Zillow’s March Market Report Shows Housing Market Accelerated Despite Mortgage Rate Spike
Pending sales posted the second-largest total since August 2022
Key findings:
- There were 281,546 newly pending listings in March, second-highest of any month since August 2022, according to Zillow. Both the 4.6% annual increase and 29.8% monthly increase in newly pending listings are highest for any March since 2021.
- Home values continued to rise modestly, up 0.8% from a year earlier, according to the Zillow Home Value Index.
- Inventory rose on an annual basis for the 28th consecutive month, according to Zillow’s March Market Report.
Pent-up demand from three years of low sales volume and winter storms in January and February, along with the tailwind from lower mortgage rates earlier in the year, seem to have buoyed the market as home shopping season kicked off. Housing market activity sprang forward in March, even as rising mortgage rates began to chip away at earlier affordability gains, according to the Zillow March Market Report.
Concerns over energy prices in March were the latest bit of uncertainty buyers have faced since the onset of the pandemic. Mortgage rates climbed from 5.98% at the end of February to 6.38% in late March, according to Freddie Mac. That increase cut into affordability gains that had fueled optimism to start the year — the typical mortgage payment rose 1.5% from February, excluding taxes and insurance.
Even so, demand held firm, with average daily page views per for-sale listing on Zillow 32% higher than last March. This demand signal outpacing inventory growth is showing the first signs of improvement since the pandemic ended.
There were 281,546 newly pending listings in March — only May 2025 saw a higher total since August 2022. Both the 4.6% annual increase and 29.8% monthly increase are highs for March over the past five years.
Home values continued to rise modestly, up 0.8% from a year earlier, a slight acceleration from February’s 0.4% annual growth. Inventory rose on an annual basis for the 28th consecutive month. New listings were essentially flat, up 0.1% year over year, which marked an improvement from January and February when new listings were below prior-year levels.
Home Values & Mortgage Payments
- The typical U.S. home value is $365,545.
- The Zillow Home Value Index (ZHVI) rose 0.6% month over month in March. Home values are 0.8% higher than a year earlier.
- The monthly mortgage payment on a typical U.S. home is $1,789, assuming a 20% down payment and excluding taxes and insurance. That is 4.4% lower than last year.
Inventory
- There were 1.23 million homes for sale nationwide in March.
- Active inventory was 4.2% higher than a year earlier. Inventory rose 9.5% from February.
- New for-sale listings totaled 384,854 in March, up 0.1% from a year earlier and up 35.6% from February.
Sales
- Newly pending listings, which measures listings that changed from for-sale to pending status rather than closed sales, shows 4.6% growth from a year earlier and a 29.8% increase over February.
- 300,398 homes were sold in March, according to the preliminary Zillow sales count nowcast. That is 3.7% higher than a year earlier and up 25.2% from February. These figures will be revised mid-month.
Competition
- Homes took a median of 19 days to go pending in March. That was two days longer than a year earlier and nine days shorter than February.
- The share of listings with a price cut in March was 22.6%. That was down 0.8 percentage points from a year earlier and up 2.4 percentage points from February.
Rents
- The typical rent nationwide is $1,910, according to the Zillow Observed Rent Index (ZORI). That’s 1.8% higher than a year earlier and up 0.6% from February.
- 39.8% of rental listings on Zillow offered a concession in March. That’s flat from a year earlier and up 0.6 percentage points from February.
Local data can be found on Zillow’s market explorer. The Zillow April Market Report is expected to be released May 6.
