Home values flatten as sellers outnumber buyers
Home values showed minimal growth in March 2025, rising just 0.2% during what is typically a high-growth period, according to Zillow's latest market report. The market saw a significant increase in inventory, with buyers having 19% more options compared to last year.
Despite mortgage rates reaching a 2025 low of 6.65% in March, buyer activity remained subdued. More than 375,000 homes entered the market, up 9% year-over-year, while only 265,000 listings went into pending sales. The inventory level reached 1.15 million homes, though still 24% below pre-pandemic levels.
Affordability remains a major challenge, with typical mortgage payments requiring 35.3% of median household income. Sellers responded by cutting prices at record rates, with 23.5% of Zillow listings receiving price cuts in March - the highest share since at least 2018. The typical U.S. home value stands at $359,741, showing a modest 1.2% year-over-year appreciation.
I valori delle case hanno mostrato una crescita minima a marzo 2025, aumentando solo dello 0,2% durante un periodo che solitamente registra una crescita elevata, secondo l'ultimo rapporto di mercato di Zillow. Il mercato ha registrato un significativo aumento dell'inventario, con gli acquirenti che hanno avuto il 19% in più di opzioni rispetto all'anno precedente.
Nonostante i tassi ipotecari abbiano raggiunto un minimo del 6,65% nel 2025 a marzo, l'attività degli acquirenti è rimasta contenuta. Più di 375.000 case sono entrate nel mercato, con un aumento del 9% su base annua, mentre solo 265.000 annunci sono passati a vendite in sospeso. Il livello di inventario ha raggiunto 1,15 milioni di abitazioni, sebbene sia ancora il 24% al di sotto dei livelli pre-pandemia.
La sostenibilità economica resta una sfida importante, con i pagamenti ipotecari tipici che richiedono il 35,3% del reddito mediano delle famiglie. I venditori hanno risposto tagliando i prezzi a ritmi record, con il 23,5% degli annunci Zillow che ha subito riduzioni di prezzo a marzo - la quota più alta almeno dal 2018. Il valore tipico di una casa negli USA è di 359.741 dollari, mostrando un modesto apprezzamento annuo dell'1,2%.
Los valores de las viviendas mostraron un crecimiento mínimo en marzo de 2025, aumentando solo un 0,2% durante un período que normalmente es de alto crecimiento, según el último informe del mercado de Zillow. El mercado experimentó un aumento significativo en el inventario, con los compradores teniendo un 19% más de opciones en comparación con el año pasado.
A pesar de que las tasas hipotecarias alcanzaron un mínimo de 6,65% en marzo de 2025, la actividad de los compradores se mantuvo moderada. Más de 375,000 viviendas ingresaron al mercado, un 9% más interanual, mientras que solo 265,000 listados pasaron a ventas pendientes. El nivel de inventario alcanzó 1.15 millones de viviendas, aunque todavía está un 24% por debajo de los niveles previos a la pandemia.
La asequibilidad sigue siendo un gran desafío, con los pagos hipotecarios típicos requiriendo el 35,3% del ingreso medio del hogar. Los vendedores respondieron recortando precios a tasas récord, con un 23,5% de los listados de Zillow recibiendo reducciones de precio en marzo, la proporción más alta al menos desde 2018. El valor típico de una vivienda en EE.UU. es de $359,741, mostrando una modesta apreciación interanual del 1,2%.
주택 가치는 2025년 3월에 미미한 상승을 보이며, 일반적으로 성장률이 높은 시기임에도 불구하고 0.2%만 상승했다고 Zillow의 최신 시장 보고서가 전했습니다. 시장에서는 재고가 크게 증가하여 구매자들은 작년보다 19% 더 많은 선택지를 가질 수 있었습니다.
모기지 금리가 2025년 3월에 6.65%로 최저치를 기록했음에도 불구하고, 구매자 활동은 여전히 저조했습니다. 37만 5천 채 이상의 주택이 시장에 나왔으며, 전년 대비 9% 증가했으나, 거래 대기 중인 매물은 26만 5천 건에 불과했습니다. 재고 수준은 115만 채에 달했지만, 팬데믹 이전 수준보다 24% 낮은 상태입니다.
주택 구매 부담은 여전히 큰 문제로 남아 있으며, 일반적인 모기지 납부액이 중간 가구 소득의 35.3%를 차지합니다. 판매자들은 기록적인 속도로 가격을 인하하며 대응했으며, Zillow 매물의 23.5%가 3월에 가격 인하를 받았는데, 이는 최소 2018년 이후 가장 높은 비율입니다. 미국 내 일반 주택 가치는 359,741달러로, 전년 대비 1.2%의 완만한 상승을 보였습니다.
