DENVER – December home sales climbed 14.9% from November and were 5.0% ahead of December 2024. This report closes out a full year that closely mirrors 2024 across the 52 metro areas surveyed.
Home sales in 2025 were split through the year. While home sales trailed 2024 in six months, it exceeded 2024 in the other six – including five of the last seven months.
December’s Median Sales Price of $434,000 was 1.1% higher than the $429,000 Median Sales Price recorded a year ago. By contrast, December 2024 posted a 6.2% year-over-year increase compared to 2023. December 2025 also marked the 30th consecutive month of year-over-year price gains, though its percentage growth was the second smallest in the same two-and-a-half-year stretch.
“The December housing market continued to show signs of normalization. Inventory rose, prices leveled and activity remained resilient – all indicators of a market finding healthier footing,” said REMAX CEO Erik Carlson. “For buyers, easing rates and more options created opportunities that didn’t exist a year ago. For sellers, well-priced homes drew strong interest. It was a market where preparation and the guidance of a trusted professional mattered, and 2026 will likely be similar. REMAX agents stand ready to help buyers and sellers move forward with confidence.”
The biggest year-over-year change was in inventory. The number of homes for sale in December was up 16.5% compared to December 2024, even as new listings declined 6.6% year over year. Month over month, inventory fell 11.0% from November, while new listings dropped 23.2%.
The average Days on Market increased to 61 days – a full week longer than what was seen in November 2025 and December 2024 and the longest average listing-to-closing period in at least four years.
These shifting dynamics are playing out at local levels across the U.S. Tony Cammarota, a real estate agent with REMAX Distinctive in Mclean, Virginia, just outside Washington, D.C., notes:
“In the D.C. metro market, we’re seeing the beginning of a shift toward a more balanced environment – one where neither buyers nor sellers hold a clear advantage,” said Cammarota. “Homes are spending more time on the market, and seller concessions are becoming more common, highlighting this change. Generally speaking, a balanced market is a healthy market. At the same time, interest rates continue to trend downward, helping support buyer activity.”
Additional metrics include:
- Buyers paid an average of 98% of the asking price in December – unchanged from both November 2025 and December 2024.
- Months’ Supply of Inventory was 3.5, up from 3.3 months in November and 3.0 one year ago.
Highlights and local market results for December include:
New Listings
In the 52 metro areas surveyed in December 2025, the number of newly listed homes was down 6.6% compared to December 2024, and down 23.2% compared to November 2025. The markets with the biggest year-over-year decrease in new listings were Dover, DE at -49.8%, Trenton, NJ at -46.2%, and Philadelphia, PA at -46.1%. The markets with the biggest year-over-year increase in new listings were Nashville, TN at +11.8%, Raleigh, NC at +10.7% and Boston, MA at +9.6%.
Closed Transactions
Of the 52 metro areas surveyed in December 2025, the overall number of home sales was up 5.0% compared to December 2024, and up 14.9% compared to November 2025. The markets with the biggest increase in year-over-year sales percentage were Manchester, NH at +31.7%, Wichita, KS at +25.5% and Raleigh, NC at +19.2%. The markets with the biggest decrease in year-over-year sales percentages were Bozeman, MT at -5.8%, Coeur d’Alene, ID at -4.6%, and Washington, DC at -1.9%.
Median Sales Price – Median of 52 metro area prices
In December 2025, the median of all 52 metro area sales prices was $434,000 up 1.1% from December 2024, and down 0.3% compared to November 2025. The markets with the biggest year-over-year increase in median sales price were Coeur d’Alene, ID at +8.5%, Burlington, VT at +7.3%, and Anchorage, AK at +7.0%. The markets with the biggest year-over-year decrease in median sales price were Dover, DE at -10.4%, Honolulu, HI at -4.8%, and San Francisco, CA at -4.0%.
Close-to-List Price Ratio – Average of 52 metro area prices
In December 2025, the average close-to-list price ratio of all 52 metro areas in the report was 98%, the same as December 2024 and November 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 highest close-to-list price ratios were Hartford, CT at 101.8%, San Francisco, CA at 101.6% and New York, NY at 100.1%. The metro areas with the lowest close-to-list price ratio were Miami, FL at 93.5%, Bozeman, MT at 95.3% and Houston, TX at 96.3%.
