Are we in an Inventory Comeback? These Metros Have More Home Supply Today Than Before the Pandemic

Denver, Austin and Seattle take the top three spots when it comes to active inventory growth

AUSTIN, Texas, July 2, 2025 /PRNewswire/ -- After years of tight supply, is housing inventory bouncing back? According to the most recent Realtor.com^® Monthly Housing Report, 22 of the 50 largest U.S. metros have more active listings on the market than they did pre-pandemic.  Denver has seen the largest recovery with a 100% increase in available homes compared to 2017–2019 averages followed by Austin (+69%) and Seattle (+60.9%).

"For-sale housing inventory in Denver has doubled compared with the pre-pandemic norm, providing a clear sign of a housing market realignment," said Danielle Hale, Chief Economist at Realtor.com^®. "In some areas, affordability concerns have also slowed buyer demand, giving the market room to breathe and contributing to gains in homes for sale. In general, we're seeing strong inventory rebounds in metros that have built more in the last 6 years.  This milestone underscores both the importance of enabling housing construction and the growing divide in housing conditions across regions, where some markets are rapidly normalizing and others remain stuck in low-supply dynamics."

The 10 Metros with the Largest Gains
These metros have seen the most dramatic improvement in active inventory versus pre-pandemic levels. Mostly situated in the West and South, the list of cities may not come as much of a surprise, although the amount of growth each metro experienced is notable. Six metros saw active inventory grow more than 50% over the years with much of the growth coming in the last year.

What Are These Metros Doing Differently?
Markets that built the most new housing during and after the pandemic are now the most likely to show inventory gains. Cities like Austin, Denver, and Nashville not only saw rapid construction growth, but also now face longer selling times, both of which contribute to rising inventory. Realtor.com's analysis shows a strong positive correlation between post-2019 building activity and inventory recovery.

Time on Market Adds to Inventory Pile Up
Buyers are moving more cautiously in 2025, and in many Western and Southern metros, homes are sitting longer. That extra time on the market is allowing active inventory to build. This suggests that demand has cooled, and prices have leveled off and even softened in some markets. In Nashville, listings now linger an average of 19 days longer than a year ago. In Orlando and Miami, the increase is 13 days on average.

We're not in a Buyer's Market… Yet
While the U.S. housing market isn't officially in a buyer's market, with 4.6 months of supply in May, still below the 6-month threshold that typically defines one, conditions are shifting in a buyer-friendly direction. Buyers today are seeing more options, more time to make decisions, and increasing willingness from sellers to negotiate on price and terms. This evolving landscape aligns with Realtor.com's 2025 forecast, which predicted the most balanced market since 2016. However, unlike past buyer's markets that followed overbuilding, today's transition is unfolding against a backdrop of chronic underbuilding, with a nationwide shortage of nearly 4 million homes. As a result, while some metros may tip into buyer's territory, others will remain tight, making local trends more critical than ever for buyers and sellers alike.

For more insights and detailed metro-level data, visit Realtor.com/research. And to stay up to date on monthly housing trends, check out the most recent Realtor.com report here. New data is released at the beginning of every month.

Methodology
Realtor.com^® housing data as of May 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com^®; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com^®. Realtor.com^® data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact:  Asees Singh, [email protected]

SOURCE Realtor.com