The Pandemic Housing Boom vs. the 2025 Market: What’s Really Changed?

Source: ResiClub

The real estate market has undergone a dramatic transformation in just a few short years. If you bought or sold a home between 2020 and 2022, you probably experienced the frenzy firsthand — record-low interest rates, skyrocketing prices, and intense bidding wars. Fast forward to 2025, and the picture looks very different. While some trends continue, others have shifted sharply, especially when it comes to inventory and regional dynamics.

In this post, we’ll unpack how the Pandemic Housing Boom compares to today’s 2025 housing market, using recent data from ResiClub and broader national reports to highlight key changes — and what they mean for buyers, sellers, and investors.

What Was the Pandemic Housing Boom All About?

At the height of the pandemic, the U.S. housing market entered uncharted territory. Thanks to ultra-low mortgage rates, remote work freedom, and a wave of urban-to-suburban moves, demand for homes exploded. Between March 2020 and June 2022, U.S. home prices surged 43.2%, according to ResiClub.

Buyers were desperate to lock in low rates and more space, while sellers enjoyed quick sales and multiple offers. But this boom came with a serious downside: inventory collapsed. Homes were flying off the market, and there simply wasn’t enough new construction or resale supply to keep up.

How Does the 2025 Housing Market Compare?

Now in 2025, the U.S. housing market has entered a new phase. Interest rates have stabilized — albeit at higher levels — and buyer activity has cooled. At first glance, it might seem like the market is simply “slower,” but in reality, it’s more balanced and more regionally diverse.

Here are some of the biggest changes from the pandemic era to now:

1. Inventory Levels Are Recovering — But Unevenly

During the boom, nearly every market in the U.S. was dealing with low inventory. But in 2025, inventory levels are much more regionally varied. According to ResiClub’s side-by-side inventory maps, some parts of the country remain significantly undersupplied, while others have recovered or even exceeded pre-pandemic levels.

Notable differences:

• Pandemic Map (April 2022): Most of the country’s MLS areas showed inventory more than 50% below 2019 levels.
  
  

• 2025 Map (April 2025): A mix of green (recovered inventory) and red/orange (still low inventory), with builders in the Sunbelt and Midwest helping ease supply constraints.
  
  

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2. Buyers Now Have More Options (and Leverage)

One of the biggest differences between 2022 and 2025 is buyer behavior. In 2022, it wasn’t uncommon to see buyers waive inspections and pay far over asking price just to win the deal. In 2025, buyers are taking a more measured approach.

• More Listings mean buyers can compare homes, negotiate price, and ask for seller concessions.
  
  

• Stabilized Mortgage Rates (around 6.5–7%) have tempered some affordability, but increased supply has prevented prices from spiking further.
  
  

• Builder Incentives are also helping balance affordability, particularly in high-growth metros.
  
  

Buyers, especially first-timers, are beginning to return to the market thanks to less pressure and more choice.

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3. Sellers Are Relearning the Market

Sellers who are entering the market in 2025 with 2021 expectations may be in for a surprise. Homes are still selling — especially in desirable areas — but they’re not flying off the shelves in 24 hours.

• Pricing Strategies Matter more than ever. Slightly overpricing can result in weeks of sitting, while competitively priced homes still move.
  
  

• Showing Flexibility is critical. (For more, read our post on how access can make or break a sale).
  
  

• Staging and Presentation now play a larger role, especially when buyers are comparing multiple homes in one weekend.
  
  

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What Do the Inventory Maps Really Tell Us?

One of the most useful visuals from the ResiClub article is a comparison of U.S. housing inventory by metro area — during the boom and in 2025.

Here’s what stands out:

• Western U.S. Markets (like Boise, Phoenix, Austin) were some of the most overheated during the boom — and they’ve seen the biggest cooldowns. Many now show inventory back near or above 2019 levels.
  
  

• Midwestern Cities (like Indianapolis, Kansas City) have seen more moderate price growth and steadier inventory. Builders in these areas have helped prevent sharp shortages.
  
  

• Florida and Southeast Markets (like Tampa, Charlotte) remain tight in some areas, but increased new construction has helped balance conditions.
  
  

• Oklahoma City & Edmond fall somewhere in the middle — with increased inventory compared to 2022, but still tight relative to long-term averages.
  
  

The maps essentially reveal a market that’s no longer moving in one unified direction. Instead, we’re seeing hyperlocal trends, with some metros cooling and others still facing shortages.

Are We Headed for a Crash or a Soft Landing?

A common question among buyers and sellers in 2025 is: “Is the market going to crash?” Based on available data, a crash seems unlikely — but continued correction and moderation are expected.

Unlike 2008, today’s housing fundamentals are stronger:

• Most homeowners have locked in low mortgage rates and built significant equity.
  
  

• Foreclosures remain historically low.
  
  

• Demand, while cooled, is still steady — especially from millennials and Gen Z buyers entering their prime homebuying years.
  
  

Instead of a crash, what we’re likely seeing is a long-needed normalization of the market, especially after two years of unsustainable growth.

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Final Thoughts

The shift from the pandemic-era housing frenzy to the more balanced 2025 market reveals a deeper truth: real estate is local, cyclical, and always evolving. National headlines can provide context, but understanding your specific market — whether you're buying in Edmond or selling in Oklahoma City — is key to making smart decisions.

As inventory recovers in some regions and remains tight in others, we’re entering a new chapter in U.S. real estate — one that may not be defined by bidding wars or record price jumps, but by thoughtful decisions, regional knowledge, and long-term strategy.

🏡 Wondering how this all plays out in Edmond or Oklahoma City? The Justiz League Real Estate Team has their finger on the pulse of the local market. With expert insights, neighborhood expertise, and a commitment to keeping clients ahead of the curve, we help buyers and sellers make confident, data-driven moves — even in a shifting landscape.