Unseasonable Resilience in Real Estate Activity

Strategic Insights -

September's market showed surprising stamina, according to a recent Zillow report, with buyers and sellers remaining active despite what is traditionally the start of the slow season in real estate. The boost in activity can be attributed to a September dip in mortgage rates paired with a stock market bump. This time of year can be a sweet spot for buyers, with less competition and more time to make sure the home's a perfect fit.

Key Takeaways:

  • The number of buyer's markets more than doubled, rising from six to 15 over the past year, giving buyers the edge in many areas.
  • New listings from sellers rose 3% annually, emerging from a 3% annual decline in August, and buyers have 14% more options to choose from compared to a year ago.
  • Sellers who stay in the market into the holidays may be more open to negotiating, and fall can be a favorable time for buyers with lower competition and more homes for sale.
  • The strongest buyer's markets are in Miami, New Orleans, Austin, Jacksonville, and Indianapolis, due in large part to a surge of new construction in most of those areas in recent years.
  • The hottest markets for sellers are in the Northeast and Bay Area: Buffalo, Hartford, San Jose, San Francisco, and New York, where builders face some of the most stringent land use restrictions.
  • Home sellers in a buyer's or neutral market should be prepared for buyers asking for concessions on closing costs and rate buydowns.

Statistics:

  • The number of buyer's markets rose from six to 15 over the past year.
  • New listings from sellers rose 3% annually, emerging from a 3% annual decline in August.
  • Buyers have 14% more options to choose from compared to a year ago.
  • Total inventory fell 1% from August to September, but is up 14% from last year.
  • The Zillow Home Value Index (ZHVI) for the United States is $364,891.
  • The share of listings with a price cut is 26.2%.

Sources:

  • Zillow Research: The Zillow Market Report, October 2025
  • Zillow PR Newswire: Zillow's September 2025 Market Report, October 20, 2025
  • Zillow Group: About Zillow Group, Inc.
  • Zillow Research: Local Markets Report, October 2025.