Editor's Note: This story originally appeared on Construction Coverage.
The persistent shortage of housing inventory, stemming from a combination of long- and short-term factors, continues to challenge prospective homebuyers in the U.S.
Since 2022, high mortgage rates have deterred many would-be sellers from listing their properties, fearing the loss of existing low rates. Higher borrowing costs have also caused new residential construction activity to slow, resulting in fewer new units entering the housing market.
To determine the locations with the biggest increases in housing inventory, researchers at Construction Coverage analyzed the latest data from Redfin. Refer to the methodology section at the end for additional details.
Here are the U.S. cities with the biggest increase in housing inventory.
1. Denver, CO
- Percentage change in housing inventory (Q1 2023-Q1 2024): +36.8%
- Total change in housing inventory (Q1 2023-Q1 2024): +412
- Months of supply (Q1 2024): 2.2
- Months of supply (Q1 2023): 1.6
- Median sale price (Q1 2024): $573,822
- Median sale price (Q1 2023): $558,506
2. El Paso, TX
- Percentage change in housing inventory (Q1 2023-Q1 2024): +33.1%
- Total change in housing inventory (Q1 2023-Q1 2024): +350
- Months of supply (Q1 2024): 3.3
- Months of supply (Q1 2023): 2.5
- Median sale price (Q1 2024): $242,848
- Median sale price (Q1 2023): $229,880
3. Dallas, TX
- Percentage change in housing inventory (Q1 2023-Q1 2024): +32.1%
- Total change in housing inventory (Q1 2023-Q1 2024): +641
- Months of supply (Q1 2024): 3.5
- Months of supply (Q1 2023): 2.9
- Median sale price (Q1 2024): $421,184
- Median sale price (Q1 2023): $384,894
4. Omaha, NE
- Percentage change in housing inventory (Q1 2023-Q1 2024): +31.8%
- Total change in housing inventory (Q1 2023-Q1 2024): +95
- Months of supply (Q1 2024): 1.2
- Months of supply (Q1 2023): 0.9
- Median sale price (Q1 2024): $257,844
- Median sale price (Q1 2023): $243,581
5. Tulsa, OK
- Percentage change in housing inventory (Q1 2023-Q1 2024): +30.3%
- Total change in housing inventory (Q1 2023-Q1 2024): +173
- Months of supply (Q1 2024): 2.3
- Months of supply (Q1 2023): 1.7
- Median sale price (Q1 2024): $219,836
- Median sale price (Q1 2023): $207,874
6. San Antonio, TX
- Percentage change in housing inventory (Q1 2023-Q1 2024): +26.7%
- Total change in housing inventory (Q1 2023-Q1 2024): +895
- Months of supply (Q1 2024): 5.0
- Months of supply (Q1 2023): 3.7
- Median sale price (Q1 2024): $262,550
- Median sale price (Q1 2023): $269,128
7. Memphis, TN
- Percentage change in housing inventory (Q1 2023-Q1 2024): +24.0%
- Total change in housing inventory (Q1 2023-Q1 2024): +334
- Months of supply (Q1 2024): 3.9
- Months of supply (Q1 2023): 3.4
- Median sale price (Q1 2024): $175,035
- Median sale price (Q1 2023): $181,902
8. Aurora, CO
- Percentage change in housing inventory (Q1 2023-Q1 2024): +23.7%
- Total change in housing inventory (Q1 2023-Q1 2024): +146
- Months of supply (Q1 2024): 2.0
- Months of supply (Q1 2023): 1.5
- Median sale price (Q1 2024): $472,523
- Median sale price (Q1 2023): $452,612
9. New Orleans, LA
- Percentage change in housing inventory (Q1 2023-Q1 2024): +22.0%
- Total change in housing inventory (Q1 2023-Q1 2024): +398
- Months of supply (Q1 2024): 10.2
- Months of supply (Q1 2023): 7.6
- Median sale price (Q1 2024): $327,016
- Median sale price (Q1 2023): $335,910
10. Wichita, KS
- Percentage change in housing inventory (Q1 2023-Q1 2024): +20.2%
- Total change in housing inventory (Q1 2023-Q1 2024): +97
- Months of supply (Q1 2024): 1.9
- Months of supply (Q1 2023): 1.5
- Median sale price (Q1 2024): $216,700
- Median sale price (Q1 2023): $194,084
11. Tampa, FL
- Percentage change in housing inventory (Q1 2023-Q1 2024): +19.9%
- Total change in housing inventory (Q1 2023-Q1 2024): +248
- Months of supply (Q1 2024): 3.3
- Months of supply (Q1 2023): 2.5
- Median sale price (Q1 2024): $414,623
- Median sale price (Q1 2023): $393,931
12. Minneapolis, MN
- Percentage change in housing inventory (Q1 2023-Q1 2024): +18.5%
- Total change in housing inventory (Q1 2023-Q1 2024): +134
- Months of supply (Q1 2024): 2.5
- Months of supply (Q1 2023): 2.1
- Median sale price (Q1 2024): $322,905
- Median sale price (Q1 2023): $306,550
13. Arlington, TX
- Percentage change in housing inventory (Q1 2023-Q1 2024): +18.4%
- Total change in housing inventory (Q1 2023-Q1 2024): +97
- Months of supply (Q1 2024): 2.8
- Months of supply (Q1 2023): 2.3
- Median sale price (Q1 2024): $329,073
- Median sale price (Q1 2023): $318,658
14. Nashville, TN
- Percentage change in housing inventory (Q1 2023-Q1 2024): +18.1%
- Total change in housing inventory (Q1 2023-Q1 2024): +451
- Months of supply (Q1 2024): 4.1
- Months of supply (Q1 2023): 3.5
- Median sale price (Q1 2024): $459,286
- Median sale price (Q1 2023): $427,570
15. Oakland, CA
- Percentage change in housing inventory (Q1 2023-Q1 2024): +17.3%
- Total change in housing inventory (Q1 2023-Q1 2024): +79
- Months of supply (Q1 2024): 3.1
- Months of supply (Q1 2023): 2.8
- Median sale price (Q1 2024): $788,237
- Median sale price (Q1 2023): $813,094
Methodology
To determine the locations with the biggest increases in housing inventory, researchers at Construction Coverage analyzed the latest data from Redfin.
The researchers ranked locations based on the percentage change in the average monthly housing inventory between Q1 2023 and Q1 2024. In the event of a tie, the location with the greater total change in average monthly housing inventory was ranked higher.
Researchers also calculated the average months of supply — a measure of how long it would take existing inventory to sell if no new homes came on the market — and median sale price for the same periods.
To improve relevance, only cities with at least 100,000 people and complete data across all statistics were included in the analysis.
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