Realtor.com® Monthly Housing Report: Inventory Keeps Growing, but 2025 Revealed a Market of Exceptions, Not Averages

Rhea-AI Summary

Realtor.com (NWS) reports U.S. housing inventory expanded for the 26th consecutive month in December 2025, with active listings at 976,833 (+12.1% YoY) while month-over-month listings fell 8.9% due to typical seasonality. The national median listing price was $399,950, down 0.6% YoY. Inventory growth decelerated after midyear peaks, leaving national inventory still 12.5% below 2017–2019 norms. Regional splits persisted: Northeast and Midwest remained tighter with price-per-square-foot gains, while the South and West saw stronger inventory growth and softer prices. At the metro level, 9 of the 50 largest markets exceed pre-pandemic inventory by ≥25%, while 16 remain ≥25% below pre-pandemic norms.

Positive

• Active listings +12.1% YoY (976,833 active listings in Dec 2025)
• 26th consecutive month of year‑over‑year inventory gains
• 9 of 50 largest metros exceed pre‑pandemic inventory by ≥25% (San Antonio +49.1%)

Negative

• National inventory remains 12.5% below 2017–2019 norms
• New listings -29.5% month‑over‑month in December 2025
• 16 of top 50 metros are ≥25% below pre‑pandemic inventory (Hartford -76.2%)

Key Figures

Median listing price $399,950 National, December 2025

Active listings 976,833 National, December 2025

Active listings YoY change 12.1% National, December 2025 vs December 2024

Inventory vs 2017–2019 norms -12.5% National inventory level gap after two years of recovery

Median list price per sq.ft. $220 National, December 2025

Price per sq.ft. change 47.8% National December 2025 vs December 2019

San Antonio inventory recovery 49.1% Active listings vs pre-pandemic in San Antonio metro

Hartford inventory shortfall -76.2% Active listings vs pre-pandemic in Hartford metro

Market Reality Check

$26.45 Last Close

Volume Volume 689,335 is at 0.71x the 20-day average of 977,270, indicating subdued trading ahead of this report. normal

Technical Price at 30.15 is trading below the 200-day MA at 31.68, keeping NWS in a longer-term lagging posture.

Peers on Argus

NWS is up 0.17% while peers show mixed, mostly negative moves: NWSA -0.23%, WMG -0.57%, ROKU -2.26%, FOXA -1.32%, and TKO slightly positive at +0.06%. This pattern supports a stock-specific reaction rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 29	Housing affordability report	Neutral	-0.2%	Realtor.com analysis on years needed to save typical down payment.
Dec 23	PropTech event launch	Neutral	+0.4%	Announcement of PropTech Startup Showdown at SXSW 2026 in Austin.
Dec 22	Luxury housing report	Neutral	+0.3%	Realtor.com luxury market update with mixed pricing and speed trends.
Dec 18	Flipped homes analysis	Neutral	+0.5%	Study on interest, timing and discounts for renovated flipped homes.
Dec 16	Rent affordability report	Neutral	+0.7%	Report on rental affordability for minimum wage earners across metros.

Pattern Detected

Recent Realtor.com data releases for NWS have produced small, directionally modest price reactions (within about +/-1%), suggesting these macro housing reports act as incremental rather than major catalysts.

Recent Company History

Over the last few weeks, NWS has issued several Realtor.com research pieces on U.S. housing and rental conditions, plus a PropTech startup initiative. Events on Dec 16–29, 2025 covered rental affordability, flipped-home performance, luxury housing, down-payment timelines, and a SXSW 2026 PropTech competition. Price reactions to these news items ranged from about -0.23% to +0.72%, indicating that similar informational and branding-focused releases have historically prompted only modest share-price moves.

Market Pulse Summary

This announcement provides a granular view of 2025 housing conditions, highlighting 26 consecutive months of inventory gains, a national median listing price near $400,000, and large metro-level divergences. For NWS, it reinforces Realtor.com’s role as a data and insights platform rather than a direct transactional business update. Investors may watch how such research supports audience engagement, data products, and advertiser demand, alongside existing capital allocation actions disclosed in recent 8-K filings.