Days on Market – Average of 52 metro areas
The average days on market for homes sold in December 2025 was 61, up seven days compared to both the average in December 2024 (54) and November 2025 (54). The metro areas with the biggest year-over-year increase for days on market averages were St. Louis, MO at +45.0% (54 days), Baltimore, MD at +33.1% (45 days) and Raleigh, NC at +27.0% (78 days). The markets with the biggest year-over-year decrease for days on market averages were Fayetteville, AR at -14.0% (71 days), New Orleans, LA at -9.9% (72 days) and Des Moines, IA at -6.9% (72 days). 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 December 2025 was up 16.5% from December 2024, and down 11.0% from November 2025. Based on the rate of home sales in December 2025, the months’ supply of inventory was 3.5, up from 3.0 from December 2024, and up from 3.3 from November 2025. In December 2025, the markets with the highest months’ supply of inventory were Miami, FL at 8.7, San Antonio, TX at 6.7 and Honolulu, HI at 6.4. The markets with the lowest months’ supply of inventory were Manchester, NH at 1.2, Seattle, WA at 1.3 and Albuquerque, NM at 1.5.
| City | State | Closed Sales | Active Inventory | New Listings | Months' Supply | Days on Market | Median Price | Median Listing | List-to-Close |
|---|---|---|---|---|---|---|---|---|---|
| All NHR Markets | 5.0% | 16.5% | -6.6% | 16.1% | 61 | $433,668 | $419,000 | 98% | |
| Albuquerque | NM | 1.1% | 17.8% | -1.7% | 14.6% | 53 | $355,000 | $355,000 | 98% |
| Anchorage | AK | 16.1% | -8.7% | -16.2% | -13.3% | 66 | $410,000 | $415,000 | 99% |
| Atlanta | GA | 1.4% | 11.5% | -3.0% | 14.1% | 65 | $385,000 | $395,000 | 97% |
| Baltimore | MD | 3.2% | 28.0% | -44.8% | 40.3% | 45 | $399,900 | $345,000 | 99% |
| Birmingham | AL | 3.1% | 12.9% | 0.4% | 12.6% | 73 | $302,875 | $285,000 | 98% |
| Boston | MA | 4.2% | 24.2% | 9.6% | 16.5% | 52 | $675,000 | $649,000 | 99% |
| Bozeman | MT | -5.8% | 11.6% | -11.6% | 10.7% | 106 | $690,000 | $844,000 | 95% |
| Burlington | VT | 10.2% | 27.4% | -17.6% | 18.7% | 53 | $456,000 | $399,900 | 98% |
| Charlotte | NC | 7.8% | 26.8% | 3.1% | 20.3% | 64 | $415,000 | $395,000 | 98% |
| Chicago | IL | 4.1% | 1.1% | -2.1% | 10.8% | 42 | $345,000 | $339,900 | 99% |
| Cincinnati | OH | 11.3% | 15.5% | 0.3% | 21.5% | 50 | $306,000 | $309,900 | 98% |
| Cleveland | OH | 9.7% | 9.3% | -0.8% | 13.2% | 44 | $242,200 | $229,000 | 98% |
| Coeur d'Alene | ID | -4.6% | -1.9% | 7.8% | 0.7% | 100 | $575,000 | $569,000 | 97% |
| Denver | CO | -0.6% | 11.8% | -3.1% | 21.4% | 75 | $570,000 | $532,375 | 98% |
| Des Moines | IA | 7.0% | 11.5% | -6.7% | 11.6% | 72 | $307,500 | $325,000 | 98% |
| Detroit | MI | 1.0% | 22.2% | 1.4% | 32.1% | 43 | $271,750 | $244,900 | 98% |
| Dover | DE | -1.7% | -5.0% | -49.8% | -0.1% | 55 | $313,500 | $334,999 | 98% |
| Fayetteville | AR | 1.0% | 39.7% | 1.6% | 26.8% | 71 | $379,450 | $392,520 | 97% |
| Hartford | CT | 6.3% | 17.5% | -5.3% | 31.5% | 31 | $370,000 | $349,900 | 102% |
| Honolulu | HI | 17.2% | 7.4% | -3.7% | 10.1% | 60 | $740,000 | $703,535 | 97% |
| Houston | TX | 3.6% | 18.0% | 6.8% | 12.1% | 65 | $334,100 | $349,000 | 96% |
| Indianapolis | IN | 5.6% | 22.0% | -1.8% | 29.8% | 58 | $310,000 | $299,000 | 97% |
| Kansas City | MO | 5.4% | 11.8% | 4.6% | 5.1% | 63 | $340,000 | $330,000 | 99% |
| Las Vegas | NV | -0.9% | 25.9% | 3.1% | 32.1% | 58 | $442,000 | $450,000 | 97% |
| Los Angeles | CA | 0.3% | 15.8% | 3.7% | 18.6% | 53 | $925,000 | $899,999 | 98% |
| Manchester | NH | 31.7% | 15.1% | 4.6% | -3.0% | 28 | $500,000 | $449,450 | 100% |
| Miami | FL | 13.9% | 34.5% | -7.7% | 21.0% | 76 | $500,000 | $519,900 | 94% |
