69 housing markets where higher inventory is tipping the scales towards buyers

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During the Pandemic Housing Boom, from summer 2020 to spring 2022, the number of active homes for sale in most housing markets plummeted as homebuyer demand quickly absorbed almost everything that came up for sale.

Fast-forward to the current housing market, and the places where active inventory has rebounded to 2019 levels are the very places where homebuyers hold the most power. That doesn’t mean all of these places are full-blown buyers' markets—but buyers have certainly gained power relative to a few years ago.

At the end of April 2025, national active housing inventory for sale was still -16% below April 2019 levels. However, more and more regional markets are surpassing that threshold.

At the end of January 2025, 41 of these 200 major markets were back above pre-pandemic 2019 inventory levels.

At the end of February 2025, 44 of these 200 major markets were back above pre-pandemic 2019 inventory levels.

At the end of March 2025, 58 of these 200 major markets were back above pre-pandemic 2019 inventory levels.

Now, at the end of April 2025, 69 of the 200 largest markets are above pre-pandemic 2019 inventory levels—and ResiClub expects that count will continue to rise this year.

Many of the softest housing markets, where homebuyers have gained leverage, are located in Gulf Coast and Mountain West regions. These areas were among the nation’s top pandemic boomtowns, having experienced significant home price growth during the Pandemic Housing Boom, which stretched housing fundamentals far beyond local income levels.

When pandemic-fueled domestic migration slowed and mortgage rates spiked, markets like Cape Coral, Florida, and San Antonio, Texas, faced challenges as they had to rely on local incomes to sustain frothy home prices. The housing market softening in these areas was further accelerated by the abundance of new home supply in the pipeline across the Sun Belt. Builders in these regions are often willing to reduce prices or make other affordability adjustments to maintain sales. These adjustments in the new construction market also create a cooling effect on the resale market, as some buyers who might have opted for an existing home shift their focus to new homes where deals are still available.

In contrast, many Northeast and Midwest markets were less reliant on pandemic migration and have less new home construction in progress. With lower exposure to that domestic migration pullback demand shock—and fewer builders doing big affordability adjustments to move product—active inventory in these Midwest and Northeast regions has remained relatively tight and seeing home sellers retain more power relative to their peers in the Gulf and Mountain West regions.

Why does it matter?

Generally speaking, housing markets where inventory (i.e., active listings) has returned to pre-pandemic 2019 levels have experienced weaker home price growth (or outright declines) over the past 30 months. Conversely, housing markets where inventory remains far below pre-pandemic 2019 levels have, generally speaking, experienced stronger home price growth over the past 30 months.

Orlando, for example, is one housing market where I expect pricing weakness for the rest of the year.

Pulling from ResiClub PRO’s monthly inventory tracker, below are the tightest major housing markets heading into the summer 2025, where active inventory is at least -50% below pre-pandemic 2019 levels. These markets are where home sellers have maintained more power compared to most sellers nationwide.

In total, 37 of the nation’s 200 largest metro area markets are still at least -50% below pre-pandemic 2019 active inventory levels. (Last month, that count was 42 markets)

What’s the long-term value of homeownership? ResiClub PRO members can read our latest report here.