Expect lower mortgage rates to energize home buyers and sellers
Zillow's latest market report reveals a shifting housing landscape in February 2025, with 1.04 million homes available - the highest February inventory since 2020 and 15% above last year. Despite new listings dropping 5% year-over-year, the market shows signs of increased buyer advantage.
Home value growth has slowed to a 2.1% year-over-year increase, marking the lowest February growth since 2012. Properties now spend approximately 23 days on the market before pending sale, six days longer than last year. Declining mortgage rates, reaching December-level lows, could stimulate both buyer and seller activity.
The market currently shows no clear advantage for either buyers or sellers nationally, a situation last seen in February 2019. Pending listings have decreased by 8% compared to last year but remain 10% above pre-pandemic levels. The rental market is experiencing a notable shift, with multifamily rent growth outpacing single-family homes for the first time since June 2024.
Il più recente rapporto di mercato di Zillow rivela un paesaggio abitativo in cambiamento a febbraio 2025, con 1,04 milioni di case disponibili - il più alto inventario di febbraio dal 2020 e il 15% in più rispetto all'anno scorso. Nonostante le nuove inserzioni siano diminuite del 5% rispetto all'anno precedente, il mercato mostra segni di un aumento del vantaggio per gli acquirenti.
La crescita del valore delle case è rallentata a un aumento del 2,1% anno su anno, segnando la crescita di febbraio più bassa dal 2012. Le proprietà ora trascorrono circa 23 giorni sul mercato prima di essere vendute, sei giorni in più rispetto all'anno scorso. I tassi ipotecari in calo, che raggiungono i minimi di dicembre, potrebbero stimolare sia l'attività degli acquirenti che dei venditori.
Attualmente, il mercato non mostra un chiaro vantaggio né per gli acquirenti né per i venditori a livello nazionale, una situazione che non si vedeva da febbraio 2019. Le inserzioni in attesa sono diminuite dell'8% rispetto all'anno scorso, ma rimangono superiori del 10% rispetto ai livelli pre-pandemia. Il mercato degli affitti sta vivendo un cambiamento notevole, con la crescita degli affitti multifamiliari che supera quella delle case unifamiliari per la prima volta dal giugno 2024.
El último informe del mercado de Zillow revela un paisaje habitacional en cambio en febrero de 2025, con 1,04 millones de casas disponibles - el inventario de febrero más alto desde 2020 y un 15% por encima del año pasado. A pesar de que las nuevas listas han disminuido un 5% interanual, el mercado muestra signos de un aumento en la ventaja para los compradores.
El crecimiento del valor de las casas se ha desacelerado a un aumento del 2,1% interanual, marcando el crecimiento de febrero más bajo desde 2012. Las propiedades ahora pasan aproximadamente 23 días en el mercado antes de ser vendidas, seis días más que el año pasado. La disminución de las tasas hipotecarias, que alcanzan niveles mínimos de diciembre, podría estimular tanto la actividad de compradores como de vendedores.
Actualmente, el mercado no muestra una ventaja clara ni para compradores ni para vendedores a nivel nacional, una situación que no se veía desde febrero de 2019. Las listas pendientes han disminuido un 8% en comparación con el año pasado, pero siguen siendo un 10% superiores a los niveles anteriores a la pandemia. El mercado de alquileres está experimentando un cambio notable, con el crecimiento del alquiler multifamiliar superando al de las casas unifamiliares por primera vez desde junio de 2024.
질로우의 최신 시장 보고서는 2025년 2월 주택 시장의 변화하는 모습을 보여줍니다. 104만 채의 주택이 매물로 나와 있으며 - 2020년 이후 가장 높은 2월 재고량으로, 작년보다 15% 증가했습니다. 새로운 매물은 전년 대비 5% 감소했지만, 시장은 구매자에게 유리한 신호를 보이고 있습니다.
주택 가치 성장률은 전년 대비 2.1% 증가로 둔화되었으며, 이는 2012년 이후 가장 낮은 2월 성장률입니다. 현재 매물은 판매 대기 중 약 23일 동안 시장에 머물며, 이는 작년보다 6일 더 긴 기간입니다. 12월 수준의 저금리로 인해 구매자와 판매자 모두의 활동이 자극받을 수 있습니다.
