Real’s March Agent Survey: Spring Market Resilience Amid Shifting Tides of Uncertainty

The U.S. and Canadian housing markets are navigating a complex balancing act: transaction growth is rebounding, spring activity is outperforming expectations, and agent optimism remains historically high—yet economic uncertainty is casting a shadow over buyer and seller decisions. Real Brokerage’s March 2025 Agent Survey reveals a market in transition, where buyer leverage grows while affordability and macro risks shape behavior. Let’s unpack the data and its implications for investors.

Market Dynamics: Growth and Sentiment Hold Steady

The Transaction Growth Index surged to 50.2 in March, marking expansion for the first time in three months (scores above 50 indicate growth). While the U.S. sub-index rose to 50.8, Canada’s dipped to 45.0, reflecting smaller sample size volatility. This bifurcation underscores regional disparities, but the U.S. uptick suggests broader stability.

Agent optimism, a critical leading indicator, held steady at 70.4—one of the highest readings since the survey’s 2024 launch. 46% of agents reported increased local market confidence, with 23% calling it “significantly more optimistic.” Only 9% felt pessimistic, a testament to agents’ belief in the market’s underlying strength despite macro headwinds.

Spring’s Surprises: Buyer Power and Seller Adaptation

The spring selling season defied expectations: 45% of agents reported stronger-than-anticipated activity, with 18% calling it “much stronger.” This resilience contrasts with the 26% of agents noting weaker conditions, highlighting uneven recovery.

The buyer’s market now dominates: 35% of agents describe their markets as buyer-friendly, outpacing the 32% citing seller’s markets. This shift is driven by rising inventory and flexible pricing, with 41% of sellers offering concessions like price reductions or repairs to compete. Meanwhile, 27% of sellers delayed listings due to uncertainty, while 22% accelerated them to avoid future softness.

Economic Uncertainty: The Elephant in the Negotiation Room

Affordability remains the top barrier (48% of agents), but economic uncertainty has surged to 21% of agents’ primary concerns—the highest since September 2024. This fear is altering behavior:
- 25% of agents noted clients pausing or altering plans due to macro risks like fiscal policy changes or tariffs.
- 34% observed buyers shrinking budgets or becoming price-sensitive, reflecting a broader caution.

This trend is critical for investors. If economic anxiety persists, it could suppress transaction volumes even as inventory grows.

Agent Insights: A Glass Half-Full?

Despite the challenges, agents are cautiously optimistic. Sharran Srivatsaa, Real’s President, called the shift to buyer leverage a “clear market adjustment” post-pandemic. Tamir Poleg, CEO, added that the data suggests “resilience may outpace headlines,” a nod to the market’s capacity to adapt.

Conclusion: A Market in Flux, But Fundamentally Sound

The data paints a nuanced picture: spring activity is stronger than expected, transaction growth has rebounded, and agent confidence is robust. However, economic uncertainty and affordability remain critical risks. Key takeaways for investors:

1. Buyer Power is Here to Stay: With 35% of markets now buyer-friendly, expect pricing concessions and longer negotiation periods. This could pressure margins for sellers but benefits buyers and rental markets.
2. Regional Divergence Matters: The U.S. outperformance vs. Canada’s volatility highlights the need to analyze markets at a granular level.
3. Macro Risks Are Priced In: While economic uncertainty is rising, agents’ high optimism (70.4) suggests the market isn’t yet panicking.

The 45% of agents reporting stronger-than-expected spring activity—and the 70.4 optimism score—signal that the housing market isn’t collapsing, even as it transitions. For investors in real estate stocks like REAL or homebuilder ETFs (XHB), this resilience offers a cautiously bullish narrative—provided macro risks don’t escalate.

In short: the market is adapting, but the path forward hinges on whether buyers and sellers can navigate affordability and uncertainty without triggering a sharper slowdown. Stay tuned.

Data as of March 2025. For full methodology and risk disclosures, visit
Real’s Investor Relations.