November 2023 Housing Market Trends Report
- The number of homes actively for sale remained relatively stable compared to last year, growing by only 0.7%.
- The total number of unsold homes, including homes that are under contract, decreased by 0.7% compared to last year.
- Home sellers were more active this November, with 7.5% more newly listed homes compared to last year.
- The median price of homes for sale this November remained relatively stable compared to the same time last year, growing by 1.0%.
- Homes spent 52 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.
According to Realtor.com®’s November housing data, more sellers listed their homes this November than the same time last year, as inventory continued to increase late into the fall season. November saw the first annual growth in newly listed homes in 17 months. While many consumers still expect mortgage rates to rise over the next year, home selling sentiment has been improving, suggesting that potential sellers are adjusting plans to account for lingering high rates. Meanwhile, while the share of price reductions showed more momentum than is typical this time of year, the nation’s median list price continues to remain relatively stable compared to last year.
Listing Activity Improves as Inventory Continues to Increase Late into the Year
There were 0.7% more homes actively for sale on a typical day in November compared to the same time in 2022, ending a four-month streak of annual inventory declines. Notably, inventory in November increased 2.4% above October levels, the first time inventory has increased this late in the fall season since our records commenced in 2016. However, despite this small monthly and annual increase, active inventory still remained 37.8% below typical 2017 to 2019 levels.
The total number of homes for sale, including homes that were under contract but not yet sold, decreased by 0.7% compared to last year. This is the seventh month in a row that total listings have declined on a year-over-year basis but as with active listings, the gap between this year and last year shrank and we may see more total listings than the previous year in December.
The number of homes under contract but not yet sold (pending listings) declined by 3.6% compared to the same time last year. Pending homes are an early indicator of the direction of sales which cooled to a lower annual pace of 3.79 million in October.
Providing a boost to overall inventory, sellers turned out in higher numbers this November as newly listed homes were 7.5% above last year’s levels. This marked the end to a 17-month streak of declining listing activity.
Fannie Mae’s Home Purchase Sentiment Index, which also measures selling sentiment, showed that the net percentage of respondents who believed it was a good time to sell in October increased by 17 percentage points over the previous year, compared to no increase in September. It is possible that, compared to last year, sellers have less hope that mortgage rates will fall sufficiently enough over the next year and thus are not temporarily putting off plans to sell in order to wait. The survey shows that almost three times more respondents believe mortgage rates will go up over the next year rather than down.
Moreover, homebuyers typically avoid big moves during the November and December holiday season unless they absolutely must sell or buy. Home selling activity is normally less varied during these months because it typically represents a different kind of home buying and selling activity compared to the peak summer season. Thus, while the annual increase in newly listed homes is encouraging, it is too early to call it a change in trend.
The number of homes for sale in the 50 largest metro areas in the U.S. decreased by 4.3% compared to last year and inventory in this group of metro areas as a whole is 34.4% below pre-pandemic levels. Inventory grew slightly in the South, by 3.7% compared to the same time last year, followed by a decline of 2.3% in the Midwest, 8.1% in the Northeast, and 19.9% in the West. In all regions, the inventory of homes actively for sale was down 25 to 55% from pre-pandemic levels.
Newly listed homes in the 50 largest metro areas increased by 3.0% compared to the previous year in November. Newly listed home inventory increased the most in the South, by 3.4%, followed by a 3.1% increase in the Northeast, 2.7% increase in the West, and 2.6% increase in the Midwest.
Inventory increased in 20 out of 50 of the largest metros compared to last year. Metros which saw the most inventory growth included Memphis (+25.1%), New Orleans (25.0%) and San Antonio (19.7%). Despite higher inventory growth compared to last year, most Southern metros still had a lower level of inventory when compared to pre-pandemic years. In fact, among the 50 largest metro areas, only Austin (+14.4%) and San Antonio (+13.6%) saw higher levels of inventory in November compared to typical 2017 to 2019 levels.
In November, 34 metros saw new listings increase over the previous year, up from just 11 last month. The metros which saw the largest growth in newly listed homes included Orlando (+22.9%), Hartford (+20.3%) and Kansas City (+14.0%). Declines were greatest in Richmond (-17.2%), Las Vegas (-9.6%) and San Francisco (-7.5%).
Homes Spent Less Time on Market than Last Year
The typical home spent 52 days on the market this November, which is three days shorter than the same time last year and more than two weeks (17 days) less than the average November from 2017 to 2019. Time on market is rising more slowly this year than is typical during the fall season as still-limited supply spurs homebuyers to act quickly and newly listed homes make up a greater share of low remaining inventory.
In the 50 largest metropolitan areas in the United States, the typical home spent 45 days on the market, which is three days less than last November. All regions saw the inventory of homes for sale spend less time on the market than last year. Large metros in the West saw homes spend six days less on the market, homes in the Northeast spent five fewer days, homes in the South spent two fewer days, and homes in the Midwest spent one day less.