Les valeurs des maisons ont affiché une croissance minimale en mars 2025, n’augmentant que de 0,2 % durant une période habituellement propice à une forte croissance, selon le dernier rapport de marché de Zillow. Le marché a connu une augmentation significative des stocks, avec 19 % d’options supplémentaires pour les acheteurs par rapport à l’année précédente.
Malgré des taux hypothécaires atteignant un plus bas de 6,65 % en mars 2025, l’activité des acheteurs est restée faible. Plus de 375 000 maisons sont arrivées sur le marché, soit une hausse de 9 % sur un an, tandis que seulement 265 000 annonces sont passées en ventes en attente. Le niveau des stocks a atteint 1,15 million de maisons, bien qu’il reste 24 % inférieur aux niveaux d’avant la pandémie.
L’accessibilité financière demeure un défi majeur, les paiements hypothécaires typiques représentant 35,3 % du revenu médian des ménages. Les vendeurs ont réagi en baissant les prix à un rythme record, 23,5 % des annonces Zillow ayant subi des réductions de prix en mars – la part la plus élevée depuis au moins 2018. La valeur typique d’une maison aux États-Unis s’élève à 359 741 dollars, affichant une appréciation modeste de 1,2 % sur un an.
Hauswerte zeigten im März 2025 nur ein minimales Wachstum und stiegen während einer normalerweise wachstumsstarken Periode nur um 0,2%, so der jüngste Marktbericht von Zillow. Der Markt verzeichnete einen deutlichen Anstieg des Inventars, wobei Käufer 19 % mehr Auswahlmöglichkeiten als im Vorjahr hatten.
Trotz Hypothekenzinsen, die im März 2025 ein Tief von 6,65 % erreichten, blieb die Käuferaktivität gedämpft. Mehr als 375.000 Häuser kamen auf den Markt, ein Anstieg von 9 % im Jahresvergleich, während nur 265.000 Angebote in den Status „Verkauf ausstehend“ wechselten. Das Inventarniveau erreichte 1,15 Millionen Häuser, liegt jedoch immer noch 24 % unter dem Niveau vor der Pandemie.
Die Erschwinglichkeit bleibt eine große Herausforderung, da typische Hypothekenzahlungen 35,3 % des mittleren Haushaltseinkommens ausmachen. Verkäufer reagierten mit Rekordpreissenkungen, wobei 23,5 % der Zillow-Angebote im März Preissenkungen erhielten – der höchste Anteil seit mindestens 2018. Der typische Hauswert in den USA liegt bei 359.741 US-Dollar und zeigt eine moderate Wertsteigerung von 1,2 % im Jahresvergleich.
- None.
- None.
Buyers wrestling with economic turmoil and affordability challenges were less motivated by lower rates in March
- Home values nearly stood still, rising
0.2% during a month normally characterized by high growth. - New shoppers have
19% more options to choose from than a year ago, and a rising share of homes have been on the market for more than a month. - Sellers cut prices on a record-high
23.5% of listings on Zillow.
"More sellers came out to test their luck as rates ticked down in March, but home sales didn't keep up. Buyers — especially first-timers without equity to pour into their down payment — continue to struggle with affordability and now are facing even higher levels of uncertainty," said Zillow Chief Economist Skylar Olsen. "A turbulent economy likely weighs more heavily on first-time buyers than more firmly established sellers."
Sellers made a strong showing in March, putting more than 375,000 homes on the market — an increase of nearly
While sellers leaned on the gas, buyers didn't keep up. Newly pending sales were essentially flat compared to last year, even though average mortgage rates were lower this year —
