This past year — and particularly the summer — has been a wild ride for housing markets. But there are increasing signs of a return to normalcy.
For instance, we recently identified “10 Markets Where Home Prices Could Plummet by 20%,” and a new Realtor.com analysis points to many markets where the number of homes for sale is quickly expanding.
Here’s a look at the places that have had the biggest increase in home inventory during the past year.
Increase in active home listings between July 2021 and July 2022: 158.7%
Home inventory keeps expanding in the Valley of the Sun. It probably helps that the city is among “10 Markets With the Most Home Sales Getting Canceled” — possibly because buyers are getting more discerning and patient as options open up and competition diminishes.
2. Austin, Texas
Increase in active home listings between July 2021 and July 2022: 154.5%
As the saying goes, everything’s bigger in Texas. That’s true not only for the number of homes for sale, but also their prices. Austin remains a very overvalued housing market, we recently reported.
3. Raleigh, North Carolina
Increase in active home listings between July 2021 and July 2022: 137.5%
Opportunities for homebuyers are booming in Raleigh. And there seems to be plenty of work to be had too. North Carolina’s capital was among “15 Cities With the Most Job Gains in 2021.”
The top 10
Here are the other top cities seeing the largest percentage increase in the number of active home listings:
- Nashville, Tennessee: 121.9%
- Seattle: 103.8%
- Tampa, Florida: 91.9%
- Las Vegas: 83.3%
- Dallas: 81.2%
- Riverside, California: 76.5%
- Sacramento, California: 72.3%