Key Terms

median listing price financial

"Median listing price | $399,950 | -3.6 % | -0.6 %"

The median listing price is the middle asking price in a group of items or securities offered for sale — half are listed above it and half below it — calculated after you sort all listing prices from low to high. For investors it provides a clear, robust snapshot of the typical market asking level, less affected by a few very high or low listings, and helps gauge whether current offers look expensive or inexpensive compared with the broader set.

median days on market financial

"Median days on market | 73 | 9 | 4 | -4 | 8"

Median days on market is the middle value of how long listed assets (commonly homes) stay available before a sale — half sell faster, half take longer. For investors it’s a quick measure of demand and liquidity: shorter median time suggests strong buyer interest and faster turnover, while longer time can signal weak demand or pricing pressure, similar to how quickly items move on an online marketplace.

median list price per sq.ft. financial

"Median List Price Per Sq.Ft. | $220 | -1.1 % | -1.3 %"

Median list price per sq.ft. is the midpoint of asking prices per square foot for properties on the market: half of listings ask more per square foot, half ask less. For investors it’s a quick way to gauge typical pricing and compare value across neighborhoods or time periods, like using the middle score in a class instead of the average to avoid being skewed by a few very high or low listings.

pending home sales financial

"revised national pending home sales data series that applies enhanced cleaning"

Pending home sales refer to homes that have been sold but where the transaction has not yet been finalized or closed. This measure indicates future activity in the housing market, helping investors gauge whether home buying is increasing or slowing down. Rising pending sales can suggest stronger demand, while falling figures may signal a slowdown in the market.

AI-generated analysis. Not financial advice.

New Realtor.com^® analysis finds national and regional trends often masked sharp local divergences, even as December marked the 26th straight month of inventory gains

AUSTIN, Texas, Jan. 8, 2026 /PRNewswire/ -- U.S. housing inventory continued to expand in December, marking the 26th consecutive month of year-over-year gains, but the Realtor.com^® December Monthly Housing Report shows that 2025 was defined less by broad national trends and more by stark local differences that often ran counter to regional narratives.

Active listings rose 12.1% compared to December 2024, though inventory growth continued to decelerate after peaking near 30% in late spring and early summer. On a month-over-month basis, inventory declined 8.9% in December, a typical seasonal slowdown that pushed active listings below 1 million homes for the first time since April. Even after two years of recovery, national inventory levels remain 12.5% below typical 2017–2019 norms.

"Looking at the housing market through national or even regional averages can miss what's really happening on the ground," said Danielle Hale, Chief Economist at Realtor.com^®. "In 2025, some metros closely tracked their regional story, while others followed a very different narrative. Understanding whether your local market is typical or an exception is critical as we head into 2026."

December 2025 Housing Metrics – National (*For metro stats, see table overview at end)

Metric	Dec-25	Change over Nov. 2025 (MoM)	Change over Dec. 2024 (YoY)	Change over Dec. 2019	Change over Dec. 2022
Median listing price	$399,950	-3.6 %	-0.6 %	33.4 %	-1.2 %
Active listings	976,833	-8.9 %	12.1 %	-5.5 %	43.5 %
New listings	233,430	-29.5 %	-1.8 %	-12.6 %	8.1 %
Median days on market	73	9	4	-4	8
Share of active listings with price reductions	12.9 %	-5.2	0	2.4	-1.2
Median List Price Per Sq.Ft.	$220	-1.1 %	-1.3 %	47.8 %	3.3 %

At the regional level, 2025 featured two very different housing stories. The Northeast and Midwest remained comparatively tight and resilient, while the South and West experienced much stronger inventory growth and softer price performance. Year over year, inventory growth surged to roughly 30–40% in many Southern and Western markets through the first half of the year before cooling, while gains in the Northeast and Midwest stayed in the low double digits and showed far less seasonal volatility.

Price trends followed a similarly uneven pattern. On a price-per-square-foot basis, Northeast markets posted steady 3–4% gains throughout most of the year, while prices in the South were flat to negative on average and the West experienced a clear mid-year downturn. These regional divides persisted through December, with price-per-square-foot gains holding firm in the supply-constrained Northeast (+4.1% YoY) and Midwest (+1.7%), while softer conditions prevailed elsewhere.

