According to recent Redfin research, the median price of a home sold in the U.S. during the four weeks ending June 15 reached a record $396,500, up 1% year-over-year (YoY). So, what does this mean for homebuyers and sellers across the nations hottest, most competitive housing markets?
Even though the housing market is relatively calm this spring, prices are at an all-time high since they haven’t yet completely reflected the historical imbalance between buyers and sellers in the current market. Keep in mind that price increase is slowing and that sale prices are seasonal, usually reaching their peak in June or July: Although it is consistent with recent weeks, the 1% YoY gain is lower than the over 5% increase at the beginning of the year.
The median asking price of $422,238 is around $26,000 higher than the median sale price, which is at an all-time high. Although the 6% reduction is comparable to what has been happening for a few weeks, it represents a reversal from 2021 and 2022, when the market favored sellers and the median sale price was usually far higher than the median list price.
U.S. Highlights — Four weeks ending June 15, 2025
| Metrics | Four weeks ending June 15, 2025 | YoY change |
| Median sale price | $396,500 | 1% |
| Median asking price | $422,238 | 5% |
| Median monthly mortgage payment | $2,820 at a 6.81% mortgage rate | 4.5% |
| Pending sales | 87,397 | -1.5% |
| New listings | 102,784 | 4.4% |
| Active listings | 1,160,350 | 14.5% |
| Months of supply | 4 | +0.7 pts. |
| Share of homes off market in two weeks | 37.2% | Down from 41% |
| Median days on market | 36 | +5 days |
| Share of homes sold above list price | 28.6% | Down from 32% |
| Average sale-to-list price ratio | 99.1% | Down from 99.6% |
Note: Redfin’s national metrics include data from 400+ U.S. metro areas, and are based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.
Record-High Home Prices Leave Sellers Open to Negotiations
Because there are far more sellers than buyers in the current market, homes are selling for less than their asking price. Although many people still find it difficult to acquire homes due to the high costs, this provides buyers the advantage and frequently enables them to negotiate lower rates. The number of new real estate listings is up 4.4%, while the overall number of listings is up 14.5%. In the meantime, mortgage-purchase applications are down 3% week-over-week and pending sales are down 1.5% YoY.
Because of the high cost of housing and the general economic uncertainties, demand for homebuying has been somewhat sluggish this spring. The median monthly housing payment is only $53 short of its own all-time record, and sale prices are at an all-time high.
“I’m explaining to sellers more and more that we need to be strategic in our pricing strategy because homes that are overpriced, even slightly, are likely to sit on the market and invite buyers to negotiate,” said Kelly Connally, a Redfin Premier agent in Tulsa, OK. “Pricing is most important, but with fewer buyers than usual out there, sellers should also make sure their home is in excellent condition and be ready to make repairs upon inspection. There are a few exceptions: Homes in desirable locations that are in perfect condition are still hot and typically sell at or above asking price.”
Top 5 metros with biggest YoY increases in median sale price:
- Philadelphia (5.5%)
- New Brunswick, NJ (5.4%)
- Pittsburgh (5.3%)
- Nassau County, NY (5%)
- New York (4%)
Overall, the median U.S. sale price declined in 12 metros.
Top 5 metros with biggest YoY decreases in median sale price:
- Oakland, CA (-5.9%)
- Jacksonville, FL (-3.9%)
- Dallas (-3.1%)
- San Diego (-2.4%)
- Atlanta (-2%)
Metros with biggest YoY increases in new listings:
- Warren, MI (14%)
- Cincinnati (13.7%)
- Columbus, Ohio (11.3%)
- Cleveland (10.3%)
- Indianapolis (9.5%)
Top 5 metros with biggest YoY decreases in new listings:
- Tampa, FL (-11.5%)
- Orlando, FL (-8.7%)
- Jacksonville, FL (-7.2%)
- San Jose, CA (-7%)
- Atlanta (-6.6%)
Top 5 metros with biggest YoY increases in pending sales:
- Cincinnati (5.2%)
- Chicago (5%)
- Dallas (4.1%)
- San Francisco (4%)
- Columbus, Ohio (4%)
Top 5 metros with biggest YoY decreases:
- San Jose, CA (-18.5%)
- Fort Lauderdale, FL (-15.5%)
- Las Vegas (-14.9%)
- Miami (-14.6%)
- San Diego (-11.1%)
While the median asking price is significantly higher than the median home sale price—which is at a record high—this discrepancy is largely due to today’s cooling housing market, where there are more sellers than buyers, leading sellers to be more willing to bargain.
In conclusion, experts predict that by the end of the year, home-sale prices are likely going to drop across the country due to the mismatch between supply and demand.
“A lot of the people selling right now bought in 2021 or 2022, when home prices were near their height,” said Corey Stambaugh, a Redfin Premier agent in North Carolina. “Even though we advise them to list at today’s market value, a lot of them decide to list high to recoup their money. But those sellers face reality once their home has been sitting for a couple weeks without any offers. At that point, they’re willing to seriously consider low offers and even throw in some concessions, because they’d rather sell today than face the uncertainty of tomorrow.”
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