DENVER – Inventory was 20% higher year-over-year – as September became the 21st consecutive month of annual growth. Home sales in September were 8.5% higher than a year ago, marking the fourth month in 2025 where sales outpaced the previous year. Compared to August, sales declined 4.6% while inventory rose 3.1% – typical shifts for this time of year.
According to data from the 52 metro areas surveyed, buyers paid less for the third straight month as sellers accepted 98% of the asking price in September, down from 99% in both August 2025 and September 2024. The Median Sales Price in September was $439,000, a decrease of $6,000 (1.3%) from August but an increase of $9,000 (2.1%) compared to September 2024. This marked 27 consecutive months of year-over-year price gains. July’s median sales price of $450,000 was the highest recorded year to date.
Other metrics of note:
- Days on Market averaged 48 days, up one day from August and seven days from September 2024.
- Months’ Supply of Inventory rose to 3.0 months, up from 2.8 in August and 2.6 a year ago.
- New listings reversed a three-month decline and increased 4.5% over August and 0.9% year over year.
“Smart buyers are turning to their agents for strategic guidance – and it’s paying off, as many are still successfully negotiating favorable prices,” said REMAX CEO Erik Carlson. “At the same time, sellers can be confident in the continued demand for homes. As inventory grows and market dynamics shift, the months ahead may bring more balance to the market.”
While many markets experienced slightly lower median sales prices and longer days on market, Milwaukee, Wisconsin stood out in contrast, posting the largest year-over-year increase in median sales price (+11.5%) and ranked among the fastest-selling markets with an average of just 23 days on market.
Dave Didier, Broker/Owner of three REMAX United offices in Milwaukee, says it continues to be a seller’s market there. “Inventory still isn’t where it needs to be for a balanced market here. Many would-be move-up buyers are staying put, deterred by higher home prices and mortgage rates that are double what they currently have. Instead, they’re choosing to renovate or expand. That’s keeping supply tight – but demand remains strong, especially from out-of-state buyers who see Milwaukee’s affordability, schools and quality of life as a major draw.”
Highlights and local market results for September include:
New Listings
In the 52 metro areas surveyed in September 2025, the number of newly listed homes was up 0.9% compared to September 2024, and up 4.5% compared to August 2025. The markets with the biggest year-over-year increase in new listings percentage were Omaha, NE at +20.9%, Fayetteville, AR at +20.1%, and Wichita, KS at +18.7%. The markets with the biggest decrease in year-over-year new listings percentage were Trenton, NJ at -38.3%, Dover, DE at -32.5%, and Baltimore, MD at -28.7%.
Closed Transactions
Of the 52 metro areas surveyed in September 2025, the overall number of home sales was up 8.5% compared to September 2024, and down 4.6% compared to August 2025. The markets with the biggest increase in year-over-year sales percentage were Honolulu, HI at +55.2%, Omaha, NE at +20.9%, and Raleigh, NC at +20.3%. The markets with the biggest decrease in year-over-year sales percentages were Dover, DE at -10.6%, Fayetteville, AR at -0.8%, and Indianapolis, IN at -0.3%.
Median Sales Price – Median of 52 metro area prices
In September 2025, the median of all 52 metro area sales prices was $439,000, up 2.1% from September 2024, and down 1.3% compared to August 2025. The markets with the biggest year-over-year increase in median sales price were Milwaukee, WI at +11.5%, Trenton, NJ at +10.6%, and Coeur d’Alene, ID at +9.2%. The markets with the biggest year-over-year decrease in median sales price were Houston, TX at -2.7%, Tampa, FL at -2.4%, and Honolulu, HI at -1.8%.
Close-to-List Price Ratio – Average of 52 metro area prices
In September 2025, the average close-to-list price ratio of all 52 metro areas in the report was 98%, down from 99% in both September 2024 and August 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 lowest close-to-list price ratios were Miami, FL at 94.1%, Bozeman, MT at 95.4%, and New Orleans, LA at 95.8%. The metro areas with the highest close-to-list price ratio were Hartford, CT at 102.9%, San Francisco, CA at 101.8%, and Manchester, NH at 101.0%.