Time on market decreased compared to last year in 35 of the 50 largest metro areas this November. Time on market decreased the most in Phoenix (-18 days), Las Vegas (-17 days), and Orlando, Buffalo and Raleigh (-8 days each). Time on market still increased in 15 of the 50 largest metros, including Memphis (+6 days), Austin and New Orlenas (+5 days each). However, only three markets saw homes spend more time on the market than typical 2017 to 2019 pre-pandemic timing: Austin (+2 days), San Francisco (+2 days), and Denver(+1 day).
Home Listing Prices Remain Relatively Stable Compared to Last Year
The national median list price declined seasonally, to $420,000 from $425,000 in October, and the median list price remained relatively stable compared to the same time last year, growing by just 1.0%. Listing prices have been buoyed by scarce inventory and, while new home sales have been increasing, construction activity isn’t elevated enough to fully bridge the low inventory gap.
While the median listing price has remained relatively stable relative to last year, higher mortgage rates compared to last November increased the monthly cost of financing 80% of the typical home by roughly $172 (+7.9%) compared to a year ago–a new record on top of what was already the highest amount since Realtor.com began tracking this data in mid-2016. This increased the required household income to purchase the median-priced home by $7,100 to $118,000.
The percentage of homes with price reductions decreased from 20.2% in November of last year to 18.0% this year. Last month, we called out an unusual late-season rise in price reductions. This month, the share of price reductions did decline seasonally, however the decline was less prominent than previous years. A greater share of price reductions could be a signal for softness in listing prices, however the median list price has remained relatively stable compared to last year for the past several months.
In the largest metropolitan areas in the country, the combined annual median list price growth rate for active listings was 5.1%, outpacing the national rate but slowing compared to the previous month’s 5.5% growth rate. While all regions saw listing prices in larger metros still increasing on average, Northeastern metros had the highest growth rate in active listing prices, with an average increase of 7.8% over the past year. In general, larger Southern metros saw the lowest listing price growth rate among the regions (3.2%).
Prices in Los Angeles (+23.1%), Richmond (+16.4%), and Cleveland (+12.7%), saw the biggest increases among large metros. However, in these metros the mix of inventory changed as larger and more expensive homes were listed for sale in November compared to the previous year. On a price-per-square-foot basis, listing prices only grew by 10.7% in Los Angeles, and 6.4% in Richmond, and 7.4% in Cleveland. Five metros saw their median list price decline compared to last year, up from one last month. The metros were San Jose, San Antonio, Memphis, Miami and Dallas. However, only in San Jose and San Antonio did the median price per square foot also decline.
Price reductions were still below last year’s levels in all four regions and were well-below in the West (-7.5 percentage points). However, 10 of the 50 large metros saw the share of price reductions increase compared to last November, predominantly in the South and Midwest. St. Louis saw the greatest increase (+1.8 percentage points), followed by Rochester (+1.5 percentage points), and Miami (+1.3 percentage points).
