Zillow’s September 2025 housing market report reveals an surprising surge of exercise throughout what is usually actual property’s sluggish season. A dip in mortgage charges—mixed with a robust inventory market—sparked renewed vitality amongst each patrons and sellers after a sluggish August.
New listings climbed 3% yr over yr in September, reversing the three% decline a month earlier. On a month-to-month foundation, listings dipped 2%, outperforming the historic common of a 9% tumble heading into the autumn.
Complete stock slipped simply 1% from August to September however sits 14% increased than final yr’s ranges.
The report additionally exhibits a shifting stability of energy: 15 of the nation’s 50 largest metros at the moment are purchaser’s markets, up from six final yr.
Zillow’s warmth index names the highest buyer-friendly metros:
- Miami, Florida
- New Orleans, Louisiana
- Austin, Texas
- Jacksonville, Florida
- Indianapolis, Indiana
In distinction, seller-leaning markets stay scorching resulting from restricted housing provide and restrictive land-use legal guidelines.
One of the best vendor’s markets named by Zillow embrace:
- Buffalo, New York
- Hartford, Connecticut
- San Jose, California
- San Francisco, California
- New York, New York
Latest nationwide knowledge reinforces Zillow’s message of resilience. In keeping with Freddie Mac, the common 30-year fastened mortgage price has dropped to about 6.19%, its lowest level of 2025. In the meantime, existing-home gross sales rose to a seven-month excessive in September as affordability started to enhance. And whilst 15% of pending gross sales have been canceled amid nervous patrons, Redfin’s numbers present that sellers are adjusting expectations—making worth cuts and accepting slower offers.
Collectively, these tendencies counsel the housing market is thawing reasonably than overheating. Zillow’s economists anticipate this “unseasonably active” fall to hold into the vacations, powered by easing borrowing prices and pent-up demand. For patrons who’ve been ready for a window, this can be the primary actual opening in almost three years.
For this story, Fortune used generative AI to assist with an preliminary draft. An editor verified the accuracy of the knowledge earlier than publishing.
