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

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SOURCE Realtor.com

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