Days on Market – Average of 52 metro areas
The average days on market for homes sold in September 2025 was 48, up seven days compared to the average in September 2024 and up one day compared to August 2025. The metro areas with the highest days on market averages were San Antonio, TX at 88, Miami, FL at 83 and Coeur d’Alene, ID at 77. The lowest days on market were Manchester, NH at 20, Milwaukee, WI at 23 and Hartford, CT at 25. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
Months’ Supply of Inventory – Average of 52 metro areas
The number of homes for sale in September 2025 was up 20.0% from September 2024, and up 3.1% from August 2025. Based on the rate of home sales in September 2025, the months’ supply of inventory was 3.0, up from 2.6 from September 2024, and up 2.8 from August 2025. In September 2025, the markets with the highest months’ supply of inventory were Miami, FL at 7.0, San Antonio, TX at 6.6 and Bozeman, MT at 5.4. The markets with the lowest months’ supply of inventory were Hartford CT at 1.2, Manchester, NH at 1.3 and Albuquerque, NM, Philadelphia, PA, Milwaukee, WI and Seattle, WA tied at 1.6.
U.S. Metros – metrics reflect year-over-year data
| City | Closed Sales | Active Inventory | New Listings | Months' Supply | Days on Market | Median Price Sold | Median Listing Price of New Listings | List-to-Close Price Ratio |
|---|---|---|---|---|---|---|---|---|
| All NHR Markets | 8.5% | 20.0% | 0.9% | 15.1% | 48 | $439,000 | $459,500 | 98% |
| Albuquerque, NM | 6.2% | 19.7% | -10.3% | 16.0% | 47 | $365,000 | $377,000 | 98% |
| Anchorage, AK | 3.7% | 3.1% | 1.8% | 14.1% | 34 | $424,000 | $423,530 | 99% |
| Atlanta, GA | 6.3% | 21.1% | 2.5% | 20.5% | 54 | $397,000 | $420,000 | 98% |
| Baltimore, MD | 6.6% | 32.9% | -28.7% | 34.0% | 32 | $400,000 | $395,000 | 100% |
| Birmingham, AL | 11.9% | 15.2% | 12.4% | 15.4% | 59 | $309,900 | $296,093 | 99% |
| Boston, MA | 7.2% | 25.7% | 10.6% | -1.5% | 33 | $675,000 | $758,928 | 99% |
| Bozeman, MT | 4.2% | 1.4% | -11.7% | -5.1% | 76 | $715,000 | $765,000 | 95% |
| Burlington, VT | 13.4% | 23.6% | 12.8% | 2.0% | 39 | $480,000 | $495,000 | 99% |
| Charlotte, NC | 11.7% | 30.9% | 6.2% | 18.9% | 54 | $410,000 | $434,900 | 98% |
| Chicago, IL | 10.7% | 5.1% | 6.6% | -3.6% | 28 | $350,000 | $370,000 | 99% |
| Cincinnati, OH | 8.2% | 18.3% | 12.9% | 7.2% | 34 | $305,275 | $325,000 | 99% |
| Cleveland, OH | 13.3% | 14.6% | 6.6% | 3.4% | 31 | $255,000 | $259,000 | 99% |
| Coeur d'Alene, ID | 15.3% | -1.2% | 6.3% | -17.3% | 77 | $575,000 | $625,000 | 98% |
| Denver, CO | 6.9% | 21.4% | -1.9% | 26.6% | 54 | $585,000 | $599,900 | 98% |
| Des Moines, IA | 17.1% | 11.9% | 0.1% | 8.4% | 63 | $323,475 | $323,000 | 99% |
| Detroit, MI | 6.7% | 24.5% | 13.0% | 23.7% | 32 | $288,000 | $275,000 | 99% |
| Dover, DE | -10.6% | 24.7% | -32.5% | 36.4% | 45 | $350,000 | $359,925 | 99% |