현재 시장은 전국적으로 구매자와 판매자 모두에게 명확한 이점을 보여주지 않으며, 이는 2019년 2월 이후 처음입니다. 대기 중인 매물은 작년 대비 8% 감소했지만, 팬데믹 이전 수준보다 10% 높은 상태입니다. 임대 시장은 주목할 만한 변화를 겪고 있으며, 다가구 임대료 상승률이 단독 주택보다 높아진 것은 2024년 6월 이후 처음입니다.
Le dernier rapport de marché de Zillow révèle un paysage immobilier en évolution en février 2025, avec 1,04 million de maisons disponibles - le plus haut inventaire de février depuis 2020 et 15% de plus que l'année dernière. Bien que les nouvelles annonces aient diminué de 5% par rapport à l'année précédente, le marché montre des signes d'un avantage accru pour les acheteurs.
La croissance de la valeur des maisons a ralenti à une augmentation de 2,1% d'une année sur l'autre, marquant la plus faible croissance de février depuis 2012. Les propriétés passent désormais environ 23 jours sur le marché avant d'être en vente, soit six jours de plus que l'année dernière. La baisse des taux hypothécaires, atteignant des niveaux bas de décembre, pourrait stimuler l'activité des acheteurs et des vendeurs.
Actuellement, le marché ne montre aucun avantage clair pour les acheteurs ou les vendeurs à l'échelle nationale, une situation que l'on n'avait pas vue depuis février 2019. Les annonces en attente ont diminué de 8% par rapport à l'année dernière, mais restent 10% au-dessus des niveaux d'avant la pandémie. Le marché locatif connaît un changement notable, avec la croissance des loyers multifamiliaux dépassant celle des maisons unifamiliales pour la première fois depuis juin 2024.
Zillows neuester Marktbericht zeigt eine sich verändernde Wohnlandschaft im Februar 2025, mit 1,04 Millionen verfügbaren Häusern - dem höchsten Februar-Inventar seit 2020 und 15% über dem Vorjahr. Trotz eines Rückgangs neuer Angebote um 5% im Jahresvergleich zeigt der Markt Anzeichen eines erhöhten Vorteils für Käufer.
Das Wachstum der Immobilienwerte hat sich auf einen Jahreszuwachs von 2,1% verlangsamt, was das niedrigste Wachstum im Februar seit 2012 markiert. Immobilien verbringen jetzt ungefähr 23 Tage auf dem Markt, bevor sie in den Verkaufsprozess übergehen, sechs Tage länger als im Vorjahr. Sinkende Hypothekenzinsen, die die Dezember-Tiefststände erreichen, könnten sowohl die Aktivität von Käufern als auch von Verkäufern ankurbeln.
Der Markt zeigt derzeit keinen klaren Vorteil für Käufer oder Verkäufer auf nationaler Ebene, eine Situation, die zuletzt im Februar 2019 zu beobachten war. Die ausstehenden Angebote sind im Vergleich zum Vorjahr um 8% gesunken, liegen aber 10% über dem Niveau vor der Pandemie. Der Mietmarkt erlebt einen bemerkenswerten Wandel, wobei das Wachstum der Mehrfamilienhäuser erstmals seit Juni 2024 schneller ist als das von Einfamilienhäusern.
- Highest February inventory in 5 years with 1.04 million homes available
- Declining mortgage rates reaching December-level lows
- Pending sales remain 10% above pre-pandemic levels
- Sellers expected to receive premiums through July
- Home value growth slowed to 2.1% YoY, lowest since 2012
- New listings declined 5% year-over-year
- Pending listings decreased 8% compared to previous year
- Extended time on market to 23 days, indicating slower sales
Insights
Zillow's latest market report reveals both opportunities and challenges for the company's business model. The increasing inventory of available homes (up
The decline in mortgage rates represents a significant catalyst that could reinvigorate both buying and selling activity. As the company's Chief Economist notes, rate dips typically energize market participants, which directly benefits Zillow's marketplace model. The longer listing times (now 23 days versus 17 last year) may actually benefit Zillow by extending the premium advertising window for each property.
