March 2026 Monthly Housing Report: Spring’s Promise Meets Fresh Headwinds
March 2026 Monthly Housing Report: Spring’s Promise Meets Fresh Headwinds
Market Outlook
March arrived carrying genuine promise for a 2026 housing market rebound. Mortgage rates had fallen below 6% for the first time since 2022, new listings were climbing despite winter weather, and cautious optimism was forming around the spring homebuying season. Then, the global economic backdrop shifted abruptly as a result of the conflict in Iran. And where has that left us? Mortgage rates have risen for four straight weeks and now sit 40 basis points higher than a month ago, the Fed has signaled a more cautious policy outlook for the coming months, and surging economic uncertainty is threatening to short-circuit the housing market for a second consecutive spring.
Despite the cloudier outlook, Realtor.com® data points to a housing market that remains unfazed, at least for now. Of potential warning signs—new listings, contract signings, price cuts, cancellations—none is flashing red yet. Even so, the path to a big spring sales rebound has narrowed, with the market heading into April facing more headwinds than just a month ago.
In This Report
Key Questions
Q: March sets the stage for the spring homebuying/selling season. Does this year look meaningfully different from 2025?
A: A few important differences point to a more buyer-friendly market, despite the recent rise in mortgage rates. Inventory and time on the market have been growing for over two years, and median list prices have now fallen year on year for five straight months. These trends hold not just nationally, but across most regions and most metros, too. For instance, median asking prices were flat or falling in 34 of the top 50 markets in March. Price cuts are down as well, suggesting sellers are coming to market at more realistic prices rather than listing high and cutting later. This, too, is a meaningful shift from 2025.
Q: Mortgage rates rose throughout March. What effects did that have?
A: It’s too early to know the full effects; April’s data next month will be more revealing. However, there are no clear warning signs from the March inventory data, especially considering new listings and homes under contract are both up. One important piece of context: Rates are still lower than they were at this point last year, which, combined with lower list prices, offers an affordability boost. In fact, financing the median price at the current mortgage rate is at its lowest March level since 2022. Whether those affordability gains persist and/or if broader economic uncertainty (a slowing labor market and low consumer confidence) starts to affect the market remains to be seen.
Q: What is the one thing to watch heading into April?
A: New listings. March typically sees the biggest month-over-month jump in new listings of the entire buying season, averaging an 18% increase since 2017. This year, it was over 20%. Whether that momentum carries into April will be a big indication of seller confidence and demand, since most sellers buy as well. Last spring saw very little new listing momentum. Tariff-driven uncertainty and recession fears hit in early April, sidelining both sellers and buyers and setting up a cruel summer marked by buyers and sellers too far apart to transact. The worry is that this spring’s geopolitical tensions could cause history to repeat itself in the housing market. If sellers pull back next month, we risk another spring that fails to launch.
March’s Top Storylines, According to the Data
Median asking prices have fallen year over year for five straight months. Both March list prices and mortgage rates are at their lowest level since 2022. Meanwhile, time on the market is up compared to last year in all four major regions and in 43 of the top 50 metros. Sellers look to be pricing more realistically, and buyers can take advantage, especially if the overall economic outlook steadies in the coming months.
Active listings have now climbed year over year for 29 straight months, but the inventory recovery has slowed to a single-digit pace in the past two. Regionally, the Northeast and Midwest are still far below pre-pandemic norms, so supply deficits there will keep markets relatively seller-friendly on average.
New listings rose 0.7% nationally, but that masks a recent regional divergence: The South and West posted modest gains, while new listings fell in the Northeast and Midwest, where overall inventory already lags
Core Metrics: March 2026
Median List Price: $415,450
- Vs. Previous Month: Up 3%, a typical seasonal pattern
- Vs. Previous Year: Down 2.2%
At the regional level: Year-over-year changes in median list prices by region ranged from -3.6% in the Northeast to -0.1% in the Midwest. When adjusting for changing home sizes, price per square foot, prices rose more robustly in the Midwest (+1.4) and Northeast (+0.4%) compared to the South (-3.5%) and West (-1.4%).
At the metro level: Median list price per square foot is falling in 31 of the top 50 metros. The largest per-square-foot price declines were in Austin (-7.1%), Memphis (-6.3%), and San Antonio (-4.6%). The largest gains were in Providence (+9.8%), Indianapolis (+6.3%), and Milwaukee (+5%).
Active Listings: 964,477
- Vs. Previous Month: Up 5.4%
- Vs. Previous Year: Up 8.1%
Year-on-year active listings growth is up from last month (when it was +7.9%), the first increase since April to May 2025. Nationwide inventory is 13.8% below typical 2017–19 levels, down from 16.8% last month.
