Spring is to homebuying what winter is to skiing. Sure, they’re both doable during other times of the year, but pale in comparison to the peak three-month seasons. For many residential real estate agents and brokers, spring 2025 will likely mirror how schussers would recall a winter season with limited snowfall quality and quantity on their favorite slopes…disappointing, but certainly not devastating.
A myriad of sometimes conflicting factors have combined to define spring 2025. Inventory issues seem to have dissipated in some areas, but not others. Mortgage rates have yo-yoed, and the tariffs topic has caused endless speculation but few certainties in terms of how they will affect the housing market. So it’s no surprise to hear a wide range of opinions about what’s happened so far and what may occur going forward.
“The market has definitely shifted this spring,” states Todd Luong, a REALTOR® with RE/MAX DFW Associates in Frisco, Texas. “It isn’t crashing, but it’s clearly undergoing a correction. It’s a welcome change for buyers who’ve been priced out or overwhelmed in past years, while sellers who are willing to adjust still have plenty of opportunity to sell their home relatively quickly at a good price.”
Information released by various organizations provides a sometimes dizzying array of numbers and statistics that can often seem to present dissenting opinions of what’s happening nationwide.
Just in the last couple of weeks new-home sales saw a surprise increase in April while home-purchase cancellations hit the second-highest April rate on record. Existing-home sales slowed in April as housing starts saw diverging shifts in single and multifamily sectors. Purchase applications are up 18% as mortgage rates have remained relatively stable, with home price deceleration continuing.
A new report from Redfin further elucidated the spring situation, showing that the median U.S. monthly housing payment hit an all-time high of $2,868 during the four weeks ending May 4. It posited that record-high housing costs, along with widespread economic uncertainty, are stunting this spring’s home-buying season. The average 30-year fixed mortgage rate was 6.73% in April. That’s up from 6.65% the prior month and more than double the record low hit during the pandemic, but down from 6.99% in April 2024.
So what do industry professionals with boots on the ground have to say? That depends on where they are and what their buyers and sellers are seeking.
“As for the spring real estate market, it seems to move as quickly as potential policies affecting all of the markets,” says Jeffrey Decatur, a broker associate with RE/MAX Capital in upstate New York. “Although our market here is very active, certain segments seem to have pumped the brakes due to potential policy changes. Others are full speed ahead.
“First-time homebuyers are finding the competitiveness of the market challenging. In the last couple of years I have had buyers try to time the market. Two years later they saw the house they passed on sell for over $100,000 more. They waited for rates to come down but lost over $100,000 in equity, and prices are still going up. The most important thing is time in the market, not trying to time the market.”
Pam Rosser Thistle, with Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, notes that she judges her Philadelphia market by pending sales data and also the mood and activity on the street.
“I host a lot of open houses, which brings me in direct contact with prospective buyers, sellers and the general public,” she says. “I ask questions and get a feel for people’s interest level and their personal situations. The flow of visitors is still healthy, but the traction of buyers moving forward is not as strong. Those who are making offers are more often older cash buyers or younger buyers being assisted by parents. We need rates to come down for the market to feel like a typical spring market.”
In San Diego, Mike Safiedine, broker/owner of REMAX Connections, remarks that the city’s market is experiencing a significant shift. “Active listings have surged by approximately 60% year-over-year, providing buyers with more options, particularly in the sub-$1 million range,” he says. “Despite this increase, the market remains tight, with only 2.6 months of available inventory, below the three to six months considered balanced.
“Buyers are cautiously optimistic, benefiting from increased inventory and more negotiating room. Sellers are adjusting to these new market dynamics, understanding that pricing their homes appropriately is crucial to attracting buyers. Homes are taking longer to sell, with the median time on the market increasing to 35 days. Overall, while San Diego remains a seller’s market, the growing inventory and shifting buyer behavior suggest a move toward a more balanced market.”
New York City agents face unique challenges, with condos and co-ops being the majority of available properties instead of standalone houses.
John Walkup, co-founder of UrbanDigs, a New York-based real estate analytics firm that tracks listings for Manhattan and Brooklyn, explained that “this year’s Manhattan market is more selective, and not a rising tide that lifts all boats, at least for now. The market seems bifurcated, with units that are well-located, well-renovated and smartly priced moving quickly, while those with aspirational pricing are ignored.
“For example, a $4 million turnkey condo downtown might fly off the shelf, while a $1 million fixer-upper on the Upper East Side might linger. April’s Market Pulse index, a real-time leverage barometer based on supply and demand, dipped into negative territory for the first time in 10 months, a clear sign that buyers may be gaining the upper hand.
