April 2025 Real Estate Market Update

Welcome to our April 2025 real estate update! In this edition, we’re breaking down the latest trends from across the housing market, with insights on everything from price fluctuations and inventory changes to regional updates. Whether you're buying, selling, or just staying informed, we’ve got the details you need to navigate the evolving market and make smart decisions.

April Financial Market News

• Visa beat profit expectations as card spending rose 8% in Q2 and announced a $30 billion stock buyback.
  
  
• The US economy shrank 0.3% in Q1, its first contraction in three years, driven by a 41% surge in imports ahead of expected tariffs which dragged down GDP.
  
  
• The current annual inflation rate is 2.4% - still above the Fed's 2% target.
  
  

April National Housing Market News

• The median price of new homes sold in March was $403,600, down 1.9% from February and 7.5% from a year ago, as buyers preferred smaller, more affordable homes.
  
  
• Existing-home inventory saw a healthy boost in February, rising 5.1% month-over-month and up 17% compared to last year.
  
  
• Home buyers are increasingly interested in assumable mortgages, which allow them to take over a seller's existing low-rate loan.
  
  
• Home sales just hit their slowest March pace since 2009, with existing home sales falling to 4.02 million (seasonally adjusted annual rate), down 5.9% from February and 2.4% from last year.
  
  
• Zillow will now block listings that appear on private networks more than 24 hours before hitting the MLS (Multiple Listing Service), aiming to keep inventory public and curb the rise of "private exclusives."
  
  
• D.R. Horton, the largest U.S. homebuilder, pulls back in Florida and Texas as rising inventory and weak demand slow the Sun Belt housing market down 15% YoY.
  

April National Housing Trends

• The most buyer-friendly housing markets right now are in:
   
  1. Miami, FL: Homes are sitting for a median of 60 days; 24.2% of listings have price cuts.
  2. New Orleans, LA: Inventory is up 11.4% YoY; homes are staying in the market for 58 days.
  3. Jacksonville, FL: 26.3% YoY inventory increase; nearly 29% of listings have price reductions.
  4. Tampa, FL: Home values dipped 3.6%; 31.9% of homes see price cuts.
  5. Memphis, TN: Monthly mortgage ($1,228) is lower than local rent; homes are pending in 29 days.
  
  
• Accessory Dwelling Units (ADUs) are gaining popularity as an affordable housing solution, providing rental income or flexible living spaces with lower development costs.
  
  
• Homes listed through Zillow Showcase (featuring immersive, AI-powered 3D tours) sell for 2% more on average, or about $9,000 extra, compared to standard listings. 
  
  
• More borrowers are turning to adjustable-rate mortgages (ARMs) to save money, with nearly 1 in 10 applicants the week of April 11 choosing ARMs—the highest share since Nov. 2023.
  
  
• 81% of potential sellers believe they’ll get their asking price or more this year, according to a new Realtor.com® survey.
  • 55% of long-time potential sellers feel "locked in" by their current mortgage rate, keeping them from listing their homes.
    
    
• Senior housing is in short supply leading some older adults to reserve units before they need them, with demand expected to outpace supply by more than 370,000 units by 2030.
  
  
• California leads the nation with 113 cities where starter homes cost at least $1 million.
  
  

April Regional Housing Market News

Curious about how the housing market is shifting in your area? Here’s a closer look at the latest trends across different regions of the U.S. From price changes to inventory updates, we’ve got the insights you need to stay ahead in your local market.

Northeast Region Housing News:

• In 2024, Maryland’s strong job market, 63.7% employment rate, and high incomes made it a top draw for buyers relocating—especially with easy access to D.C. opportunities.
  
  
• Downtown Pittsburgh is converting office buildings into housing, with 1,300 new units planned, including affordable options, to address post-pandemic changes in the workforce.
  
  
• Pawtucket’s Tidewater Landing project in Rhode Island is adding 600+ new homes, including affordable units, to boost riverfront living near the new stadium.
  
  
• Newport News, Virginia approved a 620-unit housing development on historic Endview Plantation, preserving the landmark while adding homes, commercial space, and trails that connect to Newport News Park.
  
