This report is available exclusively to subscribers of Inman Intel, the data and research arm of Inman offering deep insights and market intelligence on the business of residential real estate and proptech. Subscribe today.
Agents may be getting more pessimistic about their business prospects, as the share of agents who expect to have fewer buyer and seller clients over the next year fell in March.
That’s according to results of the latest Intel Index survey, which received responses from 405 real estate professionals as of Friday morning.
More agents reported that they expect the pipeline of both buyers and sellers will grow weaker over the coming year, compared with February’s survey. The results are a continuation of recent pessimism among agents and seem to reflect a not-so-rosy outlook held by agents in the U.S. today.
Most of the survey results came in before President Donald Trump put in place universal tariffs on almost every country, a move that sent the stock market into a nosedive.
Even so, there was a marked shift in agents’ outlook about their future prospects, based on the preliminary survey results.
Weighing pipelines
Fewer agents reported having a heavier buyer pipeline now than they had a year ago, according to the results.
Then again, slightly fewer agents said their pipelines were lighter, as the number of agents who reported their pipelines were about the same as they were a year ago jumped.
- 44 percent of agents reported in March that their buyer pipelines were lighter than a year ago. That’s slightly down from 45 percent in February.
- Meanwhile, 37 percent of agents told us in March that their buyer pipelines were about the same as a year ago, compared to 32 percent in February’s survey.
- 19 percent of agents reported they had a heavier buyer pipeline than a year ago in March, compared to 23 percent in February.
Looking back, agents may be experiencing a better buyer pipeline than they expected a year ago, with a higher percentage of agents reporting in March 2025 that their buyer pipelines were heavier than a year ago. That’s according to a look back at the Intel Index survey from March 2024.
During that month last year, 16 percent of agents said their pipelines were heavier than a year earlier. That month, 47 percent of agents reported having buyer pipelines that were lighter than in March 2023.
This all indicates that agents in March 2025 are faring better than they were in March 2024.
Yes, but
There were signs of pessimism among agents when asked about their outlook on buyers moving forward. Agents expect things to get lighter moving forward.
- 22 percent of agents in March said they expected their buyer pipelines to be lighter in a year than they are now. That’s a jump from 16 percent in February.
- 42 percent of agents said they expected their buyer pipelines to be about the same in a year, slightly down from 44 percent in February.
- 36 percent of agents said in March that they expect their buyer pipelines would be heavier next year, compared to 40 percent in February.
In March 2024, 28 percent of agents expected their buyer pipelines to be lighter by now. 27 percent thought they’d be heavier, and 45 percent thought they’d be the same.
Listing outlook turns negative
Agents reported a slight dip on their listing side in March. And despite rising inventory levels, they expect things to get worse moving forward.
- 37 percent of agents said in March that their listing pipelines were lighter than a year ago, compared to 34 percent in February.
- 31 percent of agents in March said that their seller pipelines were about the same as they were 12 months ago, down from 34 percent in February.
- Meanwhile, 32 percent of agents said in March that their seller pipelines were heavier than a year ago, the same as in February.
The slight dip is notable, given that active housing inventory rose in March compared to February and compared to a year ago.
According to inventory data from Realtor.com and provided by the Federal Reserve, there were 892,000 active listings in March. That’s up from about 695,000 active listings in March 2024.
Despite that rising inventory, agents don’t seem to have a rosy view of their prospects of landing more listings.
- 22 percent of agents told us in March that they expected their listing pipeline to be lighter in a year, a jump from 16 percent in February who thought things would get lighter in 12 months.
- There was a slight increase in the share of agents who said they expect their listing pipelines to be about the same in a year, with 41 percent sharing that outlook in March compared to 39 percent in February.
- There was a significant drop in agents who expect their seller pipelines to be heavier a year from now. 36 percent in March believe their listing pipelines will be heavier in 12 months, down from 45 percent in February.
In March 2024, 43 percent of agents a year ago expected their listing pipelines to be about the same by now. 38 percent expected their listing pipeline to be heavier, and 19 percent expected them to be lighter.
Methodology notes: This month’s Inman Intel Index survey is being conducted March 18-April 4, and had received 405 responses as of Friday morning. These results are preliminary and may be revised. The entire Inman reader community was invited to participate, and a rotating, randomized selection of community members was prompted to participate by email. Users responded to a series of questions related to their self-identified corner of the real estate industry — including real estate agents, brokerage leaders, lenders and proptech entrepreneurs. Results reflect the opinions of the engaged Inman community, which may not always match those of the broader real estate industry. This survey is conducted monthly.
