Promising news for home buyers
The double-edged sword of low affordability and low inventory has made house hunting harder in recent years.
While the supply of for-sale homes still lags pre-pandemic totals, a recovery’s underway. The count of active listings spiked 15.3% annually in October, according to Realtor.com.
Some of the largest inventory gains came in high-demand cities and a fifth of all listings had price reductions.
Find your lowest rate. Start hereActive listings make leap in October
In a promising sign for prospective borrowers, active home listings surged 15.3% annually in October, according to Realtor.com’s Housing Report.
A typical day during the month yielded 1.1 million for-sale listings, flat from August and above October 2024’s 953,814. It marked the 24th straight month of annual growth. Though active listings overall still lag “normal” prepandemic levels, that varies regionally and at the metro level.
“In markets like Washington, D.C., Virginia Beach, Oklahoma City, and Baltimore, where many households rely on federal employment, we’re seeing buyers take a brief step back as uncertainty persists,” said Danielle Hale, chief economist at Realtor.com.
“However, home prices and inventory trends in these areas continue to move in line with broader national and regional patterns, suggesting that the overall market remains steady for now. The longer the shutdown persists, the more likely it is that these markets and potentially others with smaller shares of federal workers could see more meaningful impacts on buyer demand, seller activity, and transaction timelines.”
Regionally, the West saw active listings grow most at a 17.4% annualized rate. Then came the South at 17%, Midwest at 12.2% and Northeast at 8.9%.
Among the 50 largest U.S. housing markets, Washington, D.C. led the way with a 38.2% year-over-year gain in active listing count. Jumps of 36.5% in Charlotte, N.C., 35.1% in Las Vegas, 30.6% in Raleigh, N.C., and 28.1% in Seattle rounded out the top five.
Time to make a move? Let us find the right mortgage for youThe table below shows the metro areas with the 15 largest annual rises in listing count in October:
| Metro | Active Listing Count, YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price-Reduced Share, YoY (% Points) |
| Washington, DC | 38.2% | $594,500 | -0.8% | 4 | 18.6% | 3.9 |
| Charlotte, NC | 36.5% | $438,348 | 2.1% | 7 | 27.1% | 4.3 |
| Las Vegas | 35.1% | $471,975 | -0.6% | 8 | 25.0% | 3.3 |
| Raleigh, NC | 30.6% | $458,020 | 0.2% | 9 | 25.4% | 7.5 |
| Seattle | 28.1% | $762,343 | 0.6% | 4 | 22.1% | 3.9 |
| Louisville, KY | 26.7% | $315,000 | -0.3% | 1 | 23.5% | 0.4 |
| Baltimore | 26.2% | $382,500 | 3.4% | 5 | 20.3% | 4.1 |
| Indianapolis | 24.7% | $320,000 | -0.6% | 4 | 31.1% | 3.7 |
| Columbus, OH | 24.2% | $365,450 | -0.9% | 7 | 30.0% | 6.5 |
| Phoenix | 23.4% | $495,000 | -4.7% | 7 | 29.4% | 0.7 |
| Richmond, VA | 22.8% | $429,000 | -2.5% | 4 | 18.3% | 2.9 |
| Houston | 22.7% | $358,000 | -2.5% | 6 | 20.0% | 3.5 |
| Kansas City, MO | 21.4% | $380,000 | 0.8% | 0 | 21.2% | 3.2 |
| Detroit | 21.1% | $268,000 | -1.2% | 2 | 20.2% | 2.9 |
| Tucson, AZ | 20.8% | $385,000 | -1.9% | 7 | 23.7% | 3.7 |
At the other end of the spectrum, Chicago gained the least for-sale inventory, decreasing 1.8% from October 2024. Grand Rapids, Mich., also declined 0.6% annually. Above those, San Francisco grew 2.3%, Jacksonville, Fla., by 2.8% and Milwaukee by 3.3%.
The table below shows the full bottom 15:
| Metro | Active Listing Count, YoY | Median List Price | Median List Price, YoY | Median Days on Market, YoY (Days) | Price Reduced Share | Price-Reduced Share, YoY (% Points) |
| Chicago | -1.8% | $364,900 | -1.4% | 1 | 17.0% | 1.2 |
| Grand Rapids, MI | -0.6% | $389,900 | 2.6% | 3 | 22.3% | 1.5 |
| San Francisco | 2.3% | $954,500 | -4.0% | 4 | 15.4% | 0.7 |
| Jacksonville, FL | 2.8% | $388,950 | -2.2% | 6 | 26.4% | 0.5 |
| Milwaukee | 3.3% | $389,800 | 1.9% | 0 | 20.0% | 2.9 |
| New York | 3.9% | $762,450 | -1.6% | 1 | 9.6% | 0.6 |
| Minneapolis | 4.4% | $420,000 | -1.2% | -2 | 20.1% | 1.9 |
| Hartford, CT | 7.1% | $439,450 | 7.2% | 2 | 11.6% | 0 |
| Pittsburgh | 8.0% | $250,000 | 4.2% | 1 | 22.7% | 3.1 |
| San Jose, CA | 9.5% | $1,381,500 | -0.9% | 5 | 15.1% | 2 |
| Virginia Beach, VA | 10.3% | $407,000 | 2.9% | 1 | 22.2% | 1.5 |
| Orlando, FL | 10.5% | $419,990 | -1.6% | 12 | 23.1% | -0.4 |
| Philadelphia | 10.5% | $379,973 | 1.3% | -1 | 18.3% | 2.3 |
| Riverside, CA | 10.9% | $595,422 | -0.6% | 8 | 17.0% | -0.1 |
| Austin, TX | 11.0% | $489,859 | -5.7% | 7 | 26.7% | 2.5 |
Additionally, the median time listings spent on the market ticked up to 63 days, up from 62 days in September and 58 days the year prior. The share of listings with price reductions hit 20.2%, up monthly from 19.9% and up annually from 18.6%.
The median listing price went to $424,200 in October, down 0.2% from September and up 0.4% from October 2024. It also marks a 36.9% growth rate from October 2019.
The bottom line for home buyers
With affordability sidelining many would-be home buyers, more for-sale options could help lower prices for house hunters in 2025.
If you’re searching to purchase a home, take some good expert advice and get your ducks in a row. Plus, you could save big money by learning strategies for mortgage rate negotiation and seeing what down payment and closing cost assistance you may qualify for.
Reach out to a local mortgage professional if you’re ready to begin your path to homeownership.