"Benchmarkets" vs Outlier Markets

But regional patterns told only part of the story. Within each region, Realtor.com^® identified benchmark markets, or "benchmarkets"—metros whose inventory and price movements closely mirrored regional averages—and outlier markets, where local dynamics led to sharp divergence. In the Northeast, Pittsburgh tracked closely with regional trends, while Providence stood apart with much faster inventory growth and stronger price gains. In the Midwest, Cincinnati was the benchmarket and Milwaukee was a clear outlier, in the South, Nashville stands as the benchmarket and Washington D.C. as the outlier and lastly in the West, Riverside, Calif., was the benchmarket and San Diego was the outlier.

Oklahoma City emerged as a clear national "benchmarket", with inventory and price-per-square-foot trends that closely tracked U.S. averages throughout the year. By contrast, Milwaukee stood out as a national outlier, with far more muted inventory growth and price-per-square-foot gains that remained well above the national pace.

"Housing in 2025 wasn't defined by a single national narrative," Hale added. "Some markets told the regional story almost perfectly, while others consistently defied it. As buyers and sellers plan for the year ahead, knowing which markets align to broader trends and which are charting their own course can help set more realistic expectations."

Avg. YoY Change in...	Regional Avg.	Benchmarket	Outlier
	Northeast	Pittsburgh	Providence
Inventory	11.7 %	11.9 %	20.7 %
PPSF	3.7 %	3.0 %	5.8 %
	Midwest	Cincinnati	Milwaukee
Inventory	16.4 %	22.4 %	5.1 %
PPSF	1.4 %	2.2 %	5.7 %
	South	Nashville	Washington, DC
Inventory	24.3 %	26.6 %	51.1 %
PPSF	-0.8 %	-0.9 %	-3.2 %
	West	Riverside	San Diego
Inventory	29.7 %	33.0 %	42.4 %
PPSF	-0.2 %	-0.4 %	-2.7 %

Which Markets Have Recovered?

December's monthly data reinforced how uneven the recovery remains beneath the surface. At the metro level, 9 of the 50 largest markets now exceed their pre-pandemic inventory levels by at least 25%, all located in the South or West. San Antonio (+49.1%), Denver (+48.3%), and Austin (+42.3%) led the nation in inventory recovery. Meanwhile, 16 of the top 50 metros remain at least 25% below pre-pandemic norms, with Hartford, CT (-76.2%), Providence (-57.1%), and Chicago (-55.9%) lagging furthest behind.

Demand and Prices Ease in Line with Seasonal Trends

Demand remained soft in December, with pending sales down and homes taking four days longer to sell than a year earlier. Even so, time on market has largely returned to historical norms, with homes now selling faster than they did pre-pandemic despite inventory still lagging.

Prices also eased at year's end. The national median list price fell to $400,000 in December, down 0.6% year over year and 3.6% from November. Price per square foot declined 1.3% from a year ago and 1.1% month over month. Despite recent cooling, long-term gains remain substantial: since December 2019, median list prices are up 33.4% and price per square foot has climbed 47.8%, reflecting lasting affordability challenges rooted in the pandemic-era surge.

