The Fred Adams Group of RE/MAX Integrity
In the 52 metro areas surveyed in May 2025, the number of newly listed homes was up 7.9% compared to May 2024, and up 4.4% compared to April 2025. The markets with the biggest increase in year-over-year new listings percentage were Washington, D.C. at +25.4%, Fayetteville, AR at +25.1%, and Wichita, KS at +23.7%. The markets with the biggest year-over-year decrease in new listings percentage were Minneapolis, MN at -7.1%, New Orleans, LA at -4.4%, and Miami, FL at -2.5%.
Of the 52 metro areas surveyed in May 2025, the overall number of home sales was down 3.5% compared to May 2024, and up 8.6% compared to April 2025. The markets with the biggest decrease in year-over-year sales percentage were Miami, FL at -16.5%, Honolulu, HI at -14.2%, and Tampa, FL at -11.8%. The markets with the biggest increase in year-over-year sales percentages were Wichita, KS at +14.1%, Hartford, CT at +7.8%, and Fayetteville, AR at +7.4%.
In May 2025, the median of all 52 metro area sales prices was $442,000, up 0.6% from May 2024, and up 1.0% compared to April 2025. The markets with the biggest year-over-year increase in median sales price were Trenton, NJ at +9.9%, Hartford, CT at +8.5% and Honolulu, HI at +8.3%. The markets with the biggest year-over-year decrease in median sales price were Bozeman, MT at -12.0%, Tampa, FL at -3.7% and Seattle, WA at -3.2%.
In May 2025, the average close-to-list price ratio of all 52 metro areas in the report was 99%, down from 100% in May 2024 and the same as April 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 Hartford, CT at 104.9%, San Francisco, CA at 103.7% and Manchester, NH at 102.3%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93.0%, Bozeman, MT at 95.8%, and New Orleans, LA at 96.5%.
The average days on market for homes sold in May 2025 was 39, up five days compared to the average in May 2024 and down two days compared to April 2025. The metro areas with the highest days on market averages were Miami, FL and Fayetteville, AR tied at 76, San Antonio, TX at 74 and Orlando, FL at 69. The lowest days on market were Baltimore, MD at 12, Washington, D.C. at 13 and Manchester, NH at 14. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
For the fourth consecutive month, homes sales rose in May, increasing 8.6% from April, and sales remained below 2024 levels, with May sales finishing 3.5% lower year over year.
Across the 52 metro areas surveyed in the report, the number of homes for sale rose 8.3% month over month and increased 34.8% year over year. This marks the 17th consecutive month that inventory has grown year over year. The Median Sales Price also grew nominally year over year for the 23rd straight month to reach $442,000 – an increase of $2,500 (0.6%) from May 2024.
New listings also increased 4.4% from April and 7.9% from May 2024, marking the 15th straight month of a year-over-year increase.
“Rising sales, growing inventory, declines in days on market and steady prices are all encouraging signs for the housing industry,” said Erik Carlson, CEO of RE/MAX Holdings, Inc. “It’s great to see the spring market end on a solid note, and we’re optimistic that this momentum could carry into an active summer season.”
In Atlanta, the market is showing signs of renewed energy. Kristen Jones, Broker/Owner of RE/MAX Around Atlanta, noted that, “The Atlanta housing market saw more homes coming to market and a noticeable uptick in sales compared to April. Inventory is rising, and homes are sitting on the market a bit longer, giving buyers more options and greater leverage when it comes to negotiations.”
Other metrics of note:
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.
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.