As the real estate industry heads into the traditionally busy spring selling season, a notable shift is unfolding in how homeowners are pricing their properties. Across many U.S. markets, asking prices are moderating, reflecting a growing caution among sellers. This trend emerges despite a multi-year slump in transaction volume driven by elevated mortgage rates, during which home values have largely remained stable. To understand how your specific local market is navigating this landscape—and how it compares to hundreds of others—Inman offers interactive maps and charts powered by the latest data from Realtor.com.
An analysis of recent listing data reveals that some regions which experienced modest price growth during the pandemic-era housing boom are now seeing a more pronounced pullback in initial asking prices. This conservative pricing approach by agents and their clients is contributing to a slight, but widespread, national decline in list prices as we move into the warmer months, even as many industry professionals anticipate a healthy increase in home sales activity.
Explore the Inman Market View interactive data tools below to investigate these dynamics. You can click into one of the 500 local markets mapped or use the drop-down menu for a granular data view. Different metrics and time-period comparisons are available to build a comprehensive picture.
A Conservative Ask: National List Prices Trend Lower
Nationwide, the pace of price growth has continued to decelerate, a pattern now visibly reflected in the prices sellers are initially asking for their homes.
- Home listings this past winter were priced a median 44 percent above their pre-pandemic (2017-2019) seasonal norms. This figure itself underscores how the dramatic gains of 2020-2022 continue to shape today’s affordability challenges.
- However, this represents a softening from the 47 percent premium seen during the fall 2025 market, indicating that sellers are increasingly tempering their expectations.
The local picture is one of divergence. Some major metro areas, such as greater New York City and Miami, show early signs of price stabilization, suggesting sellers in these hubs are regaining some pricing confidence. Yet, a larger number of markets are adopting more strategic, lower listing prices ahead of the spring rush. A select few are experiencing more significant downward pressure.
Cumulative Gain in Listing Price from Pre-Pandemic Normal (Fall 2025 → Winter 2025)
These examples exceed the typical U.S. market trend and highlight specific local narratives:
- Greater Austin area: +34% → +27%
- Greater Silicon Valley area: +25% → +18%
- Greater Washington, D.C., area: +31% → +25%
While each market has its unique drivers, these employment hubs share common traits: they saw less explosive price appreciation during the pandemic boom compared to Sun Belt hotspots, and they have all registered notable increases in active listing inventory recently. In Austin and Silicon Valley, this supply growth is being fueled by a significant surge in new listings since the beginning of the year.
Use the Inman Market View charts above to search your own market and track its performance against national and regional peers across various metrics and timeframes.
Inside a Market: The Nuanced Case of Washington, D.C.
The price trend in the nation’s capital offers a more complex story than a simple narrative of federal workforce reductions. While map data shows list-price declines affecting neighborhoods throughout the greater D.C. area over the past year, some of the steepest adjustments have occurred in affluent suburbs and enclaves well outside the District itself.
This pattern suggests the pricing pressure may be less about broad federal layoffs and more tied to shifts in high-level administrative and agency leadership, the volatility of federal contracting dollars, and the economic fortunes of specialized professional classes (e.g., lobbyists, consultants, defense contractors) concentrated in the region. These sectors are particularly sensitive to the political and budgetary climate in Washington.
Looking Ahead: Implications for Spring 2025
For the majority of U.S. markets, the recent list-price adjustments have been gradual. Many areas are still witnessing year-over-year price gains or have achieved a new equilibrium after earlier corrections.
However, if this trend of softening asking prices accelerates and spreads to more metropolitan areas, it could influence both seller and buyer behavior this spring. Sellers may need to price more competitively to attract interest, while buyers might gain modestly increased leverage in negotiations. The extent of this shift will largely depend on mortgage rate movements, the pace of new inventory entering the market, and whether the anticipated seasonal pickup in sales volume materializes as expected.
Methodology Note: For this month’s analysis, Inman refined its calculation of the 2017-2019 baseline averages to better account for the consistent seasonal jump from December to January. This adjustment creates smoother, more comparable month-to-month trends while maintaining the same underlying conceptual framework for measuring pre-pandemic “normal” levels.
Email Daniel Houston