At the regional level: Inventory increased across the board, with larger gains in the Midwest (+13.6% YoY) and West (+10.6%) than in the Northeast (+7.9%) and South (+5.8%).
At the metro level: 44 of the 50 largest markets recorded year-over-year inventory growth (active listings were down in Orlando, Chicago, Hartford, San Francisco, Miami, and Jacksonville). The sharpest increases were seen in Seattle (+42.5%), Louisville (+34%), and Indianapolis (+27.0%).
New Listings: 439,000
- Vs. Previous Month: Up 21.2%
- Vs. Previous Year: Up 0.7%
At the regional level: New listings growth was split along regional lines: -1.2% YoY in the Northeast, -1.3% in the Midwest, +2.1% in the South, and +2.4% in the West.
At the metro level: Metros with the strongest new listings growth year over year were Milwaukee (+20.4), Memphis (+17.4%), and Richmond (+16.7%).
Time on the Market: 57 Days
- Vs. Previous Year: +4 days slower
This marks the 24th straight month of homes taking longer to sell on a year-over-year basis. The median home has spent 5 fewer days on market than the pre-pandemic norm
Regional and metro levels: Time on the market was up modestly across the major regions (Northeast, +4 days; Midwest, +2; South, +4; Wes,t +2) and grew in 43 of the top 50 metros (up from 35 last month).
Price Cuts: 16.2% of listings saw a price cut in March
- Vs. Previous Year: Down 1.2 percentage points
Pending Sales (Contract Activity)
- Vs. Previous Year: Up 3.9%, the third straight month with a YoY increase
Summary Tables
National
| Metric | March 2026 | Change over Feb. 2026 (MoM) | Change over Mar. 2025 (YoY) | Change over Mar. 2019 | Change over Mar. 2022 |
| Median listing price | $415,450 | 3.0% | -2.2% | 35.9% | 4.0% |
| Active listings | 964,477 | 5.4% | 8.1% | -13.6% | 172.4% |
| New listings | 439,000 | 21.2% | 0.7% | -8.1% | 0.9% |
| Median days on market | 57 | -13 | 4 | -8 | 24 |
| Share of active listings with price reductions | 16.2% | 1.0 | -1.2 | 1.3 | 10.5 |
| Median List Price Per Sq.Ft. | $225 | 1.0% | -2.5% | 50.9% | 5.8% |
Regional: Listings
| Active Listings | New Listings | ||||||
| Mar. 2026 | YoY | vs. Pre-Pandemic | Mar. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | 964,477 | 8.1% | -13.8% | 439,000 | 0.7% | -11.6% | |
| Northeast | 85,383 | 7.9% | -54.1% | 50,652 | -1.2% | -31.0% | |
| Midwest | 130,427 | 13.6% | -37.8% | 78,186 | -1.3% | -23.8% | |
| South | 549,805 | 5.8% | 2.4% | 214,284 | 2.1% | -1.2% | |
| West | 195,141 | 10.6% | 8.3% | 96,382 | 2.4% | -14.1% | |
Regional: Prices
| Median List Price | Median List Price Per Sq. Ft. | ||||||
| Mar. 2026 | YoY | vs. Pre-Pandemic | Mar. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | $415,450 | -2.2% | 45.7% | $225 | -2.5% | 61.3% | |
| Northeast | $510,948 | -3.6% | 61.8% | $304 | 0.4% | 85.1% | |
| Midwest | $309,500 | -0.1% | 51.2% | $179 | 1.4% | 63.5% | |
| South | $379,950 | -2.5% | 39.3% | $206 | -3.5% | 57.2% | |
| West | $592,500 | -1.2% | 43.1% | $319 | -1.4% | 60.4% | |
Regional: Market Pressures
| Median Time on Market | Share of Listings with Price Cuts | ||||||
| Mar. 2026 | YoY | vs. Pre-Pandemic | Mar. 2026 | YoY | vs. Pre-Pandemic | ||
