Zillow’s September 2025 housing market report reveals an unexpected surge of activity during what is typically real estate’s slow season. A dip in mortgage rates —combined with a strong stock market—sparked renewed energy among both buyers and sellers after a sluggish August.

New listings climbed 3% year over year in September, reversing the 3% decline a month earlier. On a monthly basis, listings dipped 2%, outperforming the historical average of a 9% tumble heading into the fall.

Total inventory slipped just 1% from August to September but sits 14% higher than last year’s levels.

The report also shows a shifting balance of power: 15 of the nation’s 50 largest metros are now buyer’s markets, up from six last year.

Zillow’s heat index names the top buyer-friendly metros:

Miami, Fl

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