- 🌆 Higher housing stock in 12 out of 50 largest metro areas since pre-pandemic levels.
- 🏡 Active listings up by over 36% in July despite fewer houses available compared to pre-pandemic period.
- 📉 Inventory still down 30.6% compared with typical 2017-2019 levels.
- 🏙 Cities seeing more listings offer more opportunities for homebuyers.
- 📊 Positive trends could lead to a more balanced housing market.
- 🚀 Austin and San Antonio, TX saw the highest jumps in housing stock, 35.5% and 34.3%, respectively.
- 🏞 Denver, CO noted a significant increase in listings and boasts nature attractions and 300 days of sunshine.
- 🌞 Tampa, FL offers a mix of beautiful beaches and a strong sports culture.
- 🎷 New Orleans, LA highlighted for its cultural richness and famous food.
- 🎶 Nashville, TN famous for its music scene, and offers low living costs and no state income tax.
The COVID-19 pandemic disrupted many aspects of our lives, and the housing market was no exception. As we emerge from the throes of the pandemic, some intriguing patterns in housing stock have come to light. While most areas have struggled with low housing inventory, a select few cities are showing surprising resilience. In this blog post, we delve into the 12 metropolitan areas among the top 50 largest in the U.S. that have bucked the trend, offering more housing opportunities than before the pandemic.
Unpacking the Data: Positive Trends Amidst Challenges
The Current State of Housing Stock
The housing market has been characterized by a tight inventory, with active listings up by over 36% in July compared to previous years. However, this is still a significant 30.6% drop compared to the typical levels observed between 2017 and 2019.
But amidst these challenges, there are some bright spots. A dozen metro areas have shown growth in housing stock, providing a silver lining for potential homebuyers.
Cities Leading the Charge
Let’s explore the metro areas offering more housing stock than pre-pandemic times.
- Austin, TX 🌆
- Jump in housing stock: 35.5%
- Median list price: $539,530
- Why Austin? A robust tech job market and vibrant cultural scene make Austin a prime destination. During the pandemic, an influx of workers led to a housing crunch, but the market is now stabilizing.
- San Antonio, TX 🚀
- Jump in housing stock: 34.3%
- Median list price: $349,898
- Why San Antonio? Strong military presence and lucrative job opportunities. Points of interest such as the Alamo and no state income tax add to its appeal.
- Denver, CO 🏞
- Jump in housing stock: 26.7%
- Median list price: $627,450
- Why Denver? Nature lovers’ paradise with spectacular mountain vistas and a thriving coffee and brewery culture.
- Tampa, FL 🌞
- Jump in housing stock: 18.8%
- Median list price: $424,950
- Why Tampa? Pristine beaches and vibrant sports culture, making it a highly desirable locale.
- New Orleans, LA 🎷
- Jump in housing stock: 13.9%
- Median list price: $329,000
- Why New Orleans? Rich in history, culture, and cuisine, New Orleans offers a unique lifestyle with significant real estate opportunities.
- Dallas, TX 🏙
- Jump in housing stock: 12.7%
- Median list price: $450,000
- Why Dallas? A strong job market, affordable living, and a dynamic nightlife scene.
- Nashville, TN 🎶
- Jump in housing stock: 12.6%
- Median list price: $568,900
- Why Nashville? Renowned for its music scene, low cost of living, and no state income tax.
- Orlando, FL 🌞
- Jump in housing stock: 12.5%
- Median list price: $442,241
- Why Orlando? Year-round sunshine, strong job market, and tourist attractions galore.
- San Francisco, CA 🏙
- Jump in housing stock: 10.0%
- Median list price: $973,875
- Why San Francisco? Despite challenges, offers tech opportunities, stunning parks, and diverse cuisine.
- Jacksonville, FL 🏖
- Jump in housing stock: 7.5%
- Median list price: $419,000
- Why Jacksonville? Beautiful beaches and a burgeoning job market.
- Seattle, WA 🌧
- Jump in housing stock: 7.4%
- Median list price: $779,975
- Why Seattle? Tech hub with Amazon and Microsoft, plus a plethora of outdoor activities.
- Memphis, TN 🎸
- Jump in housing stock: 4.1%
- Median list price: $347,175
- Why Memphis? Low traffic, affordable living, and rich musical heritage.
The Market Implications
More Listings Mean More Choices
With certain areas seeing increased listings, potential buyers are likely to benefit from more choice and potentially more competitive pricing. This could slow down the pace of rising home prices and offer some relief to buyers who have faced stiff market competition.
A Step Towards Market Balance
Ralph McLaughlin, a senior economist at Realtor.com, suggests that these positive trends could lead to a more balanced housing market. Increased listings mean more opportunities for negotiations, and eventually, this could culminate in a stabilization of home prices.
Conclusion: Optimism on the Horizon
While the overall housing market still faces challenges with inventory levels down from historical averages, these 12 metropolitan areas offer a beacon of hope. The increase in housing stock provides much-needed opportunities for homebuyers and could herald a more stabilized and balanced real estate market in the future.