| Milwaukee | WI | 0.3% | 6.6% | -4.4% | 12.4% | 42 | $350,000 | $344,900 | 99% |
| Minneapolis | MN | 2.6% | 7.7% | -0.9% | 18.7% | 50 | $380,000 | $399,000 | 99% |
| Nashville | TN | 4.9% | 21.0% | 11.8% | 9.6% | 48 | $460,000 | $492,990 | 97% |
| New Orleans | LA | 0.8% | 20.3% | 0.3% | 24.9% | 72 | $294,227 | $299,999 | 97% |
| New York | NY | 5.1% | 8.8% | 3.4% | 8.1% | 62 | $640,000 | $611,245 | 100% |
| Omaha | NE | 12.6% | 12.5% | 8.1% | 18.5% | 41 | $310,000 | $315,000 | 99% |
| Orlando | FL | 2.3% | 8.3% | 0.5% | 3.7% | 79 | $399,990 | $405,000 | 97% |
| Philadelphia | PA | 9.2% | 15.8% | -46.1% | 24.6% | 42 | $385,000 | $348,000 | 99% |
| Phoenix | AZ | 12.5% | 9.8% | 3.9% | -0.5% | 80 | $457,500 | $469,500 | 97% |
| Pittsburgh | PA | 3.8% | 2.9% | 0.5% | 2.5% | 59 | $245,000 | $234,900 | 97% |
| Portland | OR | 7.5% | 14.4% | -4.7% | 24.4% | 88 | $535,000 | $515,000 | 98% |
| Providence | RI | 8.2% | 15.8% | 0.3% | 17.1% | 49 | $484,900 | $499,000 | 99% |
| Raleigh | NC | 19.2% | 32.0% | 10.7% | 27.6% | 78 | $430,000 | $412,309 | 98% |
| Richmond | VA | -0.2% | 9.8% | -16.1% | 12.0% | 45 | $395,000 | $399,245 | 100% |
| Salt Lake City | UT | 3.5% | 18.2% | 5.5% | 7.8% | 71 | $542,000 | $525,000 | 98% |
| San Antonio | TX | 7.1% | 7.8% | -12.5% | 5.5% | 102 | $310,000 | $307,000 | 96% |
| San Diego | CA | 3.4% | 17.6% | 6.4% | 12.3% | 45 | $875,000 | $849,000 | 98% |
| San Francisco | CA | 3.9% | -1.5% | -5.8% | -11.0% | 55 | $1,018,500 | $898,094 | 102% |
| Seattle | WA | 4.0% | 32.2% | -4.3% | 29.7% | 80 | $695,485 | $688,900 | 98% |
| St. Louis | MO | 4.5% | 11.5% | -3.0% | -19.7% | 54 | $275,900 | $254,900 | 99% |
| Tampa | FL | 3.0% | 12.0% | -10.2% | 18.1% | 76 | $375,000 | $375,000 | 96% |
| Trenton | NJ | 2.5% | 28.6% | -46.2% | 50.9% | 51 | $465,000 | $449,950 | 99% |
| Tulsa | OK | 14.5% | 16.7% | 5.9% | -0.6% | 54 | $270,000 | $274,950 | 97% |
| Washington | DC | -1.9% | 35.4% | -45.7% | 46.6% | 45 | $580,000 | $525,000 | 99% |
| Wichita | KS | 25.5% | 24.2% | 5.4% | 3.3% | 48 | $230,000 | $239,000 | 99% |
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Report Details
The REMAX National Housing Report is distributed monthly on or about the 15th. The Report is based on MLS data for the stated month in 52 metropolitan areas, includes single-family residential property types, and is not annualized. For maximum representation, most of the largest metro areas in the country are represented, and an attempt is made to include at least one metro area in almost every state. Metro areas are defined by the Core Based Statistical Areas (CBSAs) established by the U.S. Office of Management and Budget.
Definitions
Closed 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 (pending listings) during the month. Where “pending” data is unavailable, an inferred pending status is calculated using closed transactions. Days on Market is the average number of days that pass from the time a property is listed until the property goes under contract. Median Sales Price for a metro area is the median sales price for closed transactions in that metro area. The nationwide Median Sales Price is calculated at the nationwide aggregate level using all sale prices from the included metro areas. The Close-to-List Price Ratio is the average value of the sales price divided by the list price for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings company. While MLS data is believed to be reliable, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month, the previous period’s data is updated to ensure accuracy over time. Raw data remains the intellectual property of each local MLS organization.