| Zillow March Market Report | |||||||
| Metro Area* | Typical Home Value (ZHVI) | Home Value Change: MoM | Home Value Change: YoY | Inventory Change: YoY | Typical Rent (ZORI) | Rent Change: MoM | Rent Change: YoY |
| United States | $365,545 | 0.6% | 0.8% | 4.2% | $1,910 | 0.6% | 1.8% |
| New York, NY | $718,688 | 0.7% | 4.4% | -1.6% | $3,337 | 0.9% | 4.2% |
| Los Angeles, CA | $962,935 | 0.8% | -0.2% | 4.9% | $2,895 | 0.5% | 0.8% |
| Chicago, IL | $345,060 | 0.8% | 4.5% | -1.6% | $2,180 | 1.1% | 5.6% |
| Dallas, TX | $362,216 | 0.3% | -3.3% | 3.8% | $1,645 | 0.4% | -0.1% |
| Houston, TX | $306,208 | 0.3% | -1.9% | 11.9% | $1,610 | 0.1% | -0.9% |
| Washington, DC | $577,711 | 0.6% | -0.5% | 9.5% | $2,347 | 0.6% | -0.1% |
| Philadelphia, PA | $384,136 | 0.8% | 2.8% | 1.2% | $1,869 | 0.4% | 3.4% |
| Miami, FL | $472,262 | 0.4% | -3.1% | -8.4% | $2,665 | 0.3% | 0.7% |
| Atlanta, GA | $377,885 | 0.3% | -2.2% | 3.2% | $1,811 | 0.3% | 1.2% |
| Boston, MA | $728,840 | 0.8% | 1.7% | 6.8% | $3,148 | 0.9% | 2.0% |
| Phoenix, AZ | $446,470 | 0.3% | -1.6% | 4.6% | $1,735 | 0.4% | -0.8% |
| San Francisco, CA | $1,139,119 | 1.6% | -1.2% | -7.1% | $3,161 | 1.1% | 6.4% |
| Riverside, CA | $583,985 | 0.5% | -1.1% | -2.1% | $2,493 | 0.4% | 1.8% |
| Detroit, MI | $262,397 | 0.8% | 3.1% | 14.3% | $1,473 | 0.3% | 2.3% |
| Seattle, WA | $741,913 | 0.5% | -1.8% | 23.8% | $2,192 | 0.4% | 1.5% |
| Minneapolis, MN | $384,835 | 0.7% | 2.2% | 15.1% | $1,681 | 0.4% | 3.6% |
| San Diego, CA | $939,109 | 1.0% | -1.4% | 2.8% | $2,890 | 0.4% | 1.4% |
| Tampa, FL | $357,222 | 0.4% | -3.4% | -2.6% | $1,988 | 0.2% | -1.6% |
| Denver, CO | $566,726 | 0.5% | -2.9% | 4.4% | $1,858 | 0.6% | -1.2% |
| Baltimore, MD | $399,611 | 0.7% | 1.0% | 6.9% | $1,868 | 0.2% | 2.1% |
| St. Louis, MO | $270,442 | 0.9% | 3.0% | 5.5% | $1,416 | 0.5% | 3.8% |
| Orlando, FL | $384,807 | 0.3% | -3.1% | -2.2% | $1,937 | 0.4% | 0.0% |
| Charlotte, NC | $386,438 | 0.5% | -0.4% | 10.9% | $1,726 | 0.5% | 0.5% |
| San Antonio, TX | $278,080 | 0.4% | -1.9% | 7.8% | $1,391 | 0.6% | -1.6% |
| Portland, OR | $544,657 | 0.5% | -0.9% | 10.2% | $1,780 | 0.5% | 0.9% |
| Sacramento, CA | $577,173 | 0.7% | -1.6% | -0.7% | $2,225 | 0.4% | 1.7% |
| Pittsburgh, PA | $223,744 | 0.5% | 1.1% | 7.1% | $1,479 | 0.6% | 3.9% |
| Cincinnati, OH | $304,921 | 0.9% | 2.7% | 13.3% | $1,549 | 0.8% | 3.6% |
| Austin, TX | $422,024 | 0.1% | -5.9% | 2.1% | $1,579 | 0.4% | -2.3% |
| Las Vegas, NV | $429,334 | 0.3% | -2.7% | 8.7% | $1,727 | 0.3% | -0.4% |
| Kansas City, MO | $322,329 | 1.0% | 3.5% | 5.3% | $1,503 | 0.5% | 3.2% |
| Columbus, OH | $325,647 | 0.7% | 1.3% | 7.3% | $1,514 | 0.8% | 1.7% |
| Indianapolis, IN | $290,359 | 0.6% | 1.5% | 15.6% | $1,514 | 0.6% | 2.6% |
| Cleveland, OH | $244,606 | 0.9% | 4.5% | 4.3% | $1,419 | 0.1% | 4.6% |
| San Jose, CA | $1,611,712 | 1.3% | -1.8% | 7.6% | $3,470 | 0.7% | 4.8% |
| Nashville, TN | $452,378 | 0.5% | -0.7% | 12.9% | $1,784 | 0.2% | -0.2% |
| Virginia Beach, VA | $369,183 | 0.7% | 2.4% | 2.6% | $1,819 | 0.7% | 6.0% |
| Providence, RI | $514,035 | 0.7% | 3.1% | -5.1% | $2,127 | 0.9% | 4.9% |
| Jacksonville, FL | $348,307 | 0.3% | -1.6% | -11.4% | $1,679 | 0.4% | 0.6% |
| Milwaukee, WI | $379,854 | 1.3% | 5.7% | 12.0% | $1,504 | 0.7% | 3.6% |
| Oklahoma City, OK | $244,107 | 0.4% | 1.4% | 10.2% | $1,379 | 0.5% | 2.8% |
| Raleigh, NC | $434,680 | 0.5% | -2.1% | 26.0% | $1,662 | 0.5% | 0.2% |
| Memphis, TN | $244,054 | 0.5% | 0.2% | 13.9% | $1,435 | 0.4% | 0.9% |
| Richmond, VA | $390,633 | 0.8% | 2.2% | 10.3% | $1,691 | 0.5% | 3.6% |
| Louisville, KY | $277,226 | 0.6% | 2.4% | 23.4% | $1,371 | 0.6% | 2.4% |
| New Orleans, LA | $257,386 | 0.5% | 3.0% | 3.9% | $1,610 | 0.4% | 0.0% |
| Salt Lake City, UT | $560,320 | 0.3% | 1.5% | 10.0% | $1,607 | 1.0% | -0.6% |
| Hartford, CT | $390,183 | 1.1% | 5.3% | -7.5% | $1,931 | 0.8% | 2.9% |
| Buffalo, NY | $279,514 | 1.0% | 4.7% | 11.3% | $1,374 | 0.5% | 4.0% |
| Birmingham, AL | $259,599 | 0.9% | 2.2% | 12.1% | $1,407 | 0.5% | 1.6% |
*Table ordered by market size
