November 2025 Housing Market Report: Where Home Prices Fell, Where Sellers Cut, and Who Could Afford to Buy
In November 2025 the typical U.S. home was worth $365,790, up 0.1% in a year. Values fell in 15 states, Indiana had the most price cuts, and the median household could afford the typical home in 3 states. Zillow Research data, all 50 states.
The national picture for November 2025
The typical U.S. home rose 0.1% over the year to $365,790 in November, according to the Zillow Home Value Index, and is up 35.9% over five years. A 20%-down mortgage on that home cost $1,799 a month in principal and interest and took about $95,941 of household income. Typical rent was $1,894, up 2.0% in a year. 24.8% of listings cut their price during the month, homes went pending in 59 days, and 1.32M homes were for sale, up 12.7% from a year earlier.
Underneath that average, the 50 states moved in different directions. Values were falling in 15 states and rising in 34; 24 states were at an all-time high while Arizona sat 8.9% below its July 2022 peak of $462,506. This report reads the state-level Zillow files for November 2025 as published, with no modeling and no forecasts.
Where home prices were falling: 15 states
The steepest year-over-year declines were in Florida (-5.3%), Arizona (-3.1%), Texas (-2.5%), Hawaii (-2.5%), and Colorado (-2.3%). Florida's typical home stood at $377,368, 6.7% below its May 2024 peak of $404,529. At the other end, North Dakota (+4.5%), Wisconsin (+4.4%), and Illinois (+4.1%) posted the fastest gains.
By region, the West carried the highest median state value at $474K and the Midwest the lowest at $268K. The West was down 0.4% on the median state, with values falling in 7 of its 13 states, the Northeast was up 2.6% on the median state, with values falling in 2 of its 11 states, the South was up 0.2% on the median state, with values falling in 6 of its 14 states, and the Midwest was up 3.2% on the median state, with values falling in 0 of its 12 states.
| State | Typical home | 1 yr | 5 yr | vs. peak |
|---|---|---|---|---|
| Florida | $377,368 | -5.3% | +40.4% | -6.7% |
| Arizona | $421,404 | -3.1% | +34.5% | -8.9% |
| Texas | $303,084 | -2.5% | +28.3% | -4.9% |
| Hawaii | $828,116 | -2.5% | +29.0% | -3.0% |
| Colorado | $541,683 | -2.3% | +25.2% | -5.6% |
| California | $763,018 | -2.2% | +30.0% | -2.4% |
| Georgia | $332,390 | -2.1% | +42.9% | -2.3% |
| Vermont | $394,904 | -1.5% | +34.5% | -2.3% |
| Nevada | $447,876 | -1.1% | +37.4% | -3.0% |
| Oregon | $498,031 | -0.7% | +25.3% | -3.2% |
Where sellers were cutting prices: Indiana led at 30.7%
Price cuts are the earliest sign that a market is turning. Indiana (30.7%), Tennessee (29.6%), Utah (29.2%), Ohio (29.2%), and Arizona (29.1%) had the largest share of listings with a reduced price, all above the national 24.8%. The fewest cuts were in New York (16.3%), Hawaii (17.4%), and Wyoming (18.4%).
Combining price cuts with days to pending and the change in homes for sale, 10 states were cold, buyer's markets (Colorado, Utah, Oregon, Nevada, Arizona, North Carolina, Tennessee, Georgia, South Carolina, and Texas) and 1 were hot, seller's markets (North Dakota). Florida had the slowest sales at 95 days to pending; Connecticut the fastest at 29.
| State | Price cuts | vs. year ago | Days to pending | Homes for sale | Market |
|---|---|---|---|---|---|
| Indiana | 30.7% | +0.9 pts | 42 | +15.3% | Cool |
| Tennessee | 29.6% | +1.7 pts | 67 | +18.3% | Cold |
| Utah | 29.2% | +0.6 pts | 63 | +16.8% | Cold |
| Ohio | 29.2% | +1.3 pts | 33 | +13.2% | Cool |
| Arizona | 29.1% | -0.1 pts | 65 | +15.9% | Cold |
| Colorado | 28.1% | +0.6 pts | 72 | +15.3% | Cold |
| Maryland | 27.7% | +3.0 pts | 41 | +26.6% | Cool |
| Washington | 27.5% | +1.8 pts | 54 | +21.8% | Cool |
| Nevada | 27.5% | +1.9 pts | 68 | +17.9% | Cold |
| Nebraska | 27.5% | +1.1 pts | 46 | +20.0% | Cool |
Who could still afford to buy: the median household cleared the bar in 3 states
Zillow's income-needed figure assumes 20% down at that month's rates and a payment of no more than 30% of income. Set against each state's median household income from the Census Bureau, the typical household could afford the typical home in 3 of 50 states: West Virginia, Iowa, and Mississippi. The widest gaps were in California (needed $190K, median earns $92K), Hawaii (needed $194K, median earns $95K), and Washington (needed $152K, median earns $90K).
