69 Housing Markets Surpass Pre-Pandemic Inventory Levels

National housing inventory is rising, with active listings up over the past year, giving homebuyers more leverage in many markets that were previously dominated by sellers. While national inventory remains below pre-pandemic 2019 levels, a growing number of regional markets—especially in the Gulf Coast and Mountain West—have surpassed those levels, leading to softer price growth or even declines. In contrast, the Midwest and Northeast continue to experience tight housing markets with limited inventory, favoring sellers. Some Sun Belt cities that saw dramatic price increases during the pandemic are now facing slower demand and more price flexibility due to increased supply and affordability challenges. Builders in these regions are offering incentives and price reductions on new homes, which is also cooling the resale market. Overall, the shift toward more balanced or buyer-friendly markets is expected to continue as inventory rises throughout 2025.