It surpassed the previous high mark in June 2022. What’s especially notable about Nashville right now is that even as inventory is more than double what it was this time last year, in May the price per square foot hit an all-time high. This icon of the South is home to the Grand Ole Opry and the Country Music Hall of Fame, and it's an increasingly popular destination for buyers. Music City is the next stop on our list, with a jump in inventory almost as large as Sarasota's. May 2023 year-over-year active listings change: +124.7%
“People are just more hesitant now," Pelczynski says.Īlso adding to the inventory glut, according to Pelcynski: Too many sellers are pricing their homes as if the market were still as hot as it was a year or two ago. Median list prices are about 9% above the median state price-only Miami is priced higher.Ĭarissa Pelczynski, a real estate agent at Preferred Shore in Sarasota, says the attitude of many of the out-of-town buyers who were driving prices up during the pandemic has shifted in the past several months. This midsized metro, which serves as the spring training destination for the Baltimore Orioles, is relatively expensive compared with much of Florida. Unsurprisingly, homes are sitting on the market almost twice as long, now taking about 7.5 weeks to sell. There were nearly 2.3 times the number of active listings, at just shy of 4,600, this May compared with last. Located on the southwestern coast of Florida, known for picturesque white-sand beaches and barrier islands along its Gulf of Mexico shoreline, the Sarasota metro experienced the biggest year-over-year jump in inventory.
May 2023 year-over-year active listings change: +128.1% (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.) We selected just one per state to ensure geographic diversity. metros by going through the monthly housing market data to compare inventory in May 2023 with May 2022. We found where inventory is up and down the most in the 100 largest U.S. So let’s take a look at the biggest markets to see what’s what in different parts of the country. “Part of the reason is there’s very little to look at.” “Not a lot of people are moving,” Libert says. Nick Libert, a real estate agent with EXIT Strategy Realty in Chicago, calls this a “balanced-stagnant market.”Įlevated rates have put the brakes on the overall housing market activity, from the perspective of buyers and sellers, but a bridled demand is still very much present. These pandemic-era boomtowns have been on a roller coaster when it comes to pricing, inventory, and demand. Despite higher mortgage rates casting a shadow over buyers and sellers alike, homes are selling at a brisk pace, prices continue to rise, and inventory remains relatively low compared with previous years.Ĭompare that to the West and South, where hot markets like Austin, TX, Nashville, TN, and Sarasota, FL, have seen inventory more than double compared with this time last year. In certain regions, particularly in the more affordable pockets of the Midwest and Northeast, inventory remains tight. Instead, real estate has become a tapestry of regional markets, each with unique patterns. Nationally, the number of new listings was down 22.7% in May compared with the previous yearĪnd the data underscores a truth that has become increasingly evident: There’s no single, monolithic housing market. And even the current bump in year-over-year inventory still puts this year below pre-pandemic levels. There aren’t more sellers coming onto the market. But this is largely a function of the incredibly low inventory levels of the past couple of years. So what did we find? Well, across the country, inventory is up year over year, by a little more than 20%. You can see for yourself in the table below the change in housing inventory in the 100 largest metros. To gain some insight into where things stand going into the crucial summer season, the data team at crunched the numbers to determine the metropolitan areas with the largest increases-and most substantial decreases-in available home inventory.
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