This mismatch pushed inventory up to 1.15 million homes —
With more options available, competition cooled, and home price growth slowed significantly. The typical home value rose
Affordability is still challenging buyers. A mortgage payment on a typical home in March required about
Sellers cut prices at record rates to help bridge the gap to buyers. More than
Metro Area* | Zillow | ZHVI | ZHVI | Inventory | New | Newly | Change in |
United | 1.2 % | 0.2 % | 19.3 % | 8.5 % | 0.3 % | -4 | |
| 4.8 % | 0.4 % | -3.3 % | 3.5 % | -7.3 % | -20 | |
| 2.4 % | 0.5 % | 42.0 % | 24.6 % | 1.5 % | -2 | |
4.1 % | 0.6 % | 1.8 % | -2.2 % | -0.9 % | -9 | ||
-2.4 % | 0.1 % | 27.4 % | 7.2 % | -5.2 % | 0 | ||
-0.9 % | 0.1 % | 28.7 % | 19.3 % | 1.7 % | 9 | ||
| 2.8 % | 0.5 % | 35.0 % | 26.7 % | 7.4 % | -13 | |
| 3.3 % | 0.5 % | 10.5 % | 11.5 % | 3.5 % | -16 | |
-1.5 % | -0.4 % | 26.3 % | 7.2 % | -14.0 % | 11 | ||
-1.8 % | 0.0 % | 33.6 % | 11.1 % | -3.5 % | 15 | ||
2.9 % | 0.6 % | 10.4 % | 14.2 % | -0.4 % | -2 | ||
-2.5 % | 0.0 % | 36.1 % | 16.3 % | 2.4 % | 2 | ||
| 0.5 % | 0.9 % | 33.6 % | 19.7 % | -2.4 % | -1 | |
0.7 % | 0.0 % | 35.6 % | 15.7 % | 0.2 % | -2 | ||
3.3 % | 0.6 % | 6.4 % | 2.0 % | -4.3 % | -3 | ||
2.4 % | 0.6 % | 27.6 % | 16.3 % | 5.0 % | -1 | ||
| 1.3 % | 0.4 % | 9.4 % | 4.9 % | 2.5 % | -4 | |
| 0.5 % | 0.4 % | 43.1 % | 17.1 % | 3.7 % | -4 | |
-4.5 % | -0.3 % | 21.4 % | 11.8 % | -0.2 % | 7 | ||
-1.1 % | 0.4 % | 45.6 % | 27.2 % | 7.3 % | 5 | ||
| 2.2 % | 0.4 % | 18.0 % | 11.8 % | 3.9 % | -15 | |
2.8 % | 0.6 % | 14.6 % | 6.7 % | 7.6 % | -10 | ||
-2.2 % | -0.2 % | 34.6 % | 10.8 % | 0.2 % | 15 | ||
| -0.1 % | 0.3 % | 33.1 % | 15.5 % | 6.0 % | 6 | |
| -2.7 % | -0.1 % | 14.5 % | 6.8 % | -6.3 % | 5 | |
0.3 % | 0.3 % | 20.0 % | 6.1 % | -0.4 % | 3 | ||
| 0.1 % | 0.3 % | 35.7 % | 16.0 % | 7.7 % | 1 | |
| 1.9 % | 0.8 % | 12.3 % | 9.1 % | 3.4 % | -18 | |
| 3.6 % | 0.6 % | 13.7 % | 7.2 % | 6.8 % | -5 | |
-4.6 % | 0.2 % | 11.4 % | 3.3 % | -14.4 % | 24 | ||
| 3.3 % | 0.2 % | 44.5 % | 17.9 % | -4.8 % | -1 | |
| 2.2 % | 0.6 % | 14.0 % | 2.2 % | 7.0 % | -7 | |
| 2.1 % | 0.6 % | 22.4 % | 5.9 % | 2.5 % | 0 | |
| 2.3 % | 0.4 % | 15.2 % | 8.9 % | 8.9 % | -3 | |
| 5.3 % | 0.7 % | 13.7 % | 14.2 % | 4.7 % | -29 | |
5.5 % | 1.3 % | 42.0 % | 25.2 % | -2.1 % | -3 | ||
0.5 % | 0.4 % | 26.3 % | 9.7 % | -1.5 % | 2 | ||
Virginia Beach, | 2.7 % | 0.3 % | 19.5 % | 7.3 % | 5.0 % | -19 | |
| 5.2 % | 0.3 % | 21.5 % | 18.9 % | 4.1 % | -15 | |
| -2.3 % | -0.1 % | 26.7 % | 6.5 % | -2.3 % | 16 | |
| 3.6 % | 0.9 % | 3.9 % | -6.4 % | -11.1 % | -8 | |
1.4 % | 0.3 % | 10.3 % | -1.0 % | -4.9 % | -3 | ||
-1.0 % | 0.2 % | 40.0 % | 21.4 % | 1.6 % | 2 | ||
-0.2 % | 0.2 % | 2.6 % | -3.2 % | 41.5 % | -8 | ||
| 2.4 % | 0.4 % | 15.3 % | 9.5 % | 3.8 % | -5 | |
4.5 % | 0.6 % | 15.4 % | 9.9 % | -16.1 % | -7 | ||
New | -1.9 % | 0.3 % | 10.4 % | 5.2 % | -8.2 % | 17 | |
Salt Lake | 2.0 % | 0.6 % | 28.9 % | 19.6 % | 3.6 % | 6 | |
4.7 % | 0.7 % | 5.3 % | 3.6 % | -5.8 % | -16 | ||
3.9 % | 0.2 % | -5.4 % | -4.3 % | -13.3 % | -7 | ||
| -0.3 % | 0.0 % | 12.8 % | 4.1 % | 0.5 % | 4 |
*Table ordered by market size |
1 The Zillow market report is a monthly overview of the national and local real estate markets. The |
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FAQ
What caused the slowdown in home value growth for ZG listings in March 2025?
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