A fresh wave of real estate data released on November 13, 2025, is signaling a quiet but notable shift in the U.S. housing market—one that may give prospective homebuyers a clearer advantage than they’ve had in recent years. According to a new report from Redfin Corporation, while mortgage rates remain elevated at an average of 6.34 percent nationwide, the number of homes on the market has increased significantly, leading to a more balanced dynamic between buyers and sellers.
This movement comes after years of intense seller dominance, marked by historically low inventory, multiple-offer bidding wars, and record-high sale prices. The newest figures, however, suggest the tide may be turning. In September, total active listings nationwide reached roughly 2.09 million, up nearly 10 percent compared to the same period in 2024. At the same time, the share of homes selling above list price declined to just over 25 percent, down several points from earlier in the year.
Another indicator pointing to cooling demand is the rise in median days on market. Properties are now taking longer to sell, with a nationwide median of 51 days—about eight days longer than a year ago. This slight but significant uptick implies a slower pace of transactions and a more deliberative environment for buyers, who in past years often had to make snap decisions under pressure.
Redfin’s chief economist noted that despite home prices remaining close to record highs, the combination of increased listings and waning demand means sellers are becoming more receptive to price adjustments, buyer concessions, or repairs during negotiations. While price appreciation has not reversed, its pace has decelerated considerably. The national median home price rose only 1.7 percent year-over-year in September, a much slower growth rate than the double-digit gains seen during the post-pandemic boom.
Industry analysts attribute this change in part to buyer fatigue and affordability constraints. Mortgage rates above six percent have sidelined many would-be buyers, particularly first-time purchasers who are contending with both high borrowing costs and still-elevated prices. At the same time, many current homeowners remain locked into ultra-low rates secured during the pandemic and are reluctant to list their homes, contributing to uneven supply patterns in certain markets.
Nonetheless, the increase in available homes is giving buyers more negotiating power. Homes that linger on the market for several weeks are increasingly subject to price reductions or incentive offers, such as seller-covered closing costs. In some cases, buyers are even able to include home inspection or appraisal contingencies—terms that were often waived in recent years to gain a competitive edge.
For real estate professionals, the shifting environment means a strategic reset. Agents working on behalf of sellers are now encouraged to adjust marketing strategies to emphasize value, home condition, and flexible terms rather than relying on the assumption that properties will attract immediate, aggressive bids. Conversely, buyers are being advised to secure mortgage pre-approvals, understand local inventory dynamics, and consider timing advantages unique to the late autumn season. This time of year can often present opportunities, as some sellers are motivated to finalize deals before year-end, and fewer active buyers mean less competition.
Despite the national trend toward a more balanced or even buyer-leaning market, regional disparities remain strong. Some markets in the Midwest and parts of the Sun Belt are seeing larger increases in inventory and softer pricing, while coastal metro areas such as San Francisco, Boston, and New York City still face tight supply and sustained demand. In those high-cost areas, affordability pressures persist, and the impact of mortgage rates is more pronounced.
There is no indication that the housing market is headed for a sharp decline, nor does the data suggest a full recovery to pre-pandemic affordability levels. However, what is becoming clear is that the market is evolving. The fever-pitched seller’s era may be giving way to a more measured landscape where buyers—particularly those who are financially prepared—have better footing to negotiate.
For sellers, the message is also clear: the days of assuming high demand regardless of price or condition are fading. Those who price realistically, prepare their homes thoroughly, and offer some degree of flexibility will be better positioned to succeed in the current climate.
As the market enters the final stretch of 2025, observers will be closely watching mortgage rate trends, regional shifts in inventory, and the pace of buyer activity. If rates stabilize or decrease slightly, a fresh wave of buyers could re-enter the market in early 2026. Until then, this fall may represent one of the better windows of opportunity for buyers in several years—if they act decisively and strategically.
