Modern Horizons 3 Price Trends – Q4 2025
When Modern Horizons 3 launched in June 2024, it was heralded as the “power set” that would push Modern into a new era.
Six months later, that prediction proved true – for better and worse. The set injected massive strength into Constructed formats while producing one of the richest collector markets in Magic’s history.
In this Price Trends report, we’ll review how MH3 has performed through Q4 2025, which cards are driving its sustained market value, and what the data reveals about Wizards’ new high-end strategy.
The Set in Context
Following the explosive success of Modern Horizons 2, expectations were sky-high – and Wizards delivered spectacle: serialized foils, reimagined Eldrazi titans, the Flare alternate-cost cycle, and Ugin’s Labyrinth as a fast-mana outlier.
Initial sealed demand pushed Collector Boosters over $350, but by mid-2025 the market had found equilibrium. Singles stabilized, sealed boxes ticked upward again, and MH3 began behaving less like a speculative bubble and more like a long-term premium product.
Market Overview – Q4 2025
- Liquidity: Very strong for serialized and borderless mythics; moderate for extended-art rares.
- Grading Activity: PSA/CGC/BGS 10 populations increasing rapidly for serialized foils.
- Sealed Product: Collector Boosters up ~9% YTD; Play Boosters steady near $300.
- Collector Sentiment: Mixed but improving – recognition that supply is finite, especially for serialized frames.
The MH3 Index — tracking 50 key cards – rose 8.4% quarter-over-quarter, outpacing Commander Masters and The Lost Caverns of Ixalan.
Top Performing Cards (Q4 2025)
| Card | Rarity | Avg. Market Price (NM) | 12-Month Trend | Notes |
|---|---|---|---|---|
| Ugin’s Labyrinth | Rare (Borderless Foil) | $115 | ▲ +18% | Modern/Legacy staple; breakout fast-mana card. |
| Emrakul, the World Anew | Mythic (Serialized) | $2,600 | ▲ +15% | Flagship serialized mythic; demand from collectors and Commander. |
| Flare of Malice | Rare (Extended Foil) | $70 | ▲ +10% | Part of breakout Flare cycle; staple across archetypes. |
| Ulamog, the Defiler | Mythic (Borderless) | $120 | ▲ +9% | Eldrazi reprint with strong cross-format play. |
| Nethergoyf | Mythic (Foil) | $95 | ▲ +8% | Modern-viable callback card; stable mid-tier grail. |
Cards Showing Slower Growth
| Card | Rarity | Avg. Market Price (NM) | 12-Month Trend | Reason |
|---|---|---|---|---|
| Tamiyo, Inquisitive Student | Mythic Foil | $45 | ▼ −4% | Overprinted in bundles; supply overhang. |
| Ajani, Noble Healer | Mythic Foil | $35 | ▼ −3% | Niche Commander use; limited Modern appeal. |
| Eldrazi Linebreaker | Rare Foil | $22 | Flat | Strong flavor, low meta presence. |
Despite a few underperformers, overall value density remains exceptional – MH3 contains more $50+ rares than any set since Double Masters 2022.
Collector and Market Insights
- Serialized Card Economy: Approximately 15,000 serialized foils printed; sealed pull-rates sustain premium scarcity.
- Population Data: PSA 10 Emrakuls remain <100 copies worldwide.
- Art Direction: Borderless Eldrazi pieces by Ryan Pancoast and Noah Bradley driving long-term collectibility.
- Liquidity Crossover: Commander players absorbing serialized copies, stabilizing secondary market.
Long-Term Outlook (2026 and Beyond)
Modern Horizons 3 is poised for sustained mid-term growth. Serialized mythics and marquee uncommons like Ugin’s Labyrinth are establishing durable price floors.
Expect 7–12% annual appreciation for serialized foils and 4–6% for playable non-serialized mythics through 2026.
Sealed Collector Boosters remain a premium hold – limited reprint visibility and cross-format demand suggest the product will track MH2 appreciation curves within 18 months.
For collectors, MH3 represents Magic’s post-modern inflection point: overpowered, over-designed, yet undeniably valuable.
