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RE/MAX National Housing Report – March 2025

March has always marked a crucial period in the seasonal rise of home sales, leading up to the busy summer months. This year, the results were extraordinary. According to the latest RE/MAX National Housing Report, home sales surged by 23.0% compared to February, representing the most significant month-over-month sales growth since March 2023, when sales increased by 37.4%. However, it's noteworthy that home sales were down by 1.4% when compared to March 2024.

Increased Inventory Driving Sales

One of the key drivers of this surge appears to be the increased number of available homes. Active inventory across the 50 metropolitan areas surveyed rose by 35.5% year-over-year. Specifically, the number of homes for sale rose by 8.0% from February to March and is now 35.5% higher than last year. This boost in inventory can be attributed to a 29.8% increase in new listings when compared to February, alongside a 7.9% growth compared to the same month last year.

The median sales price for homes also saw a rise, climbing to $435,000, which is approximately $8,000 (or 1.8%) above February’s figures and $15,000 (or 3.5%) higher than March 2024.

Erik Carlson, the CEO of RE/MAX Holdings, commented, "As we head into the prime homebuying season, the uptick in sales and inventory may lead to even more positive market activity. With a decent supply of homes available and the mortgage rates showing signs of improvement, many buyers are experiencing what could be the most favorable conditions they've seen in years."

Regional Notables

A closer look at specific regions revealed that Washington D.C. experienced the most substantial increase in active listings, with a notable 25.3% jump since February. Bryan Cantio, an agent at RE/MAX Allegiance in D.C., noted, "We've seen a steady uptick in inventory since January, but the surge really became pronounced mid-March. This is a positive development for buyers who have faced low inventory for nearly two decades. However, sellers may need to prepare for a more unpredictable market."

Additional Market Metrics

In March, buyers achieved 99% of the asking price on average, a figure consistent with the previous months. The days on market for homes decreased to 44 days, although that is still five days longer than it was in March 2024. The months' supply of inventory stands at 2.3, down from 2.7 last month yet higher than the 1.7 reported a year ago.

Among the markets with the most significant year-over-year increases in new listings are Las Vegas, NV (+28.0%), Nashville, TN (+26.5%), and Manchester, NH (+26.3%). Conversely, the greatest declines in new listings were in Birmingham, AL (-13.4%), Minneapolis, MN (-12.7%), and Des Moines, IA (-12.0%).

In terms of closed transactions, while March 2025's numbers grew by 23.0% compared to February, there was a slight 1.4% decrease compared to last year. Notably, San Francisco, CA saw a year-over-year increase in home sales by 13.3%, while markets like Bozeman, MT and New Orleans, LA experienced declines.

Price Trends

The median sales price across the surveyed metropolitan areas saw significant variability as well, with areas like Burlington, VT witnessing the most substantial increase (22.4% year-over-year). Meanwhile, places such as Honolulu, HI and New Orleans, LA unfortunately experienced declines in their median sales prices.

In March 2025, the close-to-list price ratio averaged 99%, with markets like San Francisco, CA leading the way at 104.8%.

Overall, as RE/MAX continues to track the ever-evolving housing market, March 2025 clearly marks a dynamic shift with more homes available and some regions witnessing increased activity. As we venture further into the year, the real estate landscape will likely continue to change, driven by these new developments and buyer behaviors.

Conclusion

Stay tuned for the next edition of the RE/MAX National Housing Report for updates on how these trends develop as we approach summer.

For more detailed insights, please visit RE/MAX News.