Americans now need to earn $114,000 to afford the median-priced homePending home sales fall for the fourth straight month YoY, down 3.2%Active listings rise 30.6% YoY, surpassing April 2020 levelsPrice reductions hit 18.0% of listings
AUSTIN, Texas, May 1, 2025 /PRNewswire/ — A U.S. household now needs to earn $114,000 annually to afford a median-priced home. That’s up 70.1% from $67,000 just six years ago according to the Realtor.com® April Housing Trends Report. While it’s clear that buying a home has become significantly more expensive, there are optimistic signs that today’s market is slowly shifting in buyers’ favor. Inventory is climbing, more sellers are adjusting their prices, and buyers are beginning to gain a bit more leverage in the market.
“Even with today’s affordability hurdles, meaningful changes in the market could give buyers a better shot at finding a home,” said Danielle Hale, Chief Economist at Realtor.com®. “The number of homes for sale is rising in many markets, giving shoppers more choices than they’ve had in years. Sellers are becoming more flexible on pricing, underscored by the price reductions we’re seeing, and while higher mortgage rates are certainly weighing on demand, the silver lining is that the market is starting to rebalance. This could create opportunities for buyers who are prepared.”
April 2025 Housing Metrics – National (*For metro stats, see Table 1 and Table 2 below)
Metric
April 2025
Change over
Mar. 2025 (MoM)
Change over
Apr. 2024 (YoY)
Change over
Apr. 2019
Median listing price
$431,250
+1.5 %
+0.3 %
+36.9 %
Active listings
959,251
+7.5 %
+30.6 %
-15.6 %
New listings
471,788
+8.2 %
+9.2 %
-14.6 %
Median days on market
50
-3 days
+4 days
-4 days
Share of active listings with price reductions
18.0 %
+0.5 percentage points
+2.5 percentage points
+3.5 percentage points
Median List Price Per Sq.Ft.
$233
+1.0 %
+1.1 %
+54.0 %
A $114,000 Homeownership Threshold
Since 2019, the income required to afford the median-priced home has risen $47,000 to $114,00. This figure assumes a 30-year fixed mortgage, a 20% down payment, and no more than 30% of gross monthly income spent on housing. The widening gap is fueled by a combination of rapid home price appreciation and elevated mortgage rates but in some markets, the bar is even higher.
Markets with the Highest Required Incomes to Afford a Home
Metro Area
Required Income to Afford Median Home
Required Income vs Apr. 2019
San Jose-Sunnyvale-Santa Clara, CA
$370,069
+54.3 %
San Francisco-Oakland-Fremont, CA
$263,023
+30.5 %
Los Angeles-Long Beach-Anaheim, CA
$315,892
+86.0 %
San Diego-Chula Vista-Carlsbad, CA
$258,926
+73.4 %
Seattle-Tacoma-Bellevue, WA
$206,777
+54.9 %
Boston-Cambridge-Newton, MA-NH
$232,095
+81.9 %
New York-Newark-Jersey City, NY-NJ
$208,687
+69.4 %
Denver-Aurora-Centennial, CO
$158,462
+42.2 %
Sacramento-Roseville-Folsom, CA
$167,481
+61.7 %
Washington-Arlington-Alexandria, DC-VA-MD-WV
$164,682
+59.1 %
Five California markets showed up in the list above. The state, along with many others represented here, are among the lowest scorers in a recent Realtor.com® analysis, which assigned a grade (A+ through F) to each state based on home affordability. And, it’s clear that California has a lot of homework to do – pun intended.
January Set the Tone and April Followed: Pending Home Sales Continue to Drop
From October to December last year, pending home sales were relatively stronger on a year-over-year basis. But since January, the momentum has shifted, and in April, pending home sales declined 3.2% compared with a year ago, marking the fourth consecutive month of annual declines. A renewed rise in mortgage rates, now back to levels seen in early 2024, is likely a key factor behind the slowdown. As borrowing costs climbed again in late April, some buyers who had been waiting for more favorable conditions are hitting pause, injecting new uncertainty into the market as it moves into the typically busy summer season.
Shifts in Pending Home Sales YoY
Month
YoY Change in Pending Home Sales
April 2025
– 3.2 %
March 2025
– 5.3 %
February 2025
– 5.4 %
January 2025
– 4.1 %
December 2024
+ 2.4 %
November 2024
+ 8.2 %
October 2024
+ 4.3 %
Where’s the Silver Lining?
In light of affordability concerns and more choice for buyers, data suggest that some sellers are meeting buyers in the middle. This month, 18.0% of listings saw price reductions. Additionally, active listings were up 30.6% year-over-year, surpassing April 2020 levels, a notable pandemic-era benchmark.
