Realtor.com® Monthly Housing Report: Affordability Reshapes Where Americans Can Buy Homes
Rhea-AI Summary
Realtor.com (NWS) reports November 2025 housing trends showing rising delistings and expanding "refuge markets" as affordability reshapes buyer choices. National metrics: median list price $415,000 (-0.4% YoY), active listings 1,072,417 (+12.6% YoY), median days on market 64, and price-per-sqft $222 (-1.0% YoY). Delistings climbed sharply—37.9% YoY—and the delisting-to-new-listing ratio hit 0.27 in October. Smaller, affordable metros like Grand Rapids, St. Louis, Cleveland, Milwaukee and Pittsburgh led annual PPSF growth, reflecting buyer migration to lower-cost areas. Inventory gains continue but growth is slowing; markets remain uneven versus pre-pandemic baselines.
Positive
- Active listings +12.6% YoY
- Inventory above 1M for seventh consecutive month
- Refuge markets PPSF growth led by Grand Rapids +5.5% YoY
Negative
- Delistings +37.9% YoY
- Median list price -0.4% YoY to $415,000
- Price-per-sqft -1.0% YoY indicating softer pricing
Key Figures
Market Reality Check
Peers on Argus
NWS gained 1.51% with peers also positive: NWSA +1.64%, WMG +1.08%, FOXA +0.56%, and ROKU up a stronger 7.62%, suggesting generally constructive sentiment across related media names rather than a housing-report-specific reaction.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 03 | Housing forecast report | Neutral | +0.1% | 2026 Housing Forecast outlining modestly improving buyer conditions and key macro risks. |
| Nov 25 | New-home pricing study | Neutral | +0.7% | Report on narrowing price and financing gap between new and existing homes in Q3 2025. |
| Nov 24 | Luxury market analysis | Neutral | -0.5% | Update on bifurcated luxury housing trends with easing national threshold and mixed metro moves. |
| Nov 20 | Buyer regret survey | Neutral | -1.3% | Survey showing lower homebuyer remorse as slower, higher-rate market allows more deliberation. |
| Nov 19 | Consumer preferences survey | Neutral | -1.5% | Survey on how Thanksgiving hosting needs influence home search and layout preferences. |
Recent Realtor.com research releases have coincided with relatively small single-day moves (between about -1.5% and +0.7%), indicating that housing-data headlines have not driven outsized reactions for NWS.
Over the last few weeks, NWS has released several Realtor.com research pieces, from a 2026 Housing Forecast on Dec 3, 2025 to reports on new‑home pricing, luxury‑market splits, buyer regret trends, and survey insights around holiday hosting. Price reactions ranged from about -1.49% to +0.69%, suggesting these macro housing updates and consumer surveys have been informational rather than major stock catalysts. Today’s affordability‑focused monthly housing report fits into that ongoing research cadence.
Market Pulse Summary
This announcement details Realtor.com’s November 2025 housing trends, emphasizing affordability strains, rising delistings, and the emergence of lower-cost “refuge markets.” It shows national median listing prices at $415,000, elevated price cuts at 18.0% of listings, and a delisting-to-new-listing ratio of 0.27. For NWS, this continues a string of Realtor.com data releases that inform the broader housing narrative. Investors may track how these recurring reports support the brand’s data relevance and advertising appeal over time.
Key Terms
price per square foot technical
median days on market technical
pending home sales technical
delisting-to-new-listing ratio technical
AI-generated analysis. Not financial advice.
Delistings rose
"Rising delistings and the growth of refuge markets capture the push and pull defining today's housing market," said Danielle Hale, Chief Economist at Realtor.com®. "A number of sellers are retreating after listing if the market doesn't meet their price expectations, while buyers are strategically redirecting to the metros that remain affordable. These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers. As we move into 2026, gradual improvements in affordability and more consistent inventory will be key to unlocking a more balanced market."
The November Monthly Housing Report aligns with Realtor.com®'s newly released 2026 Housing Forecast, which anticipates a slow but steady improvement in buyer conditions as more inventory comes online and affordability begins to ease. With mortgage rates expected to stabilize and inventory growth continuing into 2026, the housing landscape is gradually shifting toward an environment where buyers have more options and slightly more leverage, even as overall activity remains subdued.
November 2025 Housing Metrics – National (*For metro stats, see table overview at end)
Metric | Nov-2025 | Change over Oct. 2025 (MoM) | Change over Nov. 2024 (YoY) | Change over Nov. 2019 | Change over Nov. 2022 |
Median listing price | -2.2 % | -0.4 % | 36.1 % | -0.2 % | |
Active listings | 1,072,417 | -2.5 % | 12.6 % | -6.2 % | 42.9 % |
New listings | 328,760 | -14.4 % | 1.7 % | -10.9 % | 11.4 % |
Median days on market | 64 | 2 | 3 | -3 | 9 |
Share of active listings with price reductions | 18.0 % | -2.2 | 1.3 | 2.8 | -2.2 |
Median List Price Per Sq.Ft. | -1.2 % | -1.0 % | 48.4 % | 3.3 % |
Refuge Markets Rise as Buyers Search for What's Still Affordable
Buyers are increasingly finding opportunities in smaller, traditionally affordable "refuge markets," a defining trend of 2025. These metros are seeing notable growth in price per square foot, not because they are expensive, but because they remain affordable.
