Key Details:
- A new Realtor.com report highlights 10 U.S. cities with the largest annual increases in housing supply and the top 10 with the largest annual decreases.
- The top five cities where inventory increased the most are in the South—including Sarasota, FL; Nashville, TN; Austin, TX; New Orleans, LA; and Tulsa, OK.
Put aside for a moment the affordability issues caused by mortgage rates close to 7%, high home prices, and economic uncertainty. At the heart of buyer frustration right now is the fact that there’s not enough affordable housing to meet demand.
A new report from Realtor.com® highlights ten cities with the most inventory, as well as the ten cities with the least. And while inventory is low throughout the country, every one of the cities with annual increases in housing supply is in the South.
Buyers across the U.S. have been struggling with a severe shortage of housing supply for a few years now, and it affects just about everything to do with helping them get into a home they can afford for the long-term, hidden costs and all.
That said, we are seeing inventory growth in some markets, while others see even steeper drops.
Here’s what you need to know.
Top ten metros where inventory has increased the most
The South is where buyers are seeing the biggest annual surges in inventory growth—especially in Florida, Tennessee, Texas, Louisiana, and Oklahoma.
- Sarasota, FL (Year over year change in active listings: +128.1%)
- Nashville, TN (+124.7%)
- Austin, TX (+112.5%)
- New Orleans, LA (+81.0%)
- Tulsa, OK (+74.1%)
- Raleigh, NC (+72.7%)
- Wichita, KS (59.8%)
- Las Vegas, NV (57.5%)
- Greenville, SC (57.1%)
- Omaha, NE (54.4%)
Top ten metros where inventory has decreased the most
From San Jose to Chicago, here are the five cities with the biggest annual declines in active listings for May 2023:
- San Jose, CA (Year over year change in active listings: -35.3%)
- Hartford, CT (-26.0%)
- Milwaukee, WI (-23.4%)
- Dayton, OH (-20.3%)
- Chicago, IL (-18.5%)
- Washington, D.C. (-15.6%)
- Bakersfield, CA (-13.2%)
- Albany, NY (-13.1%)
- Allentown, PA (-12.5%)
- Seattle, WA (-10.8%)
Read the full report for more details.
Takeaways for real estate agents
Whether you serve one of the southern cities with an annual increase in housing inventory or cities across the U.S. where inventory numbers are dwindling faster than the average, you’ve likely noticed whether supply (such as it is) can keep up with buyer demand in your area.
Keep data like this handy to share with potential buyers as well as sellers who remain on the fence. Provide the visual data and insights they need to understand what the market is doing on both the local and national levels—and where inventory numbers are headed across the board.
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