"Since surging in 2020, home prices in the United States have continued to trend upward through 2025. The median list price for a single family home in the U.S. hit a 2025 high of $440,950 in June. While list prices have fallen since, at $425,000 in September, they are still nearly $25,000 higher than they were at the start of the year, according to data from Realtor.com."
"Rising home prices are largely driven by a mismatch between supply and demand. Not only does the U.S. have a long-standing shortage of available homes, but in recent years, rising mortgage rates have made homeowners hesitant to sell, further adding to the inventory shortage. According to the Federal Home Loan Mortgage Corporation, or Freddie Mac, the average interest on a 30-year fixed rate mortgage has been above 6% since September 2022 - levels not seen since 2008."
Home prices surged beginning in 2020 and continued rising through 2025, with the median U.S. single-family list price reaching $440,950 in June and $425,000 in September. Price increases are largely driven by a supply-demand mismatch and a long-standing shortage of available homes, compounded by homeowners' reluctance to sell amid higher mortgage rates. Average 30-year fixed rates have been above 6% since September 2022, more than double 2021 levels. National trends mask local variation; dozens of communities saw list-price declines in 2025. Analysis of over 3,100 counties found 45 counties with median list-price drops between 12.1% and nearly 50%.
Read at 24/7 Wall St.
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