All 10 of the top markets for annual price-per-square-foot growth fit this refuge market profile. Prices remain well below national and regional medians, yet demand is strong enough to push sustained appreciation. Many are located near pricier coastal or major metros, offering budget-conscious buyers a feasible commute or hybrid-work option.
Top-performing refuge markets include:
Grand Rapids, MI : +5.5% YoY PPSF, +15.4% since 2022St. Louis : +5.0% YoY PPSF, +7.7% since 2022Cleveland : +4.5% YoY PPSF, +20.3% since 2022Milwaukee : +4.2% YoY PPSF, +21.0% since 2022- Pittsburgh: +
3.7% YoY PPSF, +7.8% since 2022
These markets reveal how affordability pressures are re-drawing the map of
Delisting Trends in 2025
Sellers continued to pull back at an unusually high rate this fall. Delistings in October, reported with a one-month lag, rose
While delistings normally increase in late fall, this year's pattern tells a different story. The run-up began in June and has remained elevated for five straight months, with roughly
A key indicator, the delisting-to-new-listing ratio, climbed to 0.27 in October. For every 100 new listings brought to market, 27 homes were removed, about the same level as in August, but up from 20 per 100 in October 2024. The markets with the highest ratios were:
Miami : 45 delistings per 100 new listings, up from 34 in Oct. 2024Denver : 39 per 100 new listings, up from 24 in Oct. 2024Houston : 37per 100 new listings, up from 31 in Oct. 2024
This reflects a growing mismatch between buyer affordability and seller price expectations, with more homeowners choosing to step back rather than continue to market homes that aren't attracting offers.
Sellers Retreat While Buyers Grow More Selective
Pending home sales dipped
Price cuts remained elevated at
List Prices Tick Down Nationally, Rise Only in the Midwest
The national median list price fell to
Despite this year's softness, long-term gains remain substantial. Since November 2019, the typical list price is up
Price cuts remain prevalent. Nationally,
Inventory Growth Continues—But at a Slower Pace
Active listings rose
Inventory rose across all major regions: West: +
At the metro level, 47 of the 50 largest markets saw annual inventory increases.
Even so, inventory relative to pre-pandemic levels remains deeply divided. The West (+
Newly listed homes ticked up
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, Y-Y (Days) | Price- Reduced Share | Price-Reduced Share, Y-Y (Percentage Points) |
Northeast | 7.0 % | 3.6 % | 0.0 % | 3.9 % | 0 | 12.8 % | 0.9 | |
Midwest | 10.3 % | 2.1 % | 1.7 % | 1.7 % | 0 | 18.2 % | 1.7 | |
South | 14.1 % | -1.8 % | -1.3 % | -1.9 % | 4 | 19.1 % | 1.1 | |
West | 14.3 % | 2.4 % | -1.5 % | -1.6 % | 6 | 18.5 % | 1.8 | |
National Average | 12.6 % | 1.7 % | -0.4 % | -1.0 % | 3 | 18.0 % | 1.3 |
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) |
13.0 % | -0.1 % | 1.1 % | -0.9 % | 2 | 21.4 % | 0.7 | ||
8.1 % | 4.3 % | -4.2 % | -4.5 % | 4 | 24.9 % | 1.6 | ||
22.8 % | 6.2 % | 4.2 % | 0.6 % | 4 | 19.3 % | 2.5 | ||
11.2 % | 3.8 % | 1.2 % | 0.5 % | 4 | 16.5 % | 0.8 | ||
21.8 % | 17.1 % | -4.3 % | 0.1 % | 2 | 18.7 % | 3.6 | ||
10.9 % | 23.1 % | 4.0 % | 3.7 % | 4 | 10.0 % | 0.6 | ||
34.7 % | 4.3 % | 0.2 % | -1.0 % | 7 | 22.7 % | 3.6 | ||
-1.5 % | -12.4 % | -1.1 % | 0.8 % | 0 | 16.0 % | 1.4 | ||