December 2025 Housing 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, YoY (Days)	Price Reduced Share	Price Reduced Share, YoY (Percentage Points)
Atlanta-Sandy Springs-Roswell, GA	11.6 %	-16.4 %	$400,000	0.0 %	-0.7 %	5	14.4 %	-1.8
Austin-Round Rock-San Marcos, TX	12.9 %	-0.1 %	$462,000	-7.3 %	-6.1 %	8	17.7 %	1.7
Baltimore-Columbia-Towson, MD	24.8 %	-6.6 %	$357,495	2.1 %	1.2 %	7	13.2 %	0.9
Birmingham, AL	12.0 %	-2.0 %	$289,663	0.6 %	-0.4 %	4	12.3 %	-0.2
Boston-Cambridge-Newton, MA-NH	25.4 %	5.8 %	$772,000	-3.7 %	-0.8 %	-1	10.5 %	1.8
Buffalo-Cheektowaga, NY	2.8 %	-9.4 %	$249,950	0.0 %	3.0 %	3	7.6 %	1.9
Charlotte-Concord-Gastonia, NC-SC	30.8 %	7.8 %	$422,516	0.0 %	-1.3 %	9	15.4 %	-0.6
Chicago-Naperville-Elgin, IL-IN	-1.1 %	-14.8 %	$348,900	0.4 %	1.8 %	3	10.3 %	0.1
Cincinnati, OH-KY-IN	20.7 %	-2.4 %	$329,950	3.3 %	2.6 %	1	12.8 %	0.3
Cleveland, OH	10.2 %	14.4 %	$249,450	4.2 %	4.0 %	-1	13.1 %	0.0
Columbus, OH	19.3 %	-10.1 %	$349,950	0.1 %	-1.5 %	5	20.8 %	3.2
Dallas-Fort Worth-Arlington, TX	10.8 %	-5.1 %	$412,500	-2.4 %	-1.9 %	5	17.7 %	0.3
Denver-Aurora-Centennial, CO	16.0 %	-5.7 %	$557,500	-3.4 %	-3.3 %	5	16.8 %	-6.8
Detroit-Warren-Dearborn, MI	20.7 %	-6.2 %	$246,400	-1.4 %	-0.2 %	5	13.4 %	1.6
Grand Rapids-Wyoming-Kentwood, MI	3.4 %	-6.1 %	$397,000	5.9 %	7.1 %	0	9.5 %	0.0
Hartford-West Hartford-East Hartford, CT	10.5 %	3.9 %	$422,475	1.8 %	-0.4 %	2	7.6 %	0.4
Houston-Pasadena-The Woodlands, TX	17.1 %	-5.5 %	$350,000	-2.9 %	-2.1 %	5	13.9 %	0.3
Indianapolis-Carmel-Greenwood, IN	25.7 %	-0.4 %	$309,974	0.0 %	3.9 %	4	17.1 %	0.2
Jacksonville, FL	-3.7 %	-12.2 %	$382,500	-0.5 %	-2.5 %	5	16.9 %	-1.0
Kansas City, MO-KS	15.4 %	6.5 %	$371,698	0.5 %	1.2 %	-2	12.6 %	1.1
Las Vegas-Henderson-North Las Vegas, NV	29.2 %	-1.5 %	$465,500	-0.6 %	-1.9 %	10	16.5 %	1.0
Los Angeles-Long Beach-Anaheim, CA	14.7 %	-1.5 %	$1,062,500	-2.9 %	-1.6 %	4	8.8 %	-0.1
Louisville/Jefferson County, KY-IN	23.0 %	-5.0 %	$302,200	-1.1 %	3.7 %	2	14.2 %	-0.4
Memphis, TN-MS-AR	12.7 %	-6.5 %	$314,950	-4.5 %	-4.2 %	6	15.4 %	0.0
Miami-Fort Lauderdale-West Palm Beach, FL	5.1 %	-14.6 %	$500,000	-4.3 %	-2.7 %	7	13.0 %	-1.7
Milwaukee-Waukesha, WI	2.3 %	-3.2 %	$369,750	3.5 %	4.4 %	5	10.9 %	-0.6
Minneapolis-St. Paul-Bloomington, MN-WI	8.1 %	-9.3 %	$402,475	-4.9 %	-1.1 %	-2	11.0 %	1.1
Nashville-Davidson--Murfreesboro--Franklin, TN	18.5 %	7.2 %	$529,500	-1.4 %	0.2 %	6	12.6 %	0.7
New York-Newark-Jersey City, NY-NJ	4.0 %	-12.8 %	$749,939	0.0 %	-1.8 %	-2	5.7 %	1.2
Oklahoma City, OK	13.8 %	6.3 %	$315,000	1.6 %	0.1 %	7	17.5 %	2.3
Orlando-Kissimmee-Sanford, FL	6.9 %	-2.2 %	$415,500	-1.1 %	-2.7 %	4	15.7 %	-1.2
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	7.6 %	-4.1 %	$359,950	0.5 %	0.6 %	1	11.4 %	0.5
Phoenix-Mesa-Chandler, AZ	15.6 %	12.0 %	$482,500	-3.5 %	-2.0 %	4	20.8 %	-0.2
Pittsburgh, PA	4.5 %	4.8 %	$240,000	4.4 %	3.9 %	1	10.7 %	-1.4
Portland-Vancouver-Hillsboro, OR-WA	11.0 %	-8.9 %	$584,950	-2.0 %	-2.0 %	6	21.3 %	0.5
Providence-Warwick, RI-MA	12.5 %	4.9 %	$549,900	4.8 %	12.6 %	3	8.8 %	-7.6
Raleigh-Cary, NC	26.7 %	13.0 %	$440,000	-1.1 %	-0.9 %	2	15.7 %	4.2
Richmond, VA	11.2 %	-1.5 %	$425,969	1.4 %	1.0 %	5	9.4 %	-1.1
Riverside-San Bernardino-Ontario, CA	6.4 %	-1.3 %	$587,515	-1.6 %	-0.1 %	5	11.6 %	0.6
Sacramento-Roseville-Folsom, CA	12.5 %	18.8 %	$599,990	-2.4 %	-1.5 %	6	12.1 %	0.3
St. Louis, MO-IL	10.6 %	-0.8 %	$284,950	2.7 %	5.3 %	1	12.3 %	-0.5
San Antonio-New Braunfels, TX	13.9 %	-14.5 %	$320,245	-2.9 %	-3.8 %	4	18.0 %	0.4
San Diego-Chula Vista-Carlsbad, CA	14.2 %	-3.9 %	$899,999	-6.7 %	-3.6 %	2	12.7 %	1.9
San Francisco-Oakland-Fremont, CA	1.4 %	-7.1 %	$872,000	-2.0 %	-4.9 %	-2	8.6 %	0.8
San Jose-Sunnyvale-Santa Clara, CA	21.6 %	1.7 %	$1,198,500	-5.5 %	-2.8 %	5	7.9 %	0.7
Seattle-Tacoma-Bellevue, WA	28.8 %	-11.9 %	$726,500	0.3 %	0.5 %	3	10.6 %	0.3
Tampa-St. Petersburg-Clearwater, FL	13.3 %	-13.7 %	$399,900	1.2 %	0.2 %	9	19.2 %	-0.3
Tucson, AZ	15.1 %	6.1 %	$380,000	-2.0 %	-0.8 %	4	13.6 %	-0.7
Virginia Beach-Chesapeake-Norfolk, VA-NC	8.4 %	0.9 %	$399,900	2.6 %	2.0 %	5	15.5 %	2.0
Washington-Arlington-Alexandria, DC-VA-MD-WV	32.8 %	-4.2 %	$549,950	-4.8 %	-5.7 %	8	12.4 %	1.7

