BAM Key Details:
- Realtor.com’s latest housing data shows delistings up 37.9% year over year, active listings up 12.6% year over year, and the median U.S. listing price falling 0.4% year over year to $415,000.
- Buyers are shifting into refuge markets with home values still 20% to 30% below national averages.
- Inventory remains 11.7% below 2017 to 2019 norms, but supply continues to improve heading into 2026.
Buyers and sellers are making strategic moves based on one thing: affordability.
And according to Realtor.com’s November Monthly Housing Trends Report, the pressure to find a financially workable home is reshaping activity in every part of the country.
Danielle Hale, Chief Economist at Realtor.com®, sums up the moment with a clear view on how both sides are reacting. She said:
“Rising delistings and the growth of refuge markets capture the push and pull defining today’s housing market. A number of sellers are retreating after listing if the market doesn’t meet their price expectations, while buyers are strategically redirecting to the metros that remain affordable. These dynamics reflect how higher rates and years of rapid price growth have rewritten the rules of engagement for both buyers and sellers. As we move into 2026, gradual improvements in affordability and more consistent inventory will be key to unlocking a more balanced market.”
Affordability challenges remain real, but the pieces are shifting. And that shift matters to anyone helping people navigate housing decisions right now.
Prices Softened in November but Remain Historically High
The national median listing price is now $415,000, down 0.4% year over year and 2.2% month over month. Price per square foot is down 1.0% year over year and 1.2% month over month, which reinforces that buyers are pushing back on elevated asking prices.
But compared to pre-pandemic benchmarks, the story looks very different:
- Median prices are 36.1% higher than in November 2019
- Price per square foot is 48.4% higher than 2019 levels
Even after the cooling of the past year, affordability remains stretched for most households.
Refuge Markets Gain Momentum
Every buyer wants breathing room, and many have found it in smaller metros within reasonable distance of expensive cities. Realtor.com calls these refuge markets, and they’ve become growth hotspots.
Top performers for price-per-square-foot appreciation include:
- Grand Rapids, MI: +5.5% YoY, +15.4% since 2022
- St. Louis, MO: +5.0% YoY, +7.7%
- Cleveland, OH: +4.5% YoY, +20.3%
- Milwaukee, WI: +4.2% YoY, +21.0%
- Pittsburgh, PA: +3.7% YoY, +7.8%
These markets still sit 20–30% below the national median price, even after recent gains. That affordability advantage continues to attract budget-conscious buyers and hybrid workers who don’t need a daily commute.
Sellers Pull Back as Buyers Grow More Selective
The biggest seller move this fall has been retreat. Delistings jumped 37.9% year over year and 45.5% year to date, the highest since Realtor.com began tracking the metric in 2022.
Roughly 6% of active listings got pulled each month for five consecutive months, which is not typical for late fall.
More context worth paying attention to: the delisting-to-new-listing ratio reached 0.27 in October, up from 0.20 a year earlier.
Markets with the highest ratios:
- Miami: 45 per 100 new listings, up from 34
- Denver: 39 per 100, up from 24
- Houston: 37 per 100, up from 31
Homes are also sitting longer. The median days on market increased to 64, up three days year over year and two days month over month. But compared to 2017–2019, they’re still selling 4 days faster.
Buyers are saying yes only when pricing matches reality. Pending sales dipped 1.0% year over year, reinforcing that selectiveness.
Price cuts tell the same story. 18.0% of active listings took a reduction, 1.3 points higher year over year, with affordability challenges hitting hardest in the South and West:
- Northeast: 12.8%
- Midwest: 18.2%
- West: 18.5%
- South: 19.1%
Inventory Keeps Growing but Remains Uneven
Inventory continues to climb. Active listings increased 12.6% YoY to 1,072,417, marking 25 straight months of annual gains.
Other critical benchmarks:
- Still 11.7% below 2017–2019 norms
- New listings up 1.7% YoY but down 14.4% MoM (seasonal slowdown)
Growth is widespread, though the Midwest and Northeast lag behind the West and South:
- West: +14.3% YoY
- South: +14.1% YoY
- Midwest: +10.3% YoY
- Northeast: +7.0% YoY
Regional differences are more stark when compared to pre-pandemic norms (2017–2019):
- West: +3.1%
- South: +5.7%
- Midwest: -32.9%
- Northeast: -48.4%
At the metro level, Charlotte topped the list of markets with the most inventory growth year over year:
- Charlotte: +34.7%
- Las Vegas: +33.0%
- Washington D.C.: +32.0%
Hartford, CT, had the largest supply deficit compared to pre-pandemic norms:
- Hartford: -74.0%
- Chicago: -55.1%
- Providence: -49.7%
So, it’s still a tale of two markets: supply relief in the Sun Belt, scarcity in the Northeast and Midwest.
What These Trends Mean Going Into 2026
Affordability is still the primary decision-maker.
Inventory improvements will help buyers over time, but pricing strategy matters more than ever. Refuge markets will likely stay competitive well into 2026, and anyone listing a home today must align expectations with what buyers can actually afford.
This is a transition period, but momentum is building toward a healthier environment where buyers and sellers finally meet in the middle.
