RE/MAX National Housing Report for February 2025

February Increase in Home Sales Sets Stage for Spring Market; Median Price Inches Up

New Listings

In the 52 metro areas surveyed in February 2025, the number of newly listed homes was up 0.1% compared to February 2024, and down 3.0% compared to January 2025. The markets with the biggest decrease in year-over-year new listings percentage were Bozeman, MT at -27.0%, Hartford, CT at -22.3%, and Dallas, TX at -19.0%. The markets with the biggest year-over-year increase in new listings percentage were San Diego, CA at +51.7%, Philadelphia, PA at +21.4%, and Nashville, TN at +21.2%.

New Listings: 3 markets with the biggest year over year decrease

Market February 2025 February 2024 Year over year % change
Bozeman, MT 154 211 -27.0%
Hartford, CT  724 932 -22.3%
Dallas, TX  8,510 10,503 -19.0%
Closed Transactions 

Of the 52 metro areas surveyed in February 2025, the overall number of home sales was down 2.6% compared to February 2024, and up 8.4% compared to January 2025. The markets with the biggest decrease in year-over-year sales percentage were Trenton, NJ at -19.9%, Richmond, VA at -13.7%, and Honolulu, HI at -11.8%. The markets with the biggest increase in year-over-year sales percentages were Omaha, NE at +11.7%, Coeur d’Alene, ID at +10.9%, and Chicago, IL at +10.3%.

Closed Transactions: 3 markets with the biggest year over year decrease

Market February 2025 February 2024 Year over year % change
Trenton, NJ  157 196 -19.9%
Richmond, VA 1,018 1,180 -13.7%
Honolulu, HI 470 533 -11.8%
Median Sales Price 

In February 2025, the median of all 52 metro area sales prices was $423,000, up 3.1% from February 2024, and up 0.6% compared to January 2025. The markets with the biggest year-over-year increase in median sales price were Milwaukee, WI at +16.9%, Burlington, VT at +16.2%, and Providence, RI at +10.1%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -9.1%, Dover, DE at -4.3% and Honolulu, HI at -2.8%.

Median Sales Price: 3 markets with the biggest year over year increase

Market February 2025 February 2024 Year over year % change
Milwaukee, WI $345,000 $295,000 +16.9%
Burlington, VT $412.500 $355,000 +16.2%
Providence, RI  $470,000 $427,000 +10.1%
Close-to-List Price Ratio 

In February 2025, the average close-to-list price ratio of all 52 metro areas in the report was 99%, the same as February 2024 and up from 98% in January 2025. The close-to-list price ratio is calculated by the average value of the sales price divided by the list price for each transaction. When the number is above 100%, the home closed for more than the list price. If it’s less than 100%, the home sold for less than the list price. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 104.4%, Hartford, CT at 102.3% and Manchester, NH at 101.0%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93.4%, Houston, TX at 96.4%, and Tampa, FL and New Orleans, LA tied at 96.6%.

Close To List Price Ratio: 3 markets with the lowest close to list price ratio

Market February 2025 February  2024 Year over year difference
Miami, FL  93.4% 93.5% -0.7pp
Houston, TX  96.4% 96.8% +0.4pp
Tampa, FL  96.6% 95.4% -1.0pp
New Orleans, LA 96.6% 96.8% -0.2pp
Difference displayed as change in percentage points
Days on Market 

The average days on market for homes sold in February 2025 was 51, up six days compared to the average in February 2024 and down five days compared to January 2025. The metro areas with the highest days on market averages were Bozeman, MT at 119, Fayetteville, AR at 85 and San Antonio, TX at 83. The lowest days on market were Baltimore, MD and Washington, D.C. tied at 19, Dover, DE and Philadelphia, PA tied at 22, and Trenton, NJ at 23. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Days On Market: 3 markets with the highest days on Market

Market January 2025 January 2024 Year over year % change
Bozeman, MT  119 62 +90.1%
Fayetteville, AR 85 86 -1.6%
San Antonio, TX 83 77 +7.2%
A More Detailed Look...

February 2025 home sales increased 8.4% over January – about half of the month-to-month average sales increases seen in the previous two Februarys, and down 2.6% from sales one year ago. Despite the smaller month-to-month increase, February’s growth in home sales could still indicate momentum for March home sales that typically post the highest monthly sales jump – averaging 31% the last three years.

February’s Median Sales Price across the 52 metro areas surveyed was $423,000. That was just $3,000 (0.6%) higher than January and nearly $13,000 (3.1%) more than a year ago.

Inventory increased 2.9% in February, compared to January. It has grown month-over-month 10 out of the last 12 months and is 33.9% higher than a year ago. New listings dropped 3.0% from January – a stark contrast to last month’s big climb of 53.7% – and were 0.1% higher year over year.

“As is typical heading into the spring market, home sales rose in February, and the market appears to be on the right trajectory to grow as we enter the spring selling season,” said RE/MAX Holdings, Inc. CEO Erik Carlson. “It’s crucial to have abundant inventory for buyers, and we are seeing inventory trend in the right direction.”

San Diego, California witnessed the biggest year-over-year increase in new listings in February, jumping more than 50%. RE/MAX Connections Broker/Owner Mike Safiedine said, “We’ve seen a lot more activity in our market recently. Specifically, inventory has experienced an uptick over the past several months due to pent-up demand and lower interest rates.”

Carlson added, “It’s important to remember that real estate is local, with varying trends across different regions. Buyers and sellers should work with trusted advisors who understand their specific markets to navigate these fluctuations effectively.

Other metrics of note:

About the RE/MAX Network

The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.

Definitions

Transactions are the total number of closed residential transactions during the given month. Months Supply of Inventory is the total number of residential properties listed for sale at the end of the month (current inventory) divided by the number of sales contracts signed (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.  


MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.