17.8 % | 8.6 % | 4.7 % | 2.9 % | 0 | 20.3 % | 2.9 | ||
6.6 % | -2.0 % | 0.0 % | 4.5 % | 1 | 17.6 % | 0.2 | ||
21.1 % | 1.5 % | 0.0 % | -0.5 % | 3 | 27.4 % | 4.8 | ||
11.8 % | 0.1 % | -1.9 % | -2.1 % | 6 | 24.4 % | 1.1 | ||
14.6 % | 10.8 % | -2.5 % | -3.1 % | 6 | 25.6 % | 2 | ||
21.7 % | 3.9 % | -1.9 % | -0.5 % | 0 | 19.5 % | 4.2 | ||
3.2 % | 10.8 % | 4.0 % | 5.5 % | -2 | 19.7 % | 0.3 | ||
8.2 % | 1.4 % | 5.6 % | -0.3 % | -2 | 10.6 % | 1 | ||
21.5 % | 1.4 % | -2.7 % | -2.0 % | 4 | 18.9 % | 1.6 | ||
24.2 % | 11.2 % | -0.3 % | -0.2 % | 2 | 28.7 % | 2 | ||
-0.8 % | -6.8 % | -1.3 % | -3.3 % | 6 | 23.8 % | 0.5 | ||
15.9 % | 1.9 % | 0.6 % | 1.4 % | 0 | 18.5 % | 1.9 | ||
33.0 % | -1.5 % | 0.0 % | -2.2 % | 9 | 21.3 % | 3.9 | ||
13.3 % | -1.7 % | -4.0 % | -2.1 % | 5 | 12.9 % | 0.7 | ||
23.6 % | 10.5 % | 0.0 % | 3.7 % | -1 | 21.2 % | 0.2 | ||
9.9 % | -5.6 % | -4.4 % | -2.9 % | 5 | 23.2 % | 2.3 | ||
8.0 % | -6.1 % | -4.8 % | -2.6 % | 10 | 15.4 % | -1.3 | ||
0.6 % | -0.4 % | 3.8 % | 4.2 % | 1 | 17.1 % | -0.4 | ||
6.0 % | 10.7 % | -2.4 % | -0.8 % | -1 | 16.8 % | 0.4 | ||
12.0 % | 13.1 % | -1.5 % | -0.1 % | -1 | 19.0 % | 2.7 | ||
4.0 % | 0.9 % | -2.3 % | -3.0 % | 1 | 8.6 % | 0.5 | ||
11.5 % | 6.8 % | 1.9 % | 0.2 % | -3 | 21.5 % | 3.2 | ||
7.0 % | 1.2 % | -1.2 % | -2.3 % | 7 | 21.5 % | 0.9 | ||
6.3 % | 0.4 % | -0.7 % | 0.6 % | 0 | 16.8 % | 1.7 | ||
18.1 % | 1.0 % | -5.0 % | -2.1 % | 7 | 28.1 % | 2.1 | ||
5.4 % | 6.4 % | 4.3 % | 3.7 % | 0 | 19.2 % | 1.2 | ||
12.7 % | 4.9 % | -1.8 % | -1.6 % | 7 | 25.0 % | -1.7 | ||
10.8 % | -2.1 % | 1.9 % | 3.4 % | -1 | 13.2 % | -3.8 | ||
30.2 % | 9.4 % | -1.1 % | -1.5 % | 8 | 22.0 % | 4.5 | ||
16.4 % | -0.3 % | -0.9 % | 2.1 % | 3 | 16.7 % | 1.9 | ||
7.7 % | -2.4 % | -0.7 % | -0.7 % | 4 | 15.6 % | 1 | ||
7.4 % | 1.7 % | 0.0 % | -1.6 % | 8 | 17.3 % | 0.3 | ||
11.0 % | 8.9 % | 0.7 % | 5.0 % | -2 | 18.0 % | 2.4 | ||
15.2 % | -3.3 % | -1.5 % | -3.7 % | 0 | 24.6 % | 1.8 | ||
12.5 % | -4.4 % | -5.7 % | -2.4 % | 2 | 17.1 % | 0.2 | ||
-0.9 % | -3.8 % | -5.6 % | -5.6 % | -1 | 14.1 % | 1 | ||
16.8 % | -3.1 % | -3.7 % | -2.3 % | 4 | 12.2 % | 3.3 | ||
28.4 % | -8.0 % | 1.3 % | 0.4 % | 5 | 18.8 % | 4.5 | ||
14.8 % | -15.8 % | 0.0 % | 1.0 % | 4 | 24.2 % | -0.2 | ||
15.4 % | 4.7 % | -1.6 % | -1.5 % | 1 | 22.1 % | 4.1 | ||
7.7 % | 10.3 % | 2.6 % | 2.1 % | 1 | 20.2 % | 2.8 | ||
32.0 % | 0.4 % | -2.4 % | -3.9 % | 5 | 17.4 % | 3.8 |
Methodology
Realtor.com housing data as of November 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
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.
With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
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: Mallory Micetich, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/realtorcom-monthly-housing-report-affordability-reshapes-where-americans-can-buy-homes-302634852.html
SOURCE Realtor.com
FAQ
What does Realtor.com's November 2025 report say about housing affordability for NWS investors?
How much did delistings change in 2025 according to Realtor.com's November report (NWS)?
Which "refuge markets" showed the strongest price-per-square-foot growth in November 2025?
Is housing inventory improving in the November 2025 Realtor.com report for NWS stakeholders?
What national pricing trends did Realtor.com report for November 2025 (NWS)?
