Rock-bottom
inventory levels characterised the property market throughout 2021 and half of
2022. However, the latter half of last year saw the tables turn in tandem with
the rise in interest rates. As a result, supply has gradually begun to build up
again, and some housing markets have experienced a surge in inventory. Read on
to discover where there are most homes for sale in the US right now.
Majority of homes for sale in the West and South
Using data from the property portal Redfin, Forbes compiled a list of housing supply in US cities with more than 200,000 inhabitants from March 2022 to February this year. The figures reveal that the cities seeing the biggest jumps in inventory were in the West and South regions.
Aurora in Colorado stood at the top of the table of most homes for sale in the US. The city saw a giant leap of 115.6% in February, compared to March last year. The states of Nevada and Arizona dominated the top ten listings, with four and three cities, respectively. For example, North
Las Vegas in Nevada experienced an uptick of 98.3% in supply, while Gilbert in Arizona had 79.4% more properties on the market.
Similar to pre-pandemic levels
However, despite the triple-digit increases, these housing markets have returned to their pre-pandemic supply levels. For example, Aurora had 716 homes for sale in February, a similar number to those on the market in February 2019. The same applies to North Las Vegas.
The latest data would, therefore, seem to indicate that inventory numbers are returning to a more balanced level after two years of little supply. The slowdown in price rises and less frenzied sales rates confirm this trend. However, values continue to rise, reaping rewards for sellers, particularly in Florida.
Florida metros with the most homes for sale
Port St Lucie is the only metro in the Sunshine State to feature in the top ten highest inventory increases. The area saw supply rise by 71% in the year to February. St Petersburg takes the eleventh position, with a 63.1% increase. However, this metro had just 908 properties on the market, a figure still considerably below 2019 levels when buyers had a choice of 1,406 homes.
The next Florida metros to appear on the top 50 list are Tampa and Jacksonville, in 21st and 40th positions, respectively. In the Tampa metro, supply levels have risen by 50.1% in the year and in Jacksonville by 30.1%. The figures confirm that Florida property remains in relatively short supply.
Time taken to sell increases
The Forbes and Redfin data also revealed that it’s now taking longer to sell a property in the US. For example, in Aurora, properties typically spent 17.3 days on the market in the year to February, compared to just 5.1 days in the previous 12-month period.
Many other metros experienced a similar trend and, as a result, the time taken to sell a home in the US doubled at least. However, in almost all cases, homes are moving more quickly off the market now than in 2019, confirming continued pent-up demand for homes for sale in the US.
(Sources: Forbes/ Redfin)