The West (+41.7%) and South (+33.3%) led the way in active listings growth, while certain markets, including San Diego (+70.1%), San Jose (+67.6%), and Washington, D.C. (+69.3%) saw the biggest local gains. Despite this, nationwide inventory still sits 16.3% below 2017–2019 norms, meaning buyers have more options but the market hasn’t fully recovered.
The full April 2025 monthly housing trends report with additional findings can be found here.
*Table 1: April 2025 Top 50 Metros Median Listing Price and Income
Metro Area
Median Listing
Price
Median Listing
Price YoY
Median
Listing Price
per Sq. Ft.
YoY
Median Listing
Price vs April
2019
Required
Income to
Afford
Median Home
Required
Income vs
April 2019
Atlanta-Sandy Springs-Roswell, Ga.
$412,470
-0.8 %
-1.3 %
26.9 %
$109,034
57.7 %
Austin-Round Rock-San Marcos, Texas
$525,000
-5.9 %
-5.1 %
41.9 %
$138,781
76.3 %
Baltimore-Columbia-Towson, Md.
$392,688
11.5 %
4.0 %
19.0 %
$103,805
47.9 %
Birmingham, Ala.
$299,900
1.5 %
0.8 %
18.8 %
$79,277
47.6 %
Boston-Cambridge-Newton, Mass.-N.H.
$878,000
0.9 %
1.6 %
46.4 %
$232,095
81.9 %
Buffalo-Cheektowaga, N.Y.
$280,000
-1.7 %
1.2 %
31.8 %
$74,017
63.8 %
Charlotte-Concord-Gastonia, N.C.-S.C.
$439,500
4.0 %
1.0 %
25.6 %
$116,180
56.1 %
Chicago-Naperville-Elgin, Ill.-Ind.
$372,450
-4.4 %
-0.5 %
9.8 %
$98,455
36.4 %
Cincinnati, Ohio-Ky.-Ind.
$347,725
-7.3 %
2.3 %
23.8 %
$91,919
53.8 %
Cleveland, Ohio
$267,450
7.0 %
8.5 %
34.5 %
$70,699
67.1 %
Columbus, Ohio
$377,450
-4.9 %
1.3 %
24.8 %
$99,777
55.1 %
Dallas-Fort Worth-Arlington, Texas
$430,000
-4.4 %
-0.7 %
19.4 %
$113,668
48.4 %
Denver-Aurora-Centennial, Colo.
$599,450
-4.1 %
-1.1 %
14.5 %
$158,462
42.2 %
Detroit-Warren-Dearborn, Mich.
$253,575
1.4 %
1.8 %
1.3 %
$67,031
25.8 %
Grand Rapids-Wyoming-Kentwood, Mich.
$397,000
-2.6 %
1.0 %
36.9 %
$104,945
70.2 %
Hartford-West Hartford-East Hartford, Conn.
$453,675
6.8 %
7.0 %
49.7 %
$119,927
86.0 %
Houston-Pasadena-The Woodlands, Texas
$369,900
0.2 %
-0.6 %
14.7 %
$97,781
42.5 %
Indianapolis-Carmel-Greenwood, Ind.
$329,211
-3.4 %
-0.8 %
18.7 %
$87,025
47.4 %
Jacksonville, Fla.
$399,995
-4.8 %
-2.9 %
28.1 %
$105,737
59.2 %
Kansas City, Mo.-Kan.
$399,450
-5.3 %
0.5 %
23.9 %
$105,593
53.9 %
Las Vegas-Henderson-North Las Vegas, Nev.
$475,000
0.0 %
0.9 %
50.1 %
$125,564
86.5 %
Los Angeles-Long Beach-Anaheim, Calif.
$1,195,000
0.3 %
1.4 %
49.7 %
$315,892
86.0 %
Louisville/Jefferson County, Ky.-Ind.
$324,950
-0.6 %
1.9 %
16.2 %
$85,899
44.4 %
Memphis, Tenn.-Miss.-Ark.
$345,495
1.8 %
1.6 %
56.8 %
$91,330
94.8 %
Miami-Fort Lauderdale-West Palm Beach, Fla.
$510,000
-5.6 %
-4.2 %
27.8 %
$134,816
58.8 %
Milwaukee-Waukesha, Wis.
$385,000
2.3 %
5.3 %
26.5 %
$101,773
57.1 %
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
$447,400
-0.5 %
-0.2 %
20.4 %
$118,268
49.6 %
Nashville-Davidson-Murfreesboro-Franklin, Tenn.
$549,450
-4.0 %
-1.4 %
48.5 %
$145,244
84.6 %
New York-Newark-Jersey City, N.Y.-N.J.
