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Overview of November 2025 Housing Market Trends

The U.S. housing market maintained a steady pattern throughout November 2025, yet significant shifts are evident beneath the surface. The latest monthly housing report from Realtor.com® highlights two prominent trends: an increase in delistings and the emergence of what are referred to as "refuge markets." As affordability challenges continue to impact both buyers and sellers, these factors are reshaping the dynamics of home purchasing in the United States.

Rising Delistings Indicate Seller Retreat

In November, delistings surged by 37.9% year-over-year, as more homeowners opted to withdraw their properties from the market rather than lower their asking prices. This trend is indicative of a growing disconnect between seller expectations and buyer affordability. Danielle Hale, Chief Economist at Realtor.com®, notes that sellers are less willing to engage in a market that doesn't meet their price expectations, leading to a significant pullback in listings. For context, this represents the highest annual delisting rate since Realtor.com® began tracking these metrics in 2022.

The delisting-to-new-listing ratio climbed to 0.27 in October, indicating that for every 100 new listings introduced to the market, 27 properties were removed. Regions such as Miami and Denver exhibited particularly high delisting rates, surpassing previous year's levels as sellers became more selective. Therefore, as buyers are compelled to move away from their preferred markets, sellers are choosing to step back from the listing process altogether.

Emergence of Refuge Markets

In response to affordability pressures, the concept of refuge markets has gained popularity. These are typically smaller cities or areas where home prices remain relatively low compared to national averages but are experiencing an influx of buyers eager to find affordability amidst soaring prices elsewhere. Top-performing refuge markets such as Grand Rapids and St. Louis have reported substantial year-on-year price increases — largely due to strong demand, even though these areas are still considered affordable.

For instance, Grand Rapids, MI, saw a year-on-year increase of 5.5% in price per square foot, reflecting a growing interest that cannot be overlooked. Similarly, St. Louis, Cleveland, and Milwaukee have also noted significant appreciation while still remaining below the national median home price. These trends underscore a shift in housing demand that caters to budget-conscious buyers who are now prioritizing affordability.

Overall Market Dynamics

Despite a slight decline in the median listing price, which stood at $415,000 in November — down 0.4% from the previous year and by 2.2% month-over-month — longer-term trends suggest substantial growth over time. For instance, median listing prices have increased by over 36.1% compared to November 2019, largely driven by years of rapid price growth.

Moreover, active listings have experienced an annual growth rate of 12.6%, marking the 25th consecutive month of year-over-year increases. Yet, the pace of inventory growth has decelerated, falling from around 30% to the current rate, indicating that while there are more homes available, the quantity is still below the norm observed from 2017 to 2019.

The spike in the percent of active listings with price reductions, up to 18.0%, further highlights the competitive landscape for sellers and the necessity to adjust expectations to meet buyers’ financial realities. Many sellers are having to offer price cuts in order to attract interest amidst a steady shift in buyer behavior.

Looking Ahead

As we transition into 2026, the ongoing concerns regarding affordability alongside gradual market improvements may help restore balance to the housing sector. The expectation is for the mortgage rates to stabilize, coupled with more consistent inventory levels, to provide buyers with greater options and leverage.

In conclusion, the shifts currently taking place in the U.S. housing market—reflected in both affordability challenges and the rise of refuge markets—are critical for buyers and sellers to comprehend as they navigate their next decisions. As these factors continue to evolve, understanding their impact will be essential for anyone looking to engage in the housing market in the coming year.