Home Prices Have Flatlined in 6 Major Metros

Elevated mortgage rates and a tough economy marked by rising inflation made it a difficult year for real estate.

In at least six major metros, including, New York-Newark-Jersey City; Charlotte-Concord-Gastonia, NC-SC; Atlanta-Sandy Springs-Roswell, GA; Buffalo-Cheektowaga, NY; Indianapolis-Carmel-Greenwood, IN; and Columbus, OH, home prices have essentially stalled.

"Overall, it's not surprising to see such a diverse list of cities with stalled-out prices," says Jake Krimmel, senior economist at Realtor.com®. "That's because flat to slightly falling list prices were a hallmark of the housing market in 2025."

Why were there stagnant markets throughout the country? Krimmel says it comes down to low demand and, in many markets, low supply, too.

"Flat price growth usually means changes in demand and supply are in a stalemate," he says.

Krimmel says what's crushing demand is "a combination of high interest rates, still-high list prices (even if they are not changing much in these places), uncertainty about future wage growth, and generally low consumer confidence"—all of which were defining characteristics of the macro picture in 2025.

Take a look at the six metros where prices leveled off.

1. New York-Newark-Jersey City

Median list price, December 2025: $749,939

Median list price, December 2024: $750,000

Affordability constraints and higher borrowing costs kept price growth subdued in this metro year over year, rather than driving strong gains or losses.

Nikki Beauchamp, an associate broker with Sotheby's International Realty in New York City, says prices held steady in the area because it's "a high-barrier, supply-constrained market"—which tends to cushion the market against big swings.

However, Beauchamp adds that "homes in turnkey conditions continue to see a premium above those that have not been renovated."

2. Charlotte-Concord-Gastonia, NC-SC

Median list price, December 2025: $422,516

Median list price, December 2024: $422,450

Kate Terrigno, broker at Corcoran HM Properties in Charlotte, tells Realtor.com, "From 2024 to 2025, Charlotte’s overall median listing price remained steady, reflecting a market that is recalibrating and re-stabilizing rather than weakening."

Terrigno says buyers took a pause due to inflation fatigue, higher everyday costs, and uncertainty around additional future rate and economic changes.

"But we witnessed a pause in price growth, not a downturn," she adds. "The market now feels less volatile and more predictable to buyers."

3. Atlanta-Sandy Springs-Roswell, GA

Median list price, December 2025: $400,000

Median list price, December 2024: $399,950

"The metro Atlanta housing market transitioned toward greater balance in 2025, with price appreciation moderating significantly compared to the rapid growth period of 2020 to 2024," says real estate professional and attorney Bruce Ailion, of Re/Max Town & Country in Atlanta. "Household income growth failed to keep pace with the combined impact of home price appreciation and financing costs, effectively constraining buyer purchasing power and dampening demand at previous price levels."

4. Buffalo-Cheektowaga, NY

Median list price, December 2025: $249,950

Median list price, December 2024: $249,950

"Prices are holding steady here in Buffalo because we have low inventory, which keeps prices from going down," says Colleen Collier, an associate real estate broker at Re/Max Plus in Buffalo. "We are being rediscovered by people who are coming back to the area, and by remote workers. People like the four seasons as well as the area's affordability."

5. Indianapolis-Carmel-Greenwood, IN

Median list price, December 2025: $309,974

Median list price, December 2024: $309,959

"I think the home prices in Indy have stayed steady because of our strong job market which is fueled by large corporations investing in Indianapolis and surrounding areas," says real estate agent Mike Feldman, of Compass of Indiana. "I don’t think prices have gone up because of uncertainty in the economy and rising inflation. Interest rates have actually held steady for six-plus months, but people are still being conservative when making housing decisions."

6. Columbus, OH

Median list price, December 2025: $349,950

Median list price, December 2024: $349,450

"Home prices in Columbus are holding steady because the city has a strong, growing economy with major employers like Honda, Chase, and Nationwide," says Aasiya Raza, of The Madosky Shaw Group at Coldwell Banker Realty in Columbus. "Many people are moving here from other states, and strong school systems keep demand high. At the same time, more homes are coming onto the market, and interest rates have remained steady, which prevents prices from swinging too much."