The slowing home value appreciation (down to
Importantly, the report indicates housing market activity still stands about
This market report reveals a housing ecosystem in transition toward pre-pandemic equilibrium. With listings taking 23 days to go pending – just 4 days faster than pre-pandemic norms – we're witnessing the market's first substantial normalization since 2020. This cooling competition environment has slowed annual home value growth to
The inventory milestone of 1.04 million available homes marks a significant supply recovery, yet remains balanced by the
The report's most actionable insight is the correlation between mortgage rate decreases and market activity. The approximately 25 basis point reduction in February, with further drops in March, provides meaningful payment relief exactly when the spring selling season typically accelerates. For Zillow, this timing aligns perfectly with their peak traffic period.
The noted shift in rental dynamics, with multifamily outpacing single-family growth for the first time since mid-2024, signals a potential rotation in housing demand driven by construction patterns and affordability constraints. This represents an important indicator for Zillow's rental marketplace strategy, as consumer preferences appear to be evolving in response to economic conditions rather than pandemic-influenced lifestyle choices.
Well over 1 million homes are available to buyers, the most for this season in five years
- Annual home value growth has slowed to an 18-month low of
2.1% , helping buyers make up ground on affordability. - Listings are going pending in 23 days, more slowly than in recent years.
- A total of 1.04 million homes were on the market in February, the most for this time of year since 2020.
Mortgage rates fell by about a quarter of a point over the course of February and have staggered further downward in March, now reaching lows not seen since December. Mortgage rates have enough of an impact on monthly payments to provide significant cost savings for prospective buyers and could help entice some fence-sitting homeowners to list their properties.
Aside from costs, buyers are gaining a leg up in a few areas of the market. For one, they'll see more options when they start shopping — 1.04 million homes were on the market last month, more than in any February since 2020, and
"Affordability is still a massive challenge for those who have been waiting to buy a home, but the lower rates we've seen so far in March are taking the edge off," said Skylar Olsen, Zillow chief economist. "Rate dips tend to energize buyers and sellers both; if they continue or hold, we should see more activity. Economic uncertainty is a counterbalance, one that will be felt in some areas of the country more than others. People tend to shelter in place when the future of their job or industry is uncertain."
With more homes for sale, competition among buyers is slower, too. Listings are spending about 23 days on the market before a sale is pending. That's six more days than last year and just four fewer than at this time pre-pandemic — closer to "normal" than at any time since 2020.
Slowing competition means slower growth in home values. Typical home values are up
Newly pending listings fell by nearly
Neither buyers nor sellers have a clear advantage in negotiations at the national level, according to Zillow's market heat index — a throwback for this time of year. The last year that happened in February was 2019.
Meanwhile, Zillow's latest rental market report reveals a major shift in market dynamics. With an increase in single-family home construction, a slowdown in new apartment developments, and an affordability pinch, multifamily rent growth is surpassing that of single-family homes for the first time since June 2024.