| USA Avg. | 57 | 4 | -5 | 16.2% | -1.2 | 1.5 | |
| Northeast | 52 | 4 | -15 | 9.1% | -0.2 | -2.7 | |
| Midwest | 49 | 2 | -12 | 12.4% | -0.1 | -0.6 | |
| South | 61 | 4 | -1 | 18.4% | -1.9 | 2.5 | |
| West | 50 | 2 | 1 | 17.3% | -0.7 | 3.3 | |
Appendix: March 2026 Statistics
March 2026 National and Regional Housing Overview
| Region | Active Listing Count, YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Northeast | 7.9% | -1.2% | $510,948 | -3.6% | 0.4% | 4 | 9.1% | -0.2 |
| Midwest | 13.6% | -1.3% | $309,500 | -0.1% | 1.4% | 2 | 12.4% | -0.1 |
| South | 5.8% | 2.1% | $379,950 | -2.5% | -3.5% | 4 | 18.4% | -1.9 |
| West | 10.6% | 2.4% | $592,500 | -1.2% | -1.4% | 2 | 17.3% | -0.7 |
| National Average | 8.1% | 0.7% | $415,450 | -2.2% | -2.5% | 4 | 16.2% | -1.2 |
March 2026 Housing Overview of the 50 Largest Metros
| Metro | Active Listing Count YoY | New Listing Count, YoY | Median List Price | Median List Price, YoY | Median List Price Per SF, YoY | Median Days on Market, YoY (Days) | Price-Reduced Share | Price-Reduced Share, YoY (Percentage Points) |
| Atlanta-Sandy Springs-Roswell, GA | 8.2% | -5.6% | $412,500 | 3.1% | -0.1% | 3.5 | 19.5% | -1.2 |
| Austin-Round Rock-San Marcos, TX | 9.9% | -8.0% | $469,500 | -7.9% | -7.1% | 9 | 20.9% | -1.3 |
| Baltimore-Columbia-Towson, MD | 17.9% | -4.4% | $361,993 | -3.4% | 0.1% | 7.5 | 14.1% | 1.0 |
| Birmingham, AL | 11.3% | 9.2% | $295,763 | 3.8% | 1.1% | 1.5 | 15.3% | -0.9 |
| Boston-Cambridge-Newton, MA-NH | 15.3% | 15.4% | $828,750 | -4.6% | 0.0% | 4.5 | 9.5% | -0.7 |
| Buffalo-Cheektowaga, NY | 19.1% | 13.4% | $256,500 | -1.3% | 2.3% | 5.75 | 6.3% | 0.9 |
| Charlotte-Concord-Gastonia, NC-SC | 25.3% | 16.5% | $424,950 | 0.0% | -1.6% | 5.5 | 19.6% | -1.6 |
| Chicago-Naperville-Elgin, IL-IN | -0.8% | 0.1% | $362,051 | 0.6% | 1.7% | -1 | 9.8% | -0.9 |
| Cincinnati, OH-KY-IN | 22.4% | 4.1% | $344,950 | 3.0% | 1.7% | 7.75 | 13.3% | 0.0 |
| Cleveland, OH | 14.0% | 1.2% | $249,900 | 0.4% | 2.4% | 2 | 12.4% | -0.6 |
| Columbus, OH | 15.8% | -0.1% | $359,900 | 0.0% | -2.2% | 4 | 17.7% | -0.3 |
| Dallas-Fort Worth-Arlington, TX | 5.5% | -1.7% | $420,000 | -0.8% | -1.9% | 2.5 | 20.8% | -2.6 |
| Denver-Aurora-Centennial, CO | 9.4% | -8.4% | $577,000 | -1.4% | -3.1% | 3 | 20.6% | -3.8 |
| Detroit-Warren-Dearborn, MI | 24.2% | 3.5% | $239,900 | -2.1% | 1.2% | 2.5 | 13.2% | 1.7 |
| Hartford-West Hartford-East Hartford, CT | -5.7% | -7.8% | $454,950 | 1.1% | -1.4% | 8.5 | 4.7% | -0.9 |
| Houston-Pasadena-The Woodlands, TX | 13.0% | 2.3% | $350,500 | -4.0% | -2.7% | 4.5 | 17.7% | -0.5 |
| Indianapolis-Carmel-Greenwood, IN | 27.0% | 8.5% | $312,500 | -0.8% | 6.3% | 7 | 19.8% | 0.8 |
| Jacksonville, FL | -16.4% | -11.0% | $389,900 | -2.3% | -2.0% | 1 | 22.0% | -5.7 |
| Kansas City, MO-KS | 25.8% | 8.2% | $400,000 | 1.1% | 0.0% | -6.5 | 11.3% | 0.2 |
| Las Vegas-Henderson-North Las Vegas, NV | 18.4% | 6.1% | $468,100 | -0.4% | -2.2% | 7.5 | 21.1% | -0.5 |
| Los Angeles-Long Beach-Anaheim, CA | 9.6% | -0.3% | $1,096,500 | -7.0% | -3.4% | 3 | 12.9% | -0.4 |
| Louisville/Jefferson County, KY-IN | 34.0% | 11.3% | $302,000 | -5.6% | 1.5% | 3.5 | 17.9% | 2.2 |
