Written by David Dodge 

Hey there, homebuyers and sellers! If you’ve been keeping an eye on the U.S. housing market, you’ve probably noticed things are cooling off. March 2025 brought some big changes—homes are sticking around longer, and the frenzy of the pandemic days is long gone. Let’s dive into what’s happening, with a human touch, so you can make sense of it all whether you’re hunting for your dream home or trying to sell.

Homes Are Chilling on the Market Longer

Picture this: back in the pandemic craze, homes were getting snatched up in, like, two seconds. Now? The average home that went under contract in March 2025 hung out on the market for 47 days—the longest for any March since 2019. Only 41% of homes sold in two weeks, which is the slowest pace in six years. Even in hot spots like San Jose or Newark, things aren’t moving as fast as they used to.

Why’s it taking so long? There’s a ton of homes for sale, buyers are being super picky, and some sellers are asking for sky-high prices that just aren’t clicking. Plus, with all the economic uncertainty floating around, folks are taking their time before signing on the dotted line.

Prices Are Barely Budging

Good news for buyers: home prices aren’t skyrocketing anymore. The median sale price in March hit $431,057, up just 2.5% from last year—according to Lily Katz from Redfin, that’s the slowest growth since September 2023. Buyers are also scoring deals, with homes typically selling for 1% below asking price.

Redfin’s Elijah de la Campa put it perfectly: “Sellers are still dreaming of those 2021 bidding wars, but the market’s just not there. Buyers are nervous about the economy and stuff like tariffs, so sellers gotta price smart or their home’s gonna sit.”

So Many Homes to Choose From!

If you’re house hunting, you’re in luck—there’s a ton of options out there. The number of homes for sale, or active listings, hit a five-year high, up 14.1% from last year. New listings jumped 6%, too, the most since July 2022. Places like Los Angeles (up 23.5%) and Boston (up 23.4%) are seeing a flood of new homes, maybe because of things like wildfires pushing people to sell in LA or job changes in other cities.

More homes mean less pressure to throw in a crazy offer. Only 27% of homes sold above asking price in March, the lowest for the month since 2020. Buyers, you’ve got room to breathe!

Sales Are Kinda Meh

Sales are holding steady, but they’re not exactly booming. Pending sales crept up 1.7% from February but didn’t budge from last year. Closed sales dropped 1% from both a month and a year ago, and existing home sales hit a six-month low at 4.15 million annually. Mortgage rates, sitting at 6.65% for a 30-year loan, aren’t helping—though they’re a bit lower than recent peaks.

Alicia Grifaldo, a Redfin agent in Houston, told me, “I’m seeing a lot of folks who bought in 2021 or 2022 listing their homes now. Some can’t keep up with taxes or insurance. But with so many houses out there, you’ve gotta price right to get buyers’ attention.”

What’s Happening in Big Cities?

Here’s the scoop on how some major metro areas are doing in March 2025:

• Price Vibes: Cleveland’s prices jumped 11.8%, with Nassau County, NY (+9.8%) and Newark (+9.5%) close behind. But places like Jacksonville (-3.8%) and Austin (-1.6%) are seeing prices dip, thanks to more homes and crazy insurance costs.

• Sales Buzz: Pending sales popped off in Montgomery County, PA (+13.7%) and Sacramento (+5.7%), but tanked in Fort Lauderdale (-15.2%) and Miami (-14.8%).

• More Homes: Oakland (+38.4%), Denver (+37.7%), and Las Vegas (+32%) have way more listings. Only a few spots, like Kansas City (-2.5%), saw fewer homes.

• Bidding Wars: San Jose’s still wild, with 71.2% of homes selling above asking, followed by Newark (62.5%). But in Florida, like West Palm Beach (7.2%), bidding wars are rare.

Tips for Buyers and Sellers

Buyers, this is your moment! With more homes and slower price growth, you can negotiate like a pro. But don’t sleep on those mortgage rates or economic headlines—team up with a real estate agent who knows the local scene to find a gem that fits your budget.

Sellers, listen up: price your home to sell, not to dream. If you list too high, your place could sit there gathering dust. Play up what makes your home special—maybe it’s a killer backyard or a short walk to great schools—to catch buyers’ eyes.

What’s Coming in 2025?

The housing market’s settling into a new normal—less chaos, more balance. With tons of homes to choose from and fewer bidding wars, 2025 could be a sweet spot for buyers who plan smart. Sellers, though, need to keep it real with pricing to stand out.

Want to stay in the loop? Check out Redfin for the latest data and chat with a local agent to make your next move with confidence.

If you’d like help navigating the local market, I can connect you with the right resources and people. Let’s talk about your next move.