“Additionally, the Listing Climate Ratio (the success rate of listings) is slipping, and with May volume so far underperforming seasonal norms, the market is essentially churning, with strength clustered around the best-in-class inventory.”
Broker Adjina Dekidjiev, of New York’s Coldwell Banker Warburg, admitted that her market is shifting.
“Sales have slowed, and sellers can no longer afford to ‘test’ the market,” she says. “Homes must be priced competitively and presented well to attract today’s selective buyers. Turnkey properties are in high demand. Homes that need work must be priced accordingly, as buyers are prioritizing move-in-ready options and are less willing to take on properties that need to be renovated. Staging is no longer an option, it’s a must.
“For buyers, this is an opportunity. With increased negotiability, especially on homes needing updates, those willing to renovate can find deals and more negotiability. It’s a smart time to buy for those who can see the potential beyond the surface.”
Abigail Palanca, with SERHANT in NYC, says momentum has slowed since the start of 2025.
“The beginning of the year was very strong. Then open houses were full and there was a renewed optimism in the market. We are now noticing a slowdown in inventory. It is lighter in terms of listings especially in prime neighborhoods. There is a definite slow down in terms of the quantity of buyers, but the buyers that are out are serious and ready to move quickly,” she says.
On the other hand, RE/MAX Center and RE/MAX Metro Atlanta CEO Tina Helms feels that her market is showing signs of renewed momentum, with pending deals on the rise.
“While the year began at a slower pace, activity is now picking up in a pattern that resembles a more traditional market cycle, which is something we haven’t truly seen since before 2020,” she says. “Historically, the market cools during the winter months and gains traction into the summer, often doubling in volume. We’re seeing that seasonal trend emerge again, though at a generally lower volume than in years past.
“For sellers, strategy and competitiveness are more important than ever. Certain hyperlocal areas remain strong seller’s markets, with high demand and limited inventory. However, in other parts of the metro, it’s taking more effort to attract buyers. Pricing, staging and marketing all play critical roles in getting homes sold. Sellers should also consider offering incentives and be prepared to compete with new construction where applicable.
“Interest rates continue to create a sense of unpredictability, contributing to a bit of a roller coaster in buyer activity. That said, more buyers are beginning to adapt to the current rate environment and are stepping off the sidelines to invest in real estate.”
Luong predicts that as the spring selling season picks up in Dallas-Fort Worth, the real estate market will shift into new territory. “The surge in inventory (up over 39.5% year-over-year) is giving buyers more options than they’ve had in recent years, and it’s pushing the region toward a more balanced market,” he says. “At the same time, sales are down across much of North Texas. The number of closed transactions is down 4.7% compared to 12 months ago, with homes staying on the market an average of 57 days.
“Sellers are finding that pricing and presentation are more critical than ever. While some sellers are still pricing their homes aggressively, others are adjusting to the reality that buyers today are more cautious and less likely to enter bidding wars. We are currently at 4.3 months of inventory. While that is still technically a seller’s market, the steady rise in days on the market across Dallas-Fort Worth suggests a cooling from the pandemic-era frenzy. Median prices have largely stabilized, with median home prices holding at $400,000.”
There is also, he thinks, a hesitation being experienced on both sides of the transaction.
“Buyers, especially first-time homebuyers and move-up families, are feeling a sense of relief as inventory grows and the pressure to act quickly is no longer needed,” Luong asserts. “They are gaining leverage, negotiating more confidently and taking their time to find the right home. Sellers, meanwhile, are facing an environment that is very different from the frenzy of just a couple years ago. With homes sitting on the market longer and competition increasing, many are adjusting their expectations and pricing more realistically.”
Decatur, in upstate New York, maintains that some core principles never change, regardless of seasonal ups and downs.
“An important thing to keep in mind when reading any real estate headline is that real estate is hyperlocal,” he says. “In my market we are still seeing multiple offers and fast marketing times, yet sales and number of new listings are down. That seems to be what the media focuses on, sales down and rates high. While both are true, appreciation and median sale price are up. Sales are down because inventory is down. It is important as agents that we understand national versus state, state versus local and local versus neighborhood.
“It can be disheartening when a potential client thinks they know about the local market because they read or heard a national headline. Sometimes it is a hard hurdle to overcome. I always show potential clients the differences.”
Sellers are still reaping the benefits of a competitive market, Decatur notes. “However, those who need to sell in order to buy something else are finding that having a contingency for a sale is very challenging. Some downsizers who didn’t have to sell and could pay cash have decided to wait. They felt certain with what they owned and had in the bank but uncertain about economic factors they have no control over.
“Ultimately, it comes down to a buyer or seller’s level of comfortability in today’s economic environment. Markets always change and adjust, but the best part about real estate as an investment is that it is tangible.”
