November brought some interesting shifts to the real estate market. While we're not seeing the wild swings of previous years, the month showed clear signs that the market is settling into a new normal—one that's giving buyers more breathing room while still protecting seller equity. Here's what the numbers tell us about how things wrapped up as we headed into the holiday season.
The National Picture: A Market Finding Its Balance
The national housing market in November showed a market that's matured beyond the frenzy of recent years. According to Realtor.com data, the median listing price came in at $415,000, down 0.4% from November 2024. That's not a crash—it's a correction that's bringing prices closer to what buyers can actually afford.
Active listings jumped 12.6% year-over-year to reach 1,072,417 homes. That's significant. More inventory means buyers have choices again, and they're not forced into bidding wars just to compete. Homes sat on the market for a median of 64 days in November, giving buyers time to think through their decisions without the pressure of making snap judgments.
Here's what's particularly interesting: price per square foot declined 1.0% year-over-year to $222. That matters because it shows that the market isn't just adding inventory at the high end—it's adding inventory across price points that buyers can access.
Sales activity remained relatively stable compared to October, with the housing market maintaining a seasonally adjusted annual rate of approximately 4.1 million transactions. Year-over-year, this represents modest growth, showing that buyers are still active despite higher interest rates than we saw a few years ago.
Northeast: Tight But Stable
The Northeast continued to show resilience in November. The region maintained its position as having some of the tightest inventory levels nationally, though conditions improved year-over-year. The median price in the Northeast held at $503,700 according to October data trends that continued into November, representing a 6.5% increase from the prior year.
Sales remained steady month-over-month, showing no change from October but posting year-over-year gains. Major metros like Boston saw 2% price gains, Philadelphia recorded 3% increases, and New York City posted 5% appreciation. These aren't pandemic-era numbers, but they're solid, sustainable growth that reflects genuine demand in markets with strong employment and limited new construction.
The region benefits from a fundamental supply-demand imbalance that keeps sellers in a relatively strong position. However, increased inventory compared to last year means buyers have more negotiating power than they've had in years.
Southeast (South Region): Leading the Way
The South continued to be the workhorse of the national real estate market. Sales increased both month-over-month and year-over-year, with the region maintaining an annual sales rate around 1.9-2.0 million homes. The median price in the South region came in around $361,000-$365,000, showing more moderate appreciation than in previous years.
What's particularly notable about the South is the emergence of "refuge markets"—smaller, affordable metros where buyers priced out of major cities are finding opportunities. Cities like St. Louis, Nashville, and Charlotte saw strong demand as buyers sought value in markets where median prices remain 20-30% below national averages.
The region's advantage lies in its ability to build new inventory relatively quickly, which has helped keep prices from spiraling out of control while still providing steady appreciation for existing homeowners.
Midwest: The Affordability Champion
The Midwest shined in November as the most affordable major region. With a median list price of $305,000, the region offered buyers the best value proposition nationally. Year-over-year price appreciation came in around 4-5%, showing healthy growth without pricing out local buyers.
Sales in the Midwest increased both month-over-month and year-over-year, with the region maintaining an annual rate around 1.0 million homes. Cities like Grand Rapids, Cleveland, Milwaukee, and Pittsburgh led the nation in price-per-square-foot growth—not because they got expensive, but because they remained affordable while demand increased.
The Midwest's relatively tight inventory (still below pre-pandemic levels in many markets) combined with strong local employment kept the region's housing market humming along. Homes in the region sold faster than the national average, and buyers who acted decisively found less competition than in coastal markets.
Southwest (West Region): Price Corrections Creating Opportunities
The West region showed the most dramatic changes in November. While sales held steady month-over-month at around 770,000 annually, the region posted the largest year-over-year declines nationally. The median price in the West came in around $620,000-$630,000, still the highest in the nation but showing signs of softening in several major markets.
Cities that saw significant price appreciation during the pandemic experienced corrections. Austin saw prices down 10% year-over-year, Denver declined 5%, Phoenix dropped 3%, and Houston fell 4%. These weren't market collapses—they were adjustments after unsustainable pandemic-era gains.
The interesting story in the West is the regional divergence. While some Sun Belt markets cooled, others like Las Vegas posted all-time highs, with the median single-family home price reaching $488,995 in November. San Francisco heated up again thanks to AI job growth, with rents climbing to $3,113 for a one-bedroom apartment.
The West's challenge is that homes remain expensive relative to local incomes in many markets, which has led to the price adjustments we're seeing. However, for buyers with strong incomes or those relocating from even pricier markets, these corrections represent genuine opportunity.
What the Numbers Really Mean
Mike Oddo, CEO of HouseJet, sees the November data as validation of what his team has been telling clients all year: "The market is finally rewarding people who understand their own numbers rather than trying to time the perfect market. We're seeing buyers who've done their homework—who know what monthly payment they can handle, who understand that rates in the low 6% range are actually historically reasonable, and who recognize that having choices is worth more than chasing theoretical rate drops—these buyers are winning. On the selling side, homeowners with legitimate reasons to move are getting fair prices without the stress of multiple biddings wars. That's a healthy market. The question was never whether rates would hit 3% again. The question is whether you can afford a home that works for your life right now, and whether selling puts you in a better position for your next chapter. November showed us that if those answers are yes, this is actually a smart time to act."
Looking Ahead
The housing market entering winter 2025 looks dramatically different from where we were even a year ago. Inventory is up significantly, giving buyers real choices. Price growth has moderated to sustainable levels. And importantly, the market has stratified—some regions are seeing appreciation, others are seeing corrections, and almost all are seeing more balanced conditions than we've experienced since before the pandemic.
For buyers, November represented continued improvement in options and negotiating power, particularly in markets that over-heated during 2020-2022. For sellers, the message remains that pricing correctly matters more than ever, but fair pricing still brings motivated buyers who can close deals.
The market isn't perfect. Affordability remains challenging for first-time buyers in many regions. Mortgage rates around 6-7% are still higher than many people hoped to see. And inventory, while improved, still sits below pre-pandemic levels in some regions.
But November proved something important: the market is functioning. Homes are selling. Buyers are buying. Sellers are selling. And deals are getting done based on realistic expectations rather than panic or speculation. That's not a market to fear—that's a market to understand and work within.
