OverviewSupplyDemandMigrationNewsU.S. Housing Market OverviewWhat is the housing market like right now?In May 2025, U.S. home prices were up 1.0% compared to last year, selling for a median price of$441,738. On average, the number of homes sold was down 5.9% year over year and there were 474,365 homes sold in May this year, down 504,043 homes sold in May last year. The national average 30 year fixed rate mortgage rate is at 6.8% and down 0.24 points year over year.…Read MoreMedian Sale Price$441,738+1.0% year-over-year# of Homes Sold474,365-5.9% year-over-yearNational Avg. 30-Year Fixed Mortgage Rate6.8%-0.24 pt year-over-yearAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-ops1 year3 years5 yearsMedian Sale PriceMedian Sale Price# of Homes SoldNational Avg. 30-Year Fixed Mortgage RateAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-opsThe direction and pace at which home prices are changing are indicators of the strength of the housing market andwhether homes are becoming more or less affordable. The median price of a home in the United States is currently $441,738.…Show MoreMedian Sale Price (All Home Types)$441,738+1.0% YoY | May 20251y3y5yBased on Redfin calculations of home data from MLS and/or public records.What does this mean?The direction and pace at which home prices are changing are indicators of the strength of the housing market and whether homes are becoming more or less affordable. The median price of a home in the United States is currently $441,738.LocationDataMay 2025Growth% YoYUS$441,738+1.0%Top 10 Metros in the U.S. with the Fastest Growing Sales Price33.6%28.1%24.2%16.8%16.7%16.0%14.1%13.0%12.9%11.6%Show moreWork with the best agents in your neighborhoodRedfin agents are among the most experienced in the industry, so we know how to help you win in today's market.U.S. Housing SupplyAre there enough homes for sale to meet buyer demand?In May 2025, there were 2,027,227 homes for sale in the United States, up 13.0% yearover year. The number of newly listed homes was 663,179 and down 0.91% year over year.The median days on the market was 38 days, up 6 year over year.The average months of supply is 3 months, up 0 year over year. …Read More# of Homes for Sale2,027,227+13.0% year-over-year# of Newly Listed Homes663,179-0.91% year-over-yearMedian Days on Market38+6 year-over-yearMonths of Supply3+0 year-over-yearAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-ops1 year3 years5 years# of Homes for Sale# of Homes for Sale# of Newly Listed HomesMedian Days on MarketMonths of SupplyAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-opsThe direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. Theycan also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 2,027,227 residential homes for sale in the United States.…Show More# of Homes for Sale (All Home Types)2,027,227+13.0% YoY | May 20251y3y5yBased on Redfin calculations of home data from MLS and/or public records.What does this mean?The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. They can also indicate whether homes are lingering on the market or being sold faster than sellers are listing them. There are currently 2,027,227 residential homes for sale in the United States.LocationDataMay 2025Growth% YoYUS2,027,227+13.0%U.S. Housing DemandHow competitive is the market?In May 2025, 31.0% of homes in the U.S. sold above list price, down 3.9 pointsyear over year. There were only 21.3% of homes that had price drops, up from 16.0% of homes in May last year. There was a 99.4% sale-to-list price, down 0.49 points year over year. …Read MoreHomes Sold Above List Price31.0%-3.9 pt year-over-yearHomes with Price Drops21.3%+4.5 pt year-over-yearSale-to-List Price99.4%-0.49 pt year-over-yearAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-ops1 year3 years5 yearsHomes Sold Above List PriceHomes Sold Above List PriceHomes with Price DropsSale-to-List PriceAll Home TypesAll Home TypesSingle Family HomesTownhousesCondos/Co-opsHomes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above listprice indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.…Show MoreHomes Sold Above List Price (All Home Types)31.0%-3.9 pt YoY | May 20251y3y5yBased on Redfin calculations of home data from MLS and/or public records.What does this mean?Homes that sold above list price likely received multiple offers. A high or growing percentage of homes selling above list price indicates that the housing market is competitive and bidding wars are becoming more common. A low or shrinking percentage of homes selling above list price suggests that the market is becoming less competitive.LocationDataMay 2025Growth% YoYUS31.0%-3.9 ptTop 10 Most Competitive Cities in the U.S.Competition calculated using Show moreU.S. Migration TrendsWhere are people moving to and from?Nationwide, 28% of homebuyers searched to move to a different metro area between Feb '25 - Apr '25. The top 5 states homebuyers searched to move to were Florida, Arizona, North Carolina, South Carolina, and Tennessee while California, New York, Illinois, Washington, and Maryland were the top 5 states homebuyers searched to move from.Of all the major U.S. metros, Sacramento was the most searched for destination among homebuyers looking to relocate between Feb '25 - Apr '25. Next came Phoenix, Cape Coral, Orlando, and Sarasota. Los Angeles was the most searched for destination among homebuyers looking to leave, followed by New York, Seattle, San Francisco and Washington.Moving toMoving fromData UnavailableShareEmbedTop 10 areas people are moving to InboundNet inflowMetrosFeb '25 - Apr '2518,80026,70035,80045,30055,00064,50074,40084,30093,500103,500Top 10 areas people are moving from OutboundNet outflowMetrosFeb '25 - Apr '25136,700229,800322,800420,000519,600610,10074,40084,40093,600102,300MethodologyThis data does not reflect actual moves. The latest migration analysis is based on a sample of about two, Sales of existing homes will grow moderately as buyers become accustomed to higher prices and mortgage rates, but transactions could surge if rates decline. New policies on real estate, U.S. home prices posted a 3.4% annual gain in March, down from the 4% growth released in February, according to the latest S&P CoreLogic Case-Shiller Home Price Index, which tracks.