November 2025 Residential Real Estate Market Report: A Market in Transition

As we close out November 2025, the residential real estate market is showing clear signs of adjustment, with buyers gaining more negotiating power amid rising inventory and longer days on market. Here's what the latest data reveals about current market conditions and what it means for buyers and sellers heading into the final month of the year.

Market Overview: Shifting Dynamics

The market is experiencing a notable cooldown compared to the frenzied pace of 2024. The absorption rate has dipped to 7.09 months, down from 7.51 months in November 2024, suggesting a more balanced market environment. This shift is creating new opportunities for buyers who've been waiting on the sidelines.

Pricing Trends: Tale of Two Markets

One of the most interesting developments this month is the divergence between list prices and sale prices. While sellers remain optimistic with an average list price of $1,057,872 (up 1.81% year-over-year), actual sale prices tell a different story. The average sale price dropped 6.09% to $705,737 compared to last November, indicating that sellers' expectations may be outpacing market reality.

However, there's a silver lining: the median sale price increased 6.17% to $430,000, suggesting that mid-market properties are holding their value better than luxury listings. This points to continued strong demand in the affordable and mid-range segments.

Time on Market: Patience Required

Properties are taking longer to sell, with the average cumulative days on market (CDOM) jumping 20.18% to 131 days. This extended timeline reflects the more deliberate pace buyers are taking in their decision-making process, and it's giving them more leverage in negotiations.

Sales Volume: Modest Growth

November saw 773 homes sold, representing a 3.1% increase over November 2024. Year-to-date sales remain virtually flat at 9,924 compared to 9,940 last year. The market appears to have found its equilibrium after the volatility of recent years.

Notable Trends by Price Range:

Strong Performers:

• $750K-$799K: Up 80% this month, showing robust demand in the upper-middle market
• $850K-$899K: Increased 75%, indicating buyers are finding value in this segment
• $1.4M-$1.5M: Rose 33.3%, demonstrating continued strength in the luxury market
• $2M-$2.25M: Surged 225%, though this represents just 13 sales

Cooling Segments:

• $250K-$299K: Down 28.7%, reflecting limited inventory in this popular price range
• $350K-$449K: Slight declines as affordability challenges persist for first-time buyers

Pending Sales: Building Momentum

A bright spot in the data is the 10.6% surge in pending listings to 834 properties. This suggests that while November sales were modest, December could see stronger closing activity. Particularly noteworthy are dramatic increases in pending sales in the $700K-$749K range (up 280%) and the $1.4M-$1.5M bracket (up 180%).

Inventory Levels: More Choices for Buyers

Active listings declined 5.1% to 6,350 properties compared to last November, but year-to-date inventory is up 3.7%. This represents a healthier balance than the severe shortage that characterized the pandemic-era market. Buyers now have nearly 7 months of inventory to choose from at the current sales pace.

New Listings: Steady Supply

New listings remained essentially flat at 1,184 properties, matching November 2024's pace. The market continues to see consistent new supply across most price ranges, with notable strength in the $350K-$399K segment (up 46.7%) and the luxury market above $5 million.

What This Means for You

For Buyers: This is increasingly becoming a buyer's market. With more time to evaluate properties, growing inventory, and sellers adjusting expectations downward, you have more negotiating power than you've had in years. Don't be afraid to make reasonable offers below asking price, especially on properties that have been sitting for 90+ days.

For Sellers: Price competitively from day one. The data shows a significant gap between list and sale prices, suggesting that overpricing leads to extended market time and eventual price reductions. Work with your agent to analyze recent comparable sales and set a realistic price that attracts serious buyers quickly.

Looking Ahead

As we head into the traditionally slower winter months, expect the market to continue its gradual normalization. The dramatic year-over-year changes we saw during the pandemic are giving way to more predictable, seasonal patterns. With mortgage rates stabilizing and inventory improving, 2026 could bring a more balanced market where both buyers and sellers can achieve their goals with realistic expectations.

Whether you're looking to buy your dream home or sell to make your next move, understanding these market dynamics is crucial to making informed decisions. Stay tuned for our December report to see how the year closes out.

Data represents residential real estate market statistics for November 2025. Market conditions can vary significantly by neighborhood and price point. Consult with a local real estate professional for specific guidance on your situation.