  

Midwest Region Housing News:

• Illinois is seeing impressive appreciation in home prices, with top spots in the Chicago-Naperville-Elgin metro area leading the charge.
  
  1. Kenilworth: 1-year +6.9%, 5-year +54.4%.
  2. Winnetka: 1-year +6.5%, 5-year +51.0%.
  3. Glencoe: 1-year +6.8%, 5-year +53.9%.
     
     
• Spring is bringing a surge in inventory, and the Midwest stands out for its affordability. With homes averaging $296,000, it's a refreshing contrast in a market where prices are climbing elsewhere.
  
  
• A new bipartisan bill in Wisconsin aims to expand housing tax credits and low-interest loans to boost affordable housing in rural areas.
  

Texas Housing News:

• Texas’ median home price is around $328K ($70K below the national average) and rising inventory, slower sales, and price markdowns in secondary markets are giving buyers more leverage this spring.
  
  
• Austin is updating its 10-year Strategic Housing Blueprint to reflect today’s market, with home prices up 58% since 2017.
  
  
• ​Texas earned an A- (and ranked 3rd place) on Realtor.com's 2025 "Grading the States: Affordability & Homebuilding Report Card" for its impressive new construction efforts. 
  
  
• In March, single-family homes sold for 10.5% below asking in San Antonio, 10.1% in Dallas, and 4.4% in Houston—some of the biggest gaps in the country.
  
  

Southeast Region Housing News

• Florida's housing market is showing signs of normalization, with new single-family listings up 10.8% in March and median prices dipping 1.9% year-over-year. 
  
  
• Georgia just passed a new law requiring out-of-state landlords to hire local staff to handle tenant complaints. It’s meant to hold big investors accountable and help renters get faster responses to maintenance issues, especially as institutional landlords have flooded the state.
  
  
• Research finds that many Florida newcomers, including those from high-cost states like California, are driving up the prices, making it tough for younger buyers to get a foothold.
  
  
• Natchez’s (Mississippi) housing market is picking up, with more buyers looking for homes, especially those with land, and out-of-towners attracted by the city’s charm and affordability.
  
  

Southwest Region Housing News:

• Denver's housing market is shifting toward buyers, with inventory above pre-pandemic levels and home prices down 5.6% year over year.
  
  
• In 2024, Colorado saw the highest millennial migration rate compared to the national average (+34.8%), likely due to its strong job market, outdoor lifestyle, and overall quality of life.
  
  
• Phoenix home prices rose slightly in March to a median listing price of $499,900, but price per square foot dipped 0.3%, trailing the national 1.6% increase.
  
  
• Albuquerque remains optimistic about receiving housing funds despite the governor removing an $80M earmark—homelessness in the city has jumped 108% since 2017, more than double the state average.
  
  

Pacific Northwest Housing News:

• Washington expands zero-interest loans to more first-time buyers by raising income limits and adding loan forgiveness after 5 years for lower-income households, aiming to close the racial homeownership gap without using general taxpayer funds.
  
  
• Clyde Hill is Washington's fastest-growing town for home prices, with a typical home value of $4.3M and a 1-year price increase of 8.4% (+$331,782).
  
  
• The Oregon Senate just passed a bill that forces cities to approve housing projects faster—within 90 days instead of 150. If it passes the House, it could be a major step toward easing the housing shortage.

California Housing News:

• Regionally, the San Francisco Bay Area experienced a 3.5% increase in median home sales prices compared to February 2024, while the Central Coast saw a 1.6% rise. Conversely, sales declined in the Far North, Central Valley, and Southern California regions.
  
  
• San Francisco introduced legislation to convert vacant office buildings into housing, aiming to create up to 4,400 units and revitalize downtown areas. ​
  
  
• California leads the nation with 113 cities where starter homes cost at least $1 million, highlighting ongoing affordability challenges for first-time buyers.
  
  

Be sure to check back next month for our updated insights and trends to keep you informed on the latest developments. In the meantime, if you’re thinking about buying, selling, or refinancing, our Home Loan Specialists are always ready to help you make the right move.