Major housing markets in metro areas rebound after COVID-19
A recent report from Realtor.com revealed that housing inventory in many major metropolitan areas has surpassed pre-COVID-19 pandemic levels. Nearly half of America’s 50 largest metros have seen an increase in active listings as of May.
The top ten metro areas with the largest jumps in active inventory have all experienced double-digit percentage increases. Among them, eight states were represented, with Texas claiming three spots in the top five.
Denver, Colorado
Denver stands out as the metro area with the largest increase in active housing inventory. Factors such as increased construction and longer time homes spend on the market have contributed to this surge. Denver, the capital of Colorado, has seen a significant rise in available housing.
Austin, Texas
Austin, located in Central Texas, has witnessed a 69% increase in inventory compared to pre-pandemic levels.
Seattle, Washington
Seattle’s active inventory has seen a 60.9% increase, with over 780,000 residents calling the city home.
Dallas-Fort Worth, Texas
The Dallas-Fort Worth area has seen a 55.5% increase in inventory since before the pandemic, with homes carrying a median price of $440,000 in May.
San Antonio, Texas
San Antonio’s active inventory has seen a 58.3% jump from pre-pandemic levels, according to Realtor.com.
Other metro areas like San Francisco, Nashville, Orlando, Las Vegas, and Tucson have also shown significant gains in inventory, ranging from 53.5% to 23% compared to pre-pandemic levels.
Realtor.com’s Chief Economist, Danielle Hale, highlighted the importance of housing construction in enabling these inventory rebounds and noted the growing divide in housing conditions across regions.
The national housing market is transitioning to a more “buyer-friendly” environment, with over one million homes on the market in May, a level not seen since 2019.
Supply and affordability have been major issues for homebuyers in recent years, with a supply gap of around 3.8 million homes reported in March.
