As of April 2025, the U.S. housing market has reached a record high with $698 billion worth of homes listed for sale, marking a 20.3% increase from the previous year.
This surge is attributed to a combination of growing inventory, slowing demand, and rising home-sale prices.Redfin Corporation+1Redfin+1
Housing supply is at a five-year high, with the total number of homes on the market nationwide rising 16.7% year over year in April.
This increase is partly due to the easing of the mortgage-rate lock-in effect and homeowners looking to cash out amidst economic uncertainty. New listings have also seen an 8.6% rise, reaching a three-year high.
Homes are taking longer to sell, with the typical home that sold in April taking 40 days to go under contract, five days longer than a year earlier. Additionally, 44% of listings in April had been on the market for at least 60 days without going under contract, referred to as “stale inventory.” This stale inventory accounts for $331 billion, nearly half of the total dollar value of all inventory, and is up 20.5% year over year.
The median U.S. home-sale price rose 1.4% year over year in April. However, the total value of inventory is up by much more, indicating that the rising number of listings is a more significant factor in the total value of inventory than rising prices.Redfin’s head of economics research, Chen Zhao, noted that the record-high dollar value of all homes listed for sale quantifies the current buyer’s market.
With more homes for sale than in the past five years and higher values, rising inventory and weakened demand are expected to push home prices down by 1% by the end of the year, potentially improving affordability for buyers as incomes continue to rise.
This analysis is based on listings on Redfin.com dating back to 2012, summing up the list price of all active U.S. listings as of the last day of each month. Listings are included if they were added on or before the last day of the month and are still active (not sold or delisted) as of that date. Listings with a list price higher than $300 million were excluded.