November 2023 Regional Statistics
(50 Largest Metro Combined Average)
| Region | Active Listing Count YoY | New Listing Count YoY | Median Listing Price YoY | Median Listing Price Per SF YoY | Median Days on Market Y-Y (Days) | Price Reduced Share Y-Y (Percentage Points) |
| Midwest | -2.3% | 2.6% | 5.7% | 4.9% | -1 | -098 pp |
| Northeast | -8.1% | 3.1% | 7.8% | 7.5% | -5 | -1.0 pp |
| South | 3.7% | 3.4% | 3.2% | 3.8% | -2 | -2.8 pp |
| West | -19.9% | 2.7% | 6.4% | 4.9% | -6 | -7.5 pp |
November 2023 Regional Statistics vs Pre-Pandemic 2017-2019
(50 Largest Metro Combined Average)
| Region | Active Listing Count vs Pre-Pandemic | New Listing Count vs Pre-Pandemic | Median Listing Price vs Pre-Pandemic | Median Listing Price Per SF vs Pre-Pandemic | Median Days on Market vs Pre-Pandemic (Days) | Price Reduced Share vs Pre-Pandemic (Percentage Points) |
| Midwest | -41.7% | -14.9% | 29.8% | 41.1% | -15 | -0.3 pp |
| Northeast | -55.6% | -19.9% | 38.1% | 48.6% | -20 | -4.2 pp |
| South | -25.3% | -14.1% | 35.1% | 51.5% | -12 | 0.9 pp |
| West | -29.1% | -30.9% | 36.4% | 47.4% | -3 | -2.7 pp |
November 2023 Housing Overview by Top 50 Largest Metros
| Metro Area | Median Listing Price | Median Listing Price YoY | Median Listing Price per Sq. Ft. YoY | Active Listing Count YoY | New Listing Count YoY | Median Days on Market | Median Days on Market Y-Y (Days) | Price Reduced Share | Price Reduced Share Y-Y (Percentage Points) |
| Atlanta-Sandy Springs-Alpharetta, Ga. | $420,000 | 4.2% | 3.7% | -5.7% | 2.2% | 45 | -5 | 19.3% | -4.6 pp |
| Austin-Round Rock-Georgetown, Texas | $549,000 | 3.4% | 2.2% | 2.1% | -5.0% | 65 | 5 | 29.5% | -8.4 pp |
| Baltimore-Columbia-Towson, Md. | $358,000 | 5.8% | 4.9% | -5.8% | -0.2% | 39 | -6 | 17.0% | -1.1 pp |
| Birmingham-Hoover, Ala. | $294,000 | 6.7% | 5.6% | 12.4% | -0.9% | 53 | 2 | 15.6% | -2.7 pp |
| Boston-Cambridge-Newton, Mass.-N.H. | $824,000 | 10.7% | 8.6% | -11.8% | -3.2% | 38 | -3 | 18.2% | -2.3 pp |
| Buffalo-Cheektowaga, N.Y. | $250,000 | 4.2% | 8.1% | -0.3% | 10.0% | 45 | -8 | 9.5% | 0.4 pp |
| Charlotte-Concord-Gastonia, N.C.-S.C. | $415,000 | 3.7% | 6.3% | -11.9% | 0.4% | 43 | -4 | 19.4% | -3.6 pp |
| Chicago-Naperville-Elgin, Ill.-Ind.-Wis. | $360,000 | 9.1% | 6.0% | -19.8% | 5.5% | 41 | -3 | 15.4% | -1.9 pp |
| Cincinnati, Ohio-Ky.-Ind. | $344,000 | 5.9% | 6.4% | 11.5% | 5.7% | 38 | -3 | 16.6% | 0.2 pp |
| Cleveland-Elyria, Ohio | $225,000 | 12.7% | 7.4% | -10.0% | -2.1% | 44 | -2 | 18.1% | -0.5 pp |
| Columbus, Ohio | $360,000 | 7.7% | 7.9% | 2.3% | 4.8% | 38 | 1 | 23.5% | -0.1 pp |
| Dallas-Fort Worth-Arlington, Texas | $445,000 | -0.6% | 1.0% | 6.0% | 0.6% | 50 | 1 | 25.0% | -2.3 pp |
| Denver-Aurora-Lakewood, Colo. | $625,000 | 2.7% | 6.0% | 3.0% | 4.6% | 48 | 2 | 24.7% | -6.3 pp |
| Detroit-Warren-Dearborn, Mich. | $247,000 | 0.0% | 4.4% | -16.7% | -6.5% | 41 | -2 | 15.8% | -8.2 pp |
| Hartford-East Hartford-Middletown, Conn. | $398,000 | 7.0% | 7.4% | -10.9% | 20.3% | 37 | -4 | 9.0% | 0.1 pp |
| Houston-The Woodlands-Sugar Land, Texas | $365,000 | 0.4% | 1.2% | 4.3% | 7.8% | 50 | -2 | 20.2% | -3.2 pp |
| Indianapolis-Carmel-Anderson, Ind. | $313,000 | 5.2% | 5.2% | 8.3% | -4.6% | 46 | 1 | 25.9% | 0.6 pp |
| Jacksonville, Fla. | $412,000 | 3.6% | 4.0% | -1.3% | 8.2% | 53 | -7 | 24.2% | -4.3 pp |
