A recent MReport highlights the current cities with the most and fewest homes on the market. Due to the COVID-19 pandemic, there have been shifts in the housing market. There is an inventory shortage, increase in home prices, and thus, there is an increase in competition. According to a report from Inspection Support Network, “As is usually the case with real estate, these trends look different according to location. Many of the areas that still have a strong housing inventory are places that have seen increased home construction to accommodate a growing population”. The report concluded that Florida has the most houses for sale, with 248 active listings per 10,000. Hawaii and Georgia both have similar amounts. The Inspection Support Network study author, Max Anderson, stated, “In these locations, supply and demand are keeping pace with one another more than they are elsewhere. This makes them more favorable for buyers because while there are more competitors in the market, there are also more options available”.
WHAT ELSE DID THE STUDY FIND?
Calculating the average number of active listings in 2020 per 10,000 owner-occupied homes was the method used for this study. The report noted that in some areas, the inventory is low due to high demand and properties being on the market for a brief period of time. This is a common trend in high-growth cities. These cities have an increased demand for homes from higher-income professionals which leads to the few properties on the market being sold quickly for high prices. However, cities that have experienced economic decline, such as Buffalo, sellers are not moving because they fear they won’t have anywhere to go. This trend has also caused inventory to drop.
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Click here to read the findings from the ISN report!
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