Methodology

Realtor.com housing data as of December 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.

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.

We identify "benchmarket" vs. outlier markets by looking at each metro's average monthly deviation from its regional or national trend on several variables, including active listing growth and change in listing price per square foot.

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-inventory-keeps-growing-but-2025-revealed-a-market-of-exceptions-not-averages-302655872.html

SOURCE Realtor.com

FAQ

What was Realtor.com’s reported active listing count for December 2025 for NWS?

Realtor.com reported 976,833 active listings in December 2025, a 12.1% increase year over year.

How did median listing price change in December 2025 for NWS?

The national median listing price was $399,950, down 0.6% year over year and down 3.6% from November 2025.

Which metros showed the largest inventory recoveries in 2025 per Realtor.com for NWS?

Top recoveries included San Antonio +49.1%, Denver +48.3%, and Austin +42.3% versus pre‑pandemic norms.

What regional differences did Realtor.com highlight in the December 2025 report for NWS?

The Northeast and Midwest remained tighter with price‑per‑square‑foot gains, while the South and West experienced stronger inventory growth and softer price performance.

How widespread was the inventory shortfall relative to pre‑pandemic norms in Realtor.com’s Dec 2025 data for NWS?

Nationally, inventory was 12.5% below 2017–2019 norms, and 16 of the 50 largest metros were at least 25% below pre‑pandemic levels.