$789,450
1.9 %
-2.3 %
36.3 %
$208,687
69.4 %
Oklahoma City, Okla.
$322,255
-2.3 %
0.4 %
27.4 %
$85,186
58.3 %
Orlando-Kissimmee-Sanford, Fla.
$425,000
-3.4 %
-2.1 %
35.8 %
$112,347
68.7 %
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
$375,000
1.4 %
2.7 %
36.4 %
$99,129
69.4 %
Phoenix-Mesa-Chandler, Ariz.
$525,000
-2.2 %
-0.9 %
41.4 %
$138,781
75.7 %
Pittsburgh, Pa.
$243,724
0.5 %
1.6 %
33.2 %
$64,427
65.6 %
Portland-Vancouver-Hillsboro, Ore.-Wash.
$614,950
0.0 %
-0.5 %
29.2 %
$162,559
60.6 %
Providence-Warwick, R.I.-Mass.
$584,900
11.5 %
6.9 %
55.2 %
$154,615
92.8 %
Raleigh-Cary, N.C.
$451,245
-0.5 %
-0.3 %
22.0 %
$119,284
51.6 %
Richmond, Va.
$458,950
0.0 %
2.3 %
37.2 %
$121,321
70.5 %
Riverside-San Bernardino-Ontario, Calif.
$602,500
0.4 %
0.3 %
46.8 %
$159,268
82.4 %
Sacramento-Roseville-Folsom, Calif.
$633,570
-2.5 %
-1.5 %
30.1 %
$167,481
61.7 %
San Antonio-New Braunfels, Texas
$339,950
-1.3 %
-2.3 %
15.0 %
$89,864
42.9 %
San Diego-Chula Vista-Carlsbad, Calif.
$979,500
-6.7 %
-3.0 %
39.5 %
$258,926
73.4 %
San Francisco-Oakland-Fremont, Calif.
$995,000
-3.1 %
-5.6 %
5.0 %
$263,023
30.5 %
San Jose-Sunnyvale-Santa Clara, Calif.
$1,399,947
-4.6 %
-1.8 %
24.2 %
$370,069
54.3 %
Seattle-Tacoma-Bellevue, Wash.
$782,225
0.9 %
3.4 %
24.7 %
$206,777
54.9 %
St. Louis, Mo.-Ill.
$294,900
0.2 %
-0.9 %
31.1 %
$77,955
62.9 %
Tampa-St. Petersburg-Clearwater, Fla.
$410,000
-2.4 %
-2.3 %
46.5 %
$108,381
82.0 %
Tucson, Ariz.
$396,133
-3.2 %
-0.7 %
32.7 %
$104,716
64.9 %
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.
$409,950
3.8 %
4.8 %
39.7 %
$108,368
73.6 %
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
$622,983
-0.6 %
-2.9 %
28.1 %
$164,682
59.1 %
*Table 2: April 2025 Top 50 Metros Inventory, Days on Market and Price Reduction
Metro Area
Active Listing
Count YoY
New Listing
Count YoY
Median Days
on Market
Median Days
on Market Y-Y
(Days)
Price–
Reduced
Share
Price-
Reduced
Share Y-Y
(Percentage
Points)
Atlanta-Sandy Springs-Roswell, Ga.
45.2 %
8.8 %
46
7
20.8 %
3.1 pp
Austin-Round Rock-San Marcos, Texas
24.5 %
-0.6 %
44
2
25.9 %
1.2 pp
Baltimore-Columbia-Towson, Md.
47.7 %
11.3 %
29
-7
13.4 %
1.4 pp
Birmingham, Ala.
18.2 %
-1.9 %
50
4
16.1 %
1.4 pp
Boston-Cambridge-Newton, Mass.-N.H.
25.7 %
20.1 %
25
1
12.1 %
1.7 pp
Buffalo-Cheektowaga, N.Y.
3.2 %
8.4 %
35
1
6.5 %
1.2 pp
Charlotte-Concord-Gastonia, N.C.-S.C.
53.0 %
17.9 %
42
5
21.1 %
4.2 pp
Chicago-Naperville-Elgin, Ill.-Ind.
11.4 %
1.9 %
33
-1
10.4 %
1.8 pp
Cincinnati, Ohio-Ky.-Ind.
24.0 %
9.6 %
34
3
13.2 %
2.5 pp
Cleveland, Ohio
21.0 %
3.6 %
38
-2
13.0 %
2.1 pp
Columbus, Ohio
37.9 %
7.5 %
31
6
18.8 %
3.6 pp
Dallas-Fort Worth-Arlington, Texas
42.8 %
11.1 %
43
3
25.8 %
4.1 pp
Denver-Aurora-Centennial, Colo.