| Fayetteville, AR | -0.8% | 52.9% | 20.1% | 44.5% | 55 | $366,040 | $399,000 | 98% |
| Hartford, CT | 6.0% | 6.8% | -0.1% | -1.2% | 25 | $380,000 | $389,000 | 103% |
| Houston, TX | 5.7% | 26.4% | 12.5% | 19.6% | 55 | $325,990 | $359,900 | 96% |
| Indianapolis, IN | -0.3% | 24.3% | 14.4% | 21.4% | 40 | $315,000 | $315,000 | 98% |
| Kansas City, MO / KS | 17.7% | 17.4% | 0.3% | 13.1% | 43 | $350,000 | $349,900 | 99% |
| Las Vegas, NV | 2.8% | 37.9% | 8.9% | 42.9% | 48 | $440,000 | $474,990 | 98% |
| Los Angeles, CA | 9.9% | 26.9% | 3.0% | 18.1% | 45 | $956,000 | $999,999 | 98% |
| Manchester, NH | 13.4% | 26.0% | 7.8% | 12.8% | 20 | $510,000 | $505,000 | 101% |
| Miami, FL | 13.3% | 16.5% | -5.1% | 7.8% | 83 | $490,500 | $519,995 | 94% |
| Miluwakee, WI | 5.6% | 11.8% | 5.6% | 9.8% | 23 | $380,000 | $359,900 | 100% |
| Minneapolis, MN | 9.9% | 4.4% | 4.3% | -2.5% | 36 | $390,000 | $399,900 | 100% |
| Nashville, TN | 5.6% | 23.6% | 13.4% | 17.6% | 41 | $450,000 | $510,000 | 98% |
| New Orleans, LA | 13.9% | 4.2% | -28.1% | -11.1% | 67 | $284,825 | $309,950 | 96% |
| New York, NY | 4.8% | 11.1% | 5.7% | 22.7% | 50 | $640,000 | $650,000 | 100% |
| Omaha, NE | 20.9% | 18.0% | 20.9% | 9.5% | 27 | $315,000 | $340,000 | 98% |
| Orlando, FL | 0.1% | 14.6% | -1.7% | 12.8% | 73 | $404,000 | $415,000 | 97% |
| Philadelphia, PA | 8.8% | 17.8% | -25.1% | 15.7% | 33 | $385,000 | $395,000 | 100% |
| Phoenix, AZ | 11.2% | 22.2% | 0.8% | 15.8% | 74 | $457,490 | $478,990 | 97% |
| Pittsburgh, PA | 12.1% | 10.2% | 7.6% | -1.1% | 43 | $255,000 | $274,900 | 98% |
| Portland, OR | 8.8% | 20.0% | -4.2% | 15.9% | 63 | $545,000 | $569,900 | 99% |
| Providence, RI | 15.3% | 13.9% | 4.7% | 2.4% | 39 | $520,000 | $524,700 | 99% |
| Raleigh, NC | 20.3% | 41.1% | 5.0% | 29.9% | 60 | $435,000 | $459,990 | 99% |
| Richmond, VA | 4.2% | 30.5% | 3.6% | 28.9% | 33 | $395,000 | $415,000 | 100% |
| Salt Lake City, UT | 7.7% | 22.7% | 5.3% | 26.4% | 56 | $549,000 | $569,900 | 98% |
| San Antonio, TX | 1.9% | 16.8% | -4.2% | 28.0% | 88 | $320,000 | $321,950 | 97% |
| San Diego, CA | 10.2% | 24.8% | 1.5% | 15.5% | 40 | $875,000 | $889,000 | 98% |
| San Francisco, CA | 13.3% | 8.4% | 1.1% | -1.5% | 36 | $1,100,000 | $1,098,000 | 102% |
| Seattle, WA | 3.4% | 31.8% | 7.6% | 30.7% | 60 | $723,500 | $765,000 | 99% |
| St. Louis, MO | 3.5% | 15.3% | 2.4% | -10.8% | 37 | $285,000 | $279,900 | 100% |
| Tampa, FL | 17.3% | 16.0% | 4.4% | 8.1% | 70 | $361,020 | $384,990 | 96% |
| Trenton, NJ | 2.3% | 27.3% | -38.3% | 54.1% | 39 | $470,000 | $479,900 | 99% |
| Tulsa, OK | 15.3% | 15.3% | 11.6% | -5.3% | 43 | $273,500 | $279,900 | 98% |
| Urban Honolulu, HI | 55.2% | 23.6% | -1.0% | 33.7% | 62 | $736,500 | $730,000 | 97% |
| Washington, D.C. | 4.0% | 44.7% | -21.1% | 42.0% | 35 | $570,000 | $599,990 | 99% |
| Wichita, KS | 17.8% | 38.3% | 18.7% | 22.7% | 38 | $245,000 | $250,000 | 99% |