Least Competitive Markets — Best for Buyers | Most Competitive Markets — Best for Sellers |
Miami | Buffalo |
New Orleans | |
Tampa | |
Memphis |
Metro Area* | Zillow Home | ZHVI | Inventory | New | Market | Newly | Change in |
2.1 % | 15.4 % | -4.7 % | neutral | -7.9 % | -4 | ||
5.6 % | -9.2 % | -13.3 % | strong seller | -12.4 % | -30 | ||
3.9 % | 35.5 % | 16.8 % | seller | 1.1 % | -3 | ||
5.1 % | -2.1 % | -17.2 % | seller | -8.6 % | -12 | ||
-1.4 % | 26.5 % | -3.6 % | seller | -8.3 % | 4 | ||
-0.2 % | 24.7 % | 2.3 % | neutral | -6.9 % | 13 | ||
4.0 % | 20.4 % | 2.4 % | strong seller | -8.1 % | -16 | ||
4.1 % | 2.2 % | -9.7 % | seller | -10.7 % | -24 | ||
-0.2 % | 23.7 % | -9.3 % | buyer | -15.2 % | 16 | ||
-0.7 % | 31.4 % | 0.1 % | neutral | -16.8 % | 22 | ||
4.2 % | -1.9 % | -13.7 % | strong seller | -9.0 % | -5 | ||
-1.6 % | 35.3 % | 12.5 % | neutral | 2.7 % | 0 | ||
2.4 % | 32.5 % | 21.2 % | strong seller | 11.5 % | -1 | ||
1.8 % | 33.5 % | 13.1 % | seller | -2.9 % | 2 | ||
4.3 % | 1.8 % | -11.4 % | seller | -10.8 % | -7 | ||
4.3 % | 22.8 % | -1.5 % | strong seller | 3.1 % | -3 | ||
2.4 % | 6.1 % | -8.2 % | strong seller | -5.4 % | -2 | ||
2.3 % | 39.0 % | 13.6 % | seller | -1.8 % | -4 | ||
-3.6 % | 19.8 % | -1.1 % | buyer | -6.1 % | 7 | ||
0.0 % | 40.9 % | 10.5 % | seller | 3.5 % | 9 | ||
3.1 % | 9.4 % | -8.8 % | seller | -10.9 % | -26 | ||
3.6 % | 10.9 % | -2.4 % | seller | -3.3 % | -14 | ||
-1.4 % | 30.5 % | 0.8 % | neutral | -13.3 % | 15 | ||
0.9 % | 28.7 % | 5.0 % | neutral | -13.8 % | 8 | ||
-2.0 % | 11.3 % | -2.2 % | neutral | -14.6 % | 22 | ||
1.3 % | 16.0 % | -4.6 % | seller | -6.3 % | -1 | ||
1.3 % | 34.6 % | 19.7 % | seller | 1.3 % | 1 | ||
2.4 % | 6.1 % | -17.1 % | neutral | -10.3 % | -33 | ||
4.6 % | 8.4 % | -6.7 % | seller | -6.8 % | -9 | ||
-3.8 % | 8.0 % | -7.6 % | neutral | -23.2 % | 53 | ||
4.2 % | 40.5 % | 12.8 % | neutral | 2.9 % | 4 | ||
3.1 % | 13.0 % | -9.7 % | seller | -4.3 % | -9 | ||
3.1 % | 20.5 % | -4.3 % | seller | -4.0 % | 1 | ||
3.2 % | 10.5 % | -3.4 % | neutral | -0.3 % | -7 | ||
6.2 % | 1.1 % | -10.2 % | seller | -10.6 % | -40 | ||
7.6 % | 36.2 % | 33.3 % | strong seller | 12.0 % | -4 | ||
1.3 % | 24.2 % | 2.1 % | neutral | -4.1 % | 11 | ||
3.9 % | 13.2 % | -12.6 % | seller | -10.0 % | -42 | ||
6.5 % | 8.5 % | -3.2 % | strong seller | -9.8 % | -23 | ||
-1.5 % | 26.3 % | -0.3 % | buyer | -11.6 % | 10 | ||
4.7 % | 5.3 % | -0.6 % | strong seller | -13.8 % | N/A | ||
2.0 % | 7.2 % | -15.9 % | neutral | -15.9 % | -38 | ||
0.0 % | 21.5 % | 0.3 % | seller | -18.8 % | 8 | ||
0.7 % | 2.6 % | -14.8 % | neutral | 23.4 % | -12 | ||
3.6 % | 8.8 % | -12.6 % | strong seller | -3.9 % | -4 | ||
5.2 % | 8.3 % | -12.6 % | neutral | -19.9 % | -10 | ||
-1.7 % | 11.4 % | -7.2 % | buyer | 2.6 % | 20 | ||
2.7 % | 16.2 % | -4.7 % | seller | -13.1 % | 9 | ||
5.6 % | -1.1 % | -14.8 % | strong seller | -8.5 % | -26 | ||
5.0 % | -8.0 % | -22.6 % | strong seller | -8.2 % | -16 | ||
0.6 % | 10.5 % | -0.5 % | neutral | -1.5 % | 2 |
*Table ordered by market size
About Zillow Group:
Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
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FAQ
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