| Memphis, TN-MS-AR | 14.5% | 17.4% | $299,450 | -10.3% | -6.3% | 4 | 18.8% | -1.7 |
| Miami-Fort Lauderdale-West Palm Beach, FL | -8.6% | -10.8% | $499,000 | -2.5% | -1.9% | 6.5 | 16.3% | -5.0 |
| Milwaukee-Waukesha, WI | 17.9% | 20.4% | $387,858 | 3.4% | 5.0% | 2 | 10.9% | 1.9 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 15.0% | 0.3% | $425,000 | -4.7% | -1.4% | 2.5 | 10.7% | 0.5 |
| Nashville-Davidson–Murfreesboro–Franklin, TN | 18.3% | 15.7% | $529,000 | -1.1% | -1.2% | 5.5 | 15.9% | -0.9 |
| New York-Newark-Jersey City, NY-NJ | 3.5% | -0.6% | $750,000 | -3.8% | 0.4% | 3 | 7.4% | 0.4 |
| Oklahoma City, OK | 12.6% | 4.1% | $318,450 | 0.2% | -0.9% | 7.5 | 18.2% | 0.0 |
| Orlando-Kissimmee-Sanford, FL | -0.5% | -4.5% | $419,000 | -0.2% | -2.6% | 7 | 21.1% | -3.6 |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | 7.6% | -2.6% | $359,900 | 0.3% | 0.6% | 4 | 11.6% | -0.1 |
| Phoenix-Mesa-Chandler, AZ | 6.4% | 1.3% | $496,900 | -4.4% | -1.2% | 3 | 29.7% | -3.0 |
| Pittsburgh, PA | 10.2% | -4.0% | $239,950 | 0.4% | 1.8% | 2.5 | 14.5% | 0.7 |
| Portland-Vancouver-Hillsboro, OR-WA | 11.4% | 10.5% | $575,000 | -4.2% | -2.2% | -2 | 23.1% | 0.3 |
| Providence-Warwick, RI-MA | 0.6% | -1.6% | $554,950 | 0.9% | 9.8% | 11.5 | 8.6% | -0.3 |
| Raleigh-Cary, NC | 15.1% | 13.4% | $449,900 | 1.1% | -1.3% | 1.5 | 17.7% | -2.0 |
| Richmond, VA | 8.2% | 16.7% | $441,625 | -0.7% | 1.7% | -5.5 | 9.4% | -0.8 |
| Riverside-San Bernardino-Ontario, CA | 0.9% | -0.7% | $593,795 | -1.0% | -1.6% | 3 | 16.7% | -1.1 |
| Sacramento-Roseville-Folsom, CA | 3.2% | 10.1% | $621,495 | -0.6% | 0.4% | 3 | 14.3% | -2.3 |
| Salt Lake City-Murray, UT | 5.0% | 5.0% | $550,000 | -2.7% | -0.8% | -0.5 | 21.0% | -0.6 |
| San Antonio-New Braunfels, TX | 12.4% | 10.6% | $323,950 | -3.3% | -4.6% | 0.5 | 23.7% | -1.3 |
| San Diego-Chula Vista-Carlsbad, CA | 5.4% | 2.0% | $925,000 | -2.6% | -3.7% | 2 | 14.9% | -1.4 |
| San Francisco-Oakland-Fremont, CA | -6.0% | -0.1% | $985,000 | 3.7% | -2.3% | -2 | 10.3% | -1.4 |
| San Jose-Sunnyvale-Santa Clara, CA | 17.4% | 1.2% | $1,376,500 | -0.9% | -3.5% | 1.5 | 11.5% | 2.6 |
| Seattle-Tacoma-Bellevue, WA | 42.5% | 3.5% | $769,485 | 2.6% | -1.2% | 2.5 | 15.4% | 4.2 |
| St. Louis, MO-IL | 11.1% | -5.2% | $280,900 | -3.1% | 1.6% | 6.5 | 12.6% | 0.1 |
| Tampa-St. Petersburg-Clearwater, FL | 0.5% | -16.1% | $400,000 | 0.0% | -1.7% | 8.5 | 25.9% | -3.0 |
| Tucson, AZ | 10.4% | -0.1% | $384,440 | -3.6% | -1.5% | 6.5 | 23.5% | -0.7 |
| Virginia Beach-Chesapeake-Norfolk, VA-NC | 7.4% | -1.7% | $412,500 | 3.1% | 1.8% | -2.5 | 14.3% | -0.9 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 15.5% | 0.6% | $572,500 | -5.4% | -3.7% | 6 | 12.0% | -0.3 |
Methodology
Realtor.com housing data as of March 2026. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com. New construction is excluded unless listed on an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com economics research reports.
Methodology for cancellations: A contract cancellation is counted if a listing was pending on one day and then back to active the next. It may miss a few that have been entirely delisted.
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