65.0 %
24.7 %
36
4
27.2 %
6.1 pp
Detroit-Warren-Dearborn, Mich.
16.7 %
10.6 %
37
-3
12.6 %
2.7 pp
Grand Rapids-Wyoming-Kentwood, Mich.
15.4 %
-3.6 %
33
2
9.1 %
-0.3 pp
Hartford-West Hartford-East Hartford, Conn.
15.2 %
10.2 %
30
-1
6.7 %
1.1 pp
Houston-Pasadena-The Woodlands, Texas
33.9 %
10.7 %
44
1
19.2 %
1.1 pp
Indianapolis-Carmel-Greenwood, Ind.
19.7 %
7.5 %
40
2
19.8 %
1.7 pp
Jacksonville, Fla.
35.2 %
0.4 %
57
7
27.6 %
2.7 pp
Kansas City, Mo.-Kan.
11.8 %
11.1 %
47
0
12.6 %
0.5 pp
Las Vegas-Henderson-North Las Vegas, Nev.
60.7 %
18.2 %
44
5
21.4 %
7.5 pp
Los Angeles-Long Beach-Anaheim, Calif.
54.6 %
8.3 %
44
5
14.3 %
5.6 pp
Louisville/Jefferson County, Ky.-Ind.
22.9 %
10.5 %
39
-1
14.7 %
1.0 pp
Memphis, Tenn.-Miss.-Ark.
30.8 %
-7.6 %
56
8
20.6 %
0.4 pp
Miami-Fort Lauderdale-West Palm Beach, Fla.
40.7 %
-1.0 %
72
8
20.1 %
1.2 pp
Milwaukee-Waukesha, Wis.
2.3 %
5.2 %
30
-1
8.7 %
1.8 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis.
8.9 %
8.4 %
33
-3
10.6 %
0.0 pp
Nashville-Davidson-Murfreesboro-Franklin, Tenn.
34.3 %
4.7 %
47
16
18.8 %
-0.5 pp
New York-Newark-Jersey City, N.Y.-N.J.
3.2 %
3.3 %
45
-1
7.6 %
0.6 pp
Oklahoma City, Okla.
30.0 %
-0.9 %
43
2
18.4 %
0.4 pp
Orlando-Kissimmee-Sanford, Fla.
44.7 %
5.3 %
62
8
23.4 %
2.8 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.
18.2 %
6.2 %
35
-5
12.6 %
1.2 pp
Phoenix-Mesa-Chandler, Ariz.
33.3 %
22.9 %
52
-3
31.3 %
7.6 pp
Pittsburgh, Pa.
16.8 %
8.9 %
47
-5
15.7 %
2.4 pp
Portland-Vancouver-Hillsboro, Ore.-Wash.
30.6 %
8.2 %
44
5
23.3 %
2.5 pp
Providence-Warwick, R.I.-Mass.
33.9 %
10.2 %
29
0
8.2 %
1.5 pp
Raleigh-Cary, N.C.
58.2 %
16.2 %
43
5
20.1 %
6.6 pp
Richmond, Va.
20.6 %
12.9 %
36
-5
9.9 %
1.5 pp
Riverside-San Bernardino-Ontario, Calif.
52.4 %
12.6 %
52
7
18.3 %
4.3 pp
Sacramento-Roseville-Folsom, Calif.
49.6 %
13.1 %
38
6
17.9 %
3.3 pp
San Antonio-New Braunfels, Texas
20.1 %
9.5 %
58
4
25.6 %
2.4 pp
San Diego-Chula Vista-Carlsbad, Calif.
70.1 %
14.4 %
37
4
17.8 %
5.9 pp
San Francisco-Oakland-Fremont, Calif.
42.6 %
5.5 %
33
6
13.4 %
4.1 pp
San Jose-Sunnyvale-Santa Clara, Calif.
67.6 %
2.4 %
24
3
12.0 %
4.3 pp
Seattle-Tacoma-Bellevue, Wash.
50.1 %
7.5 %
30
2
14.4 %
5.6 pp
St. Louis, Mo.-Ill.
16.8 %
0.6 %
39
4
13.5 %
1.5 pp
Tampa-St. Petersburg-Clearwater, Fla.
32.1 %
6.0 %
58
6
29.3 %
1.8 pp
Tucson, Ariz.
56.5 %
14.9 %
51
6
23.5 %
4.6 pp
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.
32.1 %
9.4 %
35
3
16.0 %
2.2 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.
69.3 %
16.1 %
25
-5
13.8 %
3.6 pp
Methodology
Realtor.com housing data as of April 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts. With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
About Realtor.com®
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Media contact: Asees Singh, press@realtor.com
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