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Through the Pandemic Housing Growth, from summer season 2020 to spring 2022, the variety of lively houses on the market in most housing markets plummeted as homebuyer demand shortly absorbed nearly all the things that got here up on the market and sellers had final energy. Quick-forward to the present housing market, and the locations the place lively stock has rebounded to 2019 ranges (as a consequence of strained affordability suppressing purchaser demand) at the moment are the very locations the place homebuyers have gained probably the most energy.
On the finish of June 2025, nationwide lively housing stock on the market was nonetheless -11% below June 2019 levels. Nevertheless, an increasing number of regional markets are surpassing that threshold.
This checklist is rising:
- January 2025: 41 of the 200 largest metro space housing markets had been again above pre-pandemic 2019 stock ranges.
- February 2025: 44 of the 200 largest metro space housing markets had been again above pre-pandemic 2019 stock ranges.
- March 2025: 58 of the 200 largest metro space housing markets had been again above pre-pandemic 2019 stock ranges.
- April 2025: 69 of the 200 largest metro space housing markets had been again above pre-pandemic 2019 stock ranges.
- Might 2025: 75 of those 200 main markets had been again above pre-pandemic 2019 stock ranges.
Now, on the newest studying for the tip of June 2025, 78 of the 200 markets are above pre-pandemic 2019 stock ranges and ResiClub expects that depend will proceed to rise this 12 months.
This subsequent desk helps you see what the stock image in these similar 78 markets appears like now and what it regarded like final 12 months.
Amongst these 78 markets, you’ll discover tons in Solar Belt markets like Florida, Texas, Arizona, and Colorado.
Lots of the softest housing markets, the place homebuyers have gained leverage, are situated in Gulf Coast and Mountain West areas. A few of these areas had been among the many nation’s prime pandemic boomtowns, having skilled important dwelling value development through the pandemic housing increase, which stretched housing fundamentals far past native earnings ranges.
When pandemic-fueled home migration slowed and mortgage charges spiked, markets like Cape Coral, Florida, and San Antonio, Texas, confronted challenges as they needed to depend on native incomes to maintain frothy dwelling costs. The housing market softening in these areas was additional accelerated by the abundance of recent dwelling provide within the pipeline throughout the Solar Belt. Builders in these areas are sometimes prepared to scale back internet efficient costs or make different affordability changes to keep up gross sales. These changes within the new building market additionally create a cooling impact on the resale market, as some consumers who might need opted for an current dwelling shift their focus to new houses the place offers are nonetheless accessible.
In distinction, many Northeast and Midwest markets had been much less reliant on pandemic migration and have much less new dwelling building in progress. With decrease publicity to that demand shock, lively stock in these Midwest and Northeast areas has remained comparatively tight, conserving the benefit within the palms of dwelling sellers.
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Usually talking, housing markets the place stock (i.e., lively listings) has returned to pre-pandemic ranges have skilled softer/weaker dwelling value development (or outright declines) over the previous 36 months. Conversely, housing markets the place stock stays far beneath pre-pandemic ranges have, usually talking, skilled extra resilient dwelling value development over the previous 36 months.
ResiClub PRO members can discover our newest stock evaluation for +800 metros and +3,000 counties here, and our newest evaluation exhibiting why the 2019 stock comparability stays insightful here.
