept. 2022
Median Listing Price	$425,000	-1.2 %	0.0 %	36.0 %	-0.6 %
Active Listings	1,100,407	0.2 %	17.0 %	-10.2 %	50.4 %
New Listings	394,878	-1.8 %	-1.2 %	-12.8 %	0.3 %
Median Days on Market	62	2	7	0	15
Median List Price Per Sq.Ft.	$226	-0.8 %	-0.3 %	50.6 %	2.8 %

September 2025 National & Regional Overview

Region	Active Listing Count YoY	New Listing Count, YoY	Median List Price	Median List Price, YoY	Median List Price Per SF, YoY	Median Days on Market, YoY (Days)	Price- Reduced Share	Price-Reduced Share, YoY (Percentage Points)
Northeast	10.1 %	1.3 %	$525,000	-0.4 %	3.1 %	1	14.0 %	0.6
Midwest	13.2 %	2.4 %	$319,950	0.0 %	1.2 %	3	19.2 %	1.1
South	17.9 %	-3.5 %	$388,500	-0.4 %	-1.2 %	8	21.1 %	1.2
West	21.1 %	-0.1 %	$600,000	-3.6 %	-1.6 %	10	20.9 %	1
National Average	17.0 %	-1.2 %	$425,000	0.0 %	-0.3 %	7	19.9 %	1.2

