The “Push & Pull” Effect Of November’s Housing Market

According to Realtor.com, the state of the U.S. housing market in November held to a steady pattern that has defined much of the year, but beneath the surface, two forces continued to reshape sales activity.

The first factor is an increase in delistings as more homeowners retreated from the market, and the second is rise of "refuge markets," where buyers are finding the last remaining pockets of affordability. Both trends underscore how persistent affordability challenges are driving both sellers' and buyers' decisions heading into year-end.

"Rising delistings and the growth of refuge markets capture the push and pull defining today's housing market," said Danielle Hale, Chief Economist at Realtor.com. "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."

Realtor.com’s November Monthly Housing Report finds a slow but steady improvement in buyer conditions as inventory grows, rates continue to fall, and affordability begins to ease. Taking into account these factors, the housing landscape is gradually shifting toward an environment where buyers have more options and slightly more leverage, even as overall activity remains subdued.

Refuge Markets Rise

Buyers are finding greater opportunities in smaller, traditionally affordable "refuge markets," a defining trend of 2025. These metros are seeing notable growth in price per square foot, not because they are expensive, but because they remain affordable.
All 10 of the top markets for annual price-per-square-foot growth fit this refuge market profile, as home prices remain well below national and regional medians and demand is strong enough to push sustained appreciation. Many are located near pricier coastal or major metros, offering budget-conscious buyers a feasible commute or hybrid-work option.

Some of the nation’s top-performing refuge markets include:

• Grand Rapids, Michigan
• St. Louis, Missouri
• Cleveland, Ohio
• Milwaukee, Wisconsin
• Pittsburgh, Pennsylvania

These markets reveal how affordability pressures are redrawing the map of U.S. housing demand. With mortgage rates having surged past 6% in 2022 and remaining elevated, many buyers are moving "down-market" toward metros where prices are 20–30% below the national median, even at their 2022 peak.

Delisting Trends in 2025

Sellers continued to pull back at an unusually high rate this fall. De-listings in October, reported with a one-month lag, rose 45.5% year to date and 37.9% year-over-year, marking 2025 as the highest delisting year since Realtor.com began tracking the metric in 2022.

Redfin reported home sellers changed their minds in September at an historically high level. Nearly 85,000 sellers yanked their homes off the market during the month, a 28% increase from a year ago, as they decided to stay put rather than accept an offer they saw as too low.

So-called “delistings” are typically seasonal, peaking in the winter months in general and around the holidays, but Redfin found that they have been rising since Spring 2024, with year-over-year growth peaking at 39% in June 2025.

Delistings also surged in 2022, when mortgage rates rose from pandemic-era lows and homebuying demand dropped. In October, Realtor.com reported the markets with the highest delisting ratios were:

• Miami, Florida: 45 delistings per 100 new listings, up from 34 in October 2024
• Denver, Colorado: 39 delistings per 100 new listings, up from 24 in October 2024
• Houston, Texas: 37 delistings per 100 new listings, up from 31 in October 2024

Sellers Retreat as Buyers Grow More Selective

Pending home sales dipped 1.0% year-over-year in November, and homes spent a median of 64 days on the market, three days longer than last year. Yet homes are still selling four days faster than 2017–2019 norms.

Price cuts for U.S. homes remained elevated at 18% of listings, up 1.3 percentage points from a year ago, a sign that many sellers must adjust expectations to meet buyers where they are.

List Prices Tick Down Nationally

Realtor.com reports the national median list price fell to $415,000 in November, down 0.4% year-over-year and 2.2% from October. Price per square foot — a measure that accounts for the size of homes for sale — declined 1% annually and 1.2% month-over-month.

Despite this year's softness, long-term gains remain substantial. Since November 2019, the typical list price is up 36.1%, while price per square foot has climbed 48.4%, reshaping affordability even before accounting for higher mortgage rates. And although inventory has risen 42.9%, and time on market has lengthened by nine days since October 2022, list prices are just 0.2% below their October 2022 level and price per square foot is up 3.3%.

Nationally, price cuts remain prevalent, as in October, 18% of listings had price reductions in November, up 1.3 percentage points from a year ago. Price cuts were least common in the tight Northeast (12.8%), followed by the Midwest (18.2%), West (18.5%), and South (19.1%).

Inventory Growth Continues

Realtor.com reports that active listings rose 12.6% year-over-year in November, marking the 25th consecutive month of annual inventory gains. But growth has decelerated steadily from a roughly 30% peak in May and June. Inventory remained above one million for the seventh straight month and close to mid-summer levels, though still 11.7% below 2017–2019 norms.

Inventory rose across all major regions, with the West up 14.3%, the South up 14.1%, Midwest up 10.3%, and Northeast up 7.0%.
Inventory relative to pre-pandemic levels remains deeply divided. The West (+3.1%) and South (+5.7%) are above their 2017–2019 norms, while the Midwest (-32.9%) and Northeast (-48.4%) continue to lag sharply. Ten major markets now exceed pre-pandemic inventory by 25% or more, led by Denver, up 58.3%, and followed by the Texas towns of San Antonio, up 53% and Austin, up 42.8%. On the other end of the spectrum, 16 metros remain at least 25% below their historical baselines, with Hartford, Connecticut (-74.0%); Chicago, Illinois (-55.1%); and Providence, Rhode Island (-49.7%) the furthest behind.