| Kansas City, Mo.-Kan. | $400,000 | 0.0% | 1.6% | -0.2% | 14.0% | 52 | -6 | 16.6% | -1.1 pp |
| Las Vegas-Henderson-Paradise, Nev. | $463,000 | 3.0% | 2.6% | -49.0% | -9.6% | 46 | -17 | 18.0% | -15.4 pp |
| Los Angeles-Long Beach-Anaheim, Calif. | $1,150,000 | 23.1% | 10.7% | -20.4% | 6.2% | 47 | -4 | 11.6% | -6.4 pp |
| Louisville/Jefferson County, Ky.-Ind. | $300,000 | 3.4% | 5.4% | 1.8% | 4.1% | 37 | -4 | 18.8% | -3.3 pp |
| Memphis, Tenn.-Miss.-Ark. | $320,000 | -1.5% | 3.8% | 25.1% | 0.3% | 56 | 6 | 22.1% | 1.1 pp |
| Miami-Fort Lauderdale-Pompano Beach, Fla. | $595,000 | -0.7% | 4.3% | 14.3% | 9.1% | 57 | -4 | 17.5% | 1.3 pp |
| Milwaukee-Waukesha, Wis. | $342,000 | 5.4% | 5.5% | -5.0% | -1.2% | 36 | -1 | 18.5% | 1.1 pp |
| Minneapolis-St. Paul-Bloomington, Minn.-Wis. | $420,000 | 5.2% | 2.4% | -0.8% | 9.1% | 44 | -2 | 18.6% | -1.1 pp |
| Nashville-Davidson-Murfreesboro-Franklin, Tenn. | $563,000 | 7.3% | 5.8% | 0.9% | -3.1% | 39 | 2 | 22.5% | -6.1 pp |
| New Orleans-Metairie, La. | $330,000 | 0.9% | 0.7% | 25.0% | 7.7% | 67 | 5 | 17.8% | -3.1 pp |
| New York-Newark-Jersey City, N.Y.-N.J.-Pa. | $728,000 | 8.7% | 13.8% | -11.5% | 0.0% | 58 | -4 | 8.6% | -2.8 pp |
| Oklahoma City, Okla. | $329,000 | 1.4% | 0.1% | 11.1% | 13.2% | 50 | 1 | 21.0% | 0.9 pp |
| Orlando-Kissimmee-Sanford, Fla. | $447,000 | 1.8% | 3.3% | 7.5% | 22.9% | 53 | -8 | 21.5% | 0.0 pp |
| Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. | $350,000 | 6.0% | 5.9% | -11.7% | 2.6% | 46 | -6 | 16.2% | -1.0 pp |
| Phoenix-Mesa-Chandler, Ariz. | $522,000 | 9.5% | 4.0% | -30.8% | 5.2% | 40 | -18 | 27.5% | -12.0 pp |
| Pittsburgh, Pa. | $240,000 | 9.6% | 6.7% | -2.3% | 6.1% | 53 | -7 | 19.3% | -0.6 pp |
| Portland-Vancouver-Hillsboro, Ore.-Wash. | $604,000 | 3.6% | 2.7% | 1.3% | 2.4% | 54 | 3 | 19.5% | -3.3 pp |
| Providence-Warwick, R.I.-Mass. | $527,000 | 10.9% | 2.1% | -9.5% | -4.4% | 36 | -3 | 11.2% | -2.9 pp |
| Raleigh-Cary, N.C. | $452,000 | 0.4% | 3.5% | -17.5% | 1.8% | 49 | -8 | 18.1% | -8.5 pp |
| Richmond, Va. | $441,000 | 16.4% | 6.4% | 1.5% | -17.2% | 45 | 2 | 10.9% | -3 pp |
| Riverside-San Bernardino-Ontario, Calif. | $585,000 | 2.8% | 5.8% | -21.6% | 5.5% | 51 | -7 | 15.6% | -6.6 pp |
| Rochester, N.Y. | $239,000 | 5.4% | 7.3% | -7.0% | -6.7% | 25 | -5 | 13.5% | 1.5 pp |
| Sacramento-Roseville-Folsom, Calif. | $632,000 | 7.1% | 4.0% | -25.5% | 0.1% | 45 | -6 | 18.4% | -8.9 pp |
| San Antonio-New Braunfels, Texas | $340,000 | -2.9% | -0.2% | 19.7% | 5.1% | 59 | 3 | 24.2% | -1.4 pp |
| San Diego-Chula Vista-Carlsbad, Calif. | $995,000 | 12.5% | 14.0% | -26.5% | 6.3% | 37 | -7 | 15.3% | -7.7 pp |
| San Francisco-Oakland-Berkeley, Calif. | $1,067,000 | 2.9% | 0.3% | -13.0% | -7.5% | 42 | -4 | 15.1% | -3.8 pp |
| San Jose-Sunnyvale-Santa Clara, Calif. | $1,352,000 | -3.3% | -0.7% | -16.4% | 13.4% | 34 | -6 | 10.1% | -5.1 pp |
| Seattle-Tacoma-Bellevue, Wash.* | $752,000 | N/A | N/A | N/A | N/A | 45 | N/A | 16.4% | -N/A |
| St. Louis, Mo.-Ill. | $275,000 | 0.4% | 1.9% | 7.9% | 1.0% | 44 | 2 | 18.9% | 1.8 pp |
| Tampa-St. Petersburg-Clearwater, Fla. | $425,000 | 2.4% | 4.7% | 10.0% | 12.4% | 47 | -7 | 27.5% | -2.4 pp |
| Virginia Beach-Norfolk-Newport News, Va.-N.C. | $377,000 | 4.9% | 6.3% | -1.1% | 6.0% | 38 | -1 | 20.7% | -0.4 pp |
| Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va. | $599,000 | 6.0% | 6.6% | -20.1% | -4.1% | 39 | -4 | 14.7% | -3.0 pp |
*Some Seattle listing metrics have been excluded while data is under review.