September 2025 Overview of the 50 Largest Metros

Metro	Active Listing Count YoY	New Listing Count, YoY	Median List Price	Median List Price, YoY	Median List Price Per SF, YoY	Median Days on Market, Y-Y (Days)	Price Reduced Share	Price Reduced Share, Y-Y (Percentage Points)
Atlanta-Sandy Springs-Roswell, GA	19.1 %	-4.4 %	$415,000	0.0 %	-1.6 %	10	23.8 %	2.2
Austin-Round Rock-San Marcos, TX	11.2 %	-1.7 %	$495,000	-4.8 %	-4.3 %	7	27.6 %	1.7
Baltimore-Columbia-Towson, MD	38.6%*	-3.1 %	$385,000	4.1 %	2.6 %	0	19.8 %	3.3
Birmingham, AL	11.8 %	7.8 %	$299,900	0.0 %	1.0 %	3	18.7 %	0.2
Boston-Cambridge-Newton, MA-NH	21.5 %	6.1 %	$812,000	-3.3 %	1.8 %	5	18.5 %	2.2
Buffalo-Cheektowaga, NY	10.5 %	2.1 %	$275,725	-0.6 %	3.8 %	-1	11.1 %	0.9
Charlotte-Concord-Gastonia, NC-SC	36.0 %	9.7 %	$438,500	2.0 %	-0.5 %	10	25.5 %	2.6
Chicago-Naperville-Elgin, IL-IN	0.6 %	-2.0 %	$372,366	-2.0 %	-0.2 %	2	16.4 %	0.9
Cincinnati, OH-KY-IN	15.7 %	7.4 %	$344,061	2.0 %	2.4 %	2	19.4 %	1.5
Cleveland, OH	14.9 %	7.5 %	$259,950	0.0 %	2.6 %	4	18.3 %	1.1
Columbus, OH	23.7 %	-2.8 %	$375,000	-0.6 %	-0.5 %	9	28.0 %	3
Dallas-Fort Worth-Arlington, TX	16.7 %	-2.2 %	$425,000	-3.3 %	-1.4 %	11	27.4 %	0.2
Denver-Aurora-Centennial, CO	22.0 %	-6.2 %	$599,450	-1.8 %	-3.9 %	10	30.7 %	2.5
Detroit-Warren-Dearborn, MI	19.5 %	8.0 %	$275,000	-0.7 %	-1.8 %	1	18.6 %	2.3
Grand Rapids-Wyoming-Kentwood, MI	1.5 %	-0.9 %	$397,950	2.1 %	5.8 %	2	20.0 %	0
Hartford-West Hartford-East Hartford, CT	7.1 %	-1.4 %	$444,450	4.6 %	-0.7 %	3	11.0 %	0.5
Houston-Pasadena-The Woodlands, TX	25.1 %	-3.8 %	$359,950	-2.7 %	-1.7 %	8	19.6 %	0.5
Indianapolis-Carmel-Greenwood, IN	25.3 %	10.6 %	$323,250	-0.5 %	0.2 %	3	29.7 %	3.8
Jacksonville, FL	5.9 %	-7.5 %	$394,500	-1.1 %	-2.5 %	10	26.0 %	0.2
Kansas City, MO-KS	23.2 %	1.6 %	$387,450	-0.5 %	1.3 %	-1	18.9 %	1.5
Las Vegas-Henderson-North Las Vegas, NV	40.8 %	-3.0 %	$475,000	-0.5 %	-0.9 %	13	23.2 %	0.9
Los Angeles-Long Beach-Anaheim, CA	24.0 %	-7.4 %	$1,099,000	-4.8 %	-1.9 %	11	15.2 %	1.5
Louisville/Jefferson County, KY-IN	22.8 %	3.7 %	$317,000	-0.8 %	2.5 %	2	21.9 %	1.7
Memphis, TN-MS-AR	15.4 %	-3.8 %	$328,125	-2.3 %	1.5 %	4	23.9 %	1.3
Miami-Fort Lauderdale-West Palm Beach, FL	16.3 %	-8.2 %	$499,900	-4.8 %	-3.4 %	16	16.2 %	-0.8
Milwaukee-Waukesha, WI	3.7 %	4.2 %	$399,000	2.3 %	6.3 %	2	16.9 %	-1.5
Minneapolis-St. Paul-Bloomington, MN-WI	5.0 %	1.8 %	$425,000	-1.7 %	-0.5 %	-1	18.9 %	1.8
Nashville-Davidson--Murfreesboro--Franklin, TN	19.8 %	N/A	$539,450	-1.1 %	-0.3 %	7	22.1 %	4.4
New York-Newark-Jersey City, NY-NJ	3.2 %	5.1 %	$759,500	-1.7 %	-4.7 %	1	9.1 %	-0.2
Oklahoma City, OK	18.3 %	-0.4 %	$320,000	1.6 %	-0.1 %	7	23.7 %	-0.5
Orlando-Kissimmee-Sanford, FL	12.8 %	-6.9 %	$420,500	-2.2 %	-2.7 %	14	22.9 %	-0.4
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	15.5 %	-0.9 %	$384,900	1.4 %	0.9 %	0	17.3 %	1.8
Phoenix-Mesa-Chandler, AZ	23.0 %	-0.5 %	$499,000	-4.0 %	-1.8 %	9	26.5 %	0.5
Pittsburgh, PA	9.8 %	2.4 %	$254,950	6.3 %	4.3 %	2	21.6 %	1.9
Portland-Vancouver-Hillsboro, OR-WA	16.3 %	-6.9 %	$599,000	-1.0 %	-2.0 %	9	30.2 %	3
Providence-Warwick, RI-MA	13.4 %	0.8 %	$594,725	4.8 %	3.2 %	1	13.6 %	-3.7
Raleigh-Cary, NC	34.3 %	-4.9 %	$457,662	0.6 %	-1.1 %	8	24.5 %	5.1
Richmond, VA	22.0 %	7.8 %	$429,970	-2.8 %	0.9 %	2	17.3 %	2.7
Riverside-San Bernardino-Ontario, CA	19.6 %	-5.8 %	$595,000	-0.7 %	-1.3 %	13	17.0 %	1.4
Sacramento-Roseville-Folsom, CA	18.2 %	-7.3 %	$615,745	-3.0 %	-2.1 %	12	22.1 %	2
St. Louis, MO-IL	12.6 %	0.4 %	$299,900	0.0 %	-0.4 %	1	18.7 %	2.1
San Antonio-New Braunfels, TX	16.4 %	-2.1 %	$330,000	-2.9 %	-3.1 %	6	27.2 %	2.3
San Diego-Chula Vista-Carlsbad, CA	25.6 %	-6.6 %	$948,500	-4.9 %	-3.2 %	9	19.7 %	1.3
San Francisco-Oakland-Fremont, CA	6.8 %	-2.6 %	$975,000	-2.3 %	-4.0 %	8	12.8 %	-0.8
San Jose-Sunnyvale-Santa Clara, CA	12.5 %	-2.6 %	$1,365,750	-4.6 %	-5.4 %	5	11.7 %	0.4
Seattle-Tacoma-Bellevue, WA	27.0 %	0.4 %	$769,000	-0.4 %	-0.7 %	4	20.5 %	3.2
Tampa-St. Petersburg-Clearwater, FL	12.2 %	-8.0 %	$412,450	-0.6 %	-1.2 %	13	26.8 %	-1.4
Tucson, AZ	22.3 %	1.0 %	$385,000	-1.3 %	-1.4 %	12	20.5 %	-0.2
Virginia Beach-Chesapeake-Norfolk, VA-NC	12.8 %	7.0 %	$410,000	4.0 %	3.3 %	3	23.1 %	1.5
Washington-Arlington-Alexandria, DC-VA-MD-WV	48.7%*	-5.2 %	$599,900	0.0 %	-4.2 %	2	18.1 %	5

*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 September 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 our April 2025 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 may be slight differences between the report figures and those in the national download file as we transition.

About Realtor.com^®Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Sara Wiskerchen, [email protected]

SOURCE Realtor.com