Renting was cheaper than a mortgage payment in 36 of the 50 largest metros, one per state. The widest gap in favor of renting was Los Angeles (California) at $1,773 a month; buying won most clearly in Charleston (West Virginia), where the payment was $464 below rent. Both comparisons leave out property tax, insurance and maintenance.
| State | Typical home | Payment | Income needed | Median income | Gap |
|---|---|---|---|---|---|
| West Virginia | $174,808 | $860 | $44,360 | $54,515 | -19% |
| Iowa | $233,749 | $1,150 | $66,758 | $72,429 | -8% |
| Mississippi | $192,750 | $948 | $52,639 | $52,985 | -1% |
| Kentucky | $232,097 | $1,142 | $60,816 | $60,407 | +1% |
| Kansas | $243,966 | $1,200 | $70,714 | $69,747 | +1% |
| California | $763,018 | $3,753 | $190,055 | $91,905 | +107% |
| Hawaii | $828,116 | $4,074 | $193,671 | $94,814 | +104% |
| Washington | $598,204 | $2,943 | $151,706 | $90,325 | +68% |
| Massachusetts | $653,120 | $3,213 | $169,012 | $101,370 | +67% |
| Idaho | $474,115 | $2,332 | $112,679 | $68,930 | +64% |
How to read this report
Every housing figure is Zillow Research's published number for November 2025: the Zillow Home Value Index (typical value of homes in the middle third of a market, not a median sale price), the Zillow Observed Rent Index for each state's largest metro, Zillow's mortgage payment and income-needed series, and its inventory, price-cut and days-to-pending metrics. Sale and list prices are the latest available at the time, which can lag a month. Median household income is from the Census Bureau's American Community Survey and does not change month to month. The current 50-state table, map and a page for every state are on the housing hub.
November 2025 Housing Market FAQ
What is the median home price in the United States?
$360,533 was the U.S. median sale price and $402,300 the median list price in the latest Zillow Research release. The typical U.S. home value, the Zillow Home Value Index this page ranks states by, is $365,790, up 0.1% over the past year and up 35.9% over five years. A 20%-down mortgage on the typical home runs $1,799 a month in principal and interest, which takes about $95,941 of household income.
What is the cheapest state to buy a house?
West Virginia is the cheapest state to buy a house, with a typical home value of $174,808 in the latest Zillow Research release, followed by Mississippi ($192,750), Louisiana ($212,945), Oklahoma ($218,892), and Arkansas ($221,175). A 20%-down mortgage on the typical West Virginia home is $860 a month, and buying it takes about $44,360 of income against a median household income of $54,515.
Which state has the most expensive homes?
Hawaii has the most expensive typical home at $828,116, then California ($763,018), Massachusetts ($653,120), Washington ($598,204), and New Jersey ($563,647). Buying the typical Hawaii home takes about $193,671 of household income; the state's median household earns $94,814.
Which states are most affordable relative to income?
West Virginia is the most affordable state relative to what households actually earn: buying the typical home takes $44,360 of income and the median household earns $54,515. The next most affordable are Iowa, Mississippi, Kentucky, and Kansas. The least affordable is California, where the income needed ($190,055) is 106.8% above the median household income.
How much income do you need to buy a house in each state?
It ranges from $44,360 in West Virginia to $193,671 in Hawaii, using Zillow's assumptions of 20% down at current mortgage rates and a payment of no more than 30% of income. Nationally the figure is $95,941. The median household earns enough to clear that bar in 3 states and falls short in 47. The full figure for every state is in the table above.
What is the average mortgage payment by state?
The monthly principal-and-interest payment on the typical home with 20% down ranges from $860 in West Virginia to $4,074 in Hawaii; the national figure is $1,799. The cheapest payments are in West Virginia ($860), Mississippi ($948), Louisiana ($1,048), and Oklahoma ($1,077). These exclude property tax, insurance and HOA dues, which vary widely by state.
Figures are Zillow Research's published state and metro data for November 2025, shown as released with attribution; median household income is from the Census Bureau's American Community Survey. All monthly reports →