Inventory continues to skyrocket in the South. Meanwhile – the Northeast remains in a massive shortage.

The bifurcated nature of the 2024 housing market is increasing as the year goes on, with inventory levels continuing to climb across Southern states like Texas, Florida, Tennessee, and Georgia. Meanwhile, inventory remains near rock-bottom levels in the Northeast. This bifurcation in terms of supply will likely have big impacts on where home prices head in the future in these two regions, something that homebuyers and investors need to understand.

Housing Inventory in South surging; only 17% less than pre-pandemic norm

In the South, there are currently 454,000 active listings on the market according to data from Realtor.com. This figure is up a hefty 50% over the last year, and is now starting to close-in on pre-pandemic levels of inventory. Back in June 2019, there were 550,000 listings in the South. I wouldn’t be surprised if housing inventory in the South continues to close in on that pre-pandemic mark as 2024 goes on, especially given how many home building permits are still in the pipeline.

The states in the South that are leading this inventory charge are Texas and Florida, which combined account for 249,000 listings on the market (55% of the South, 30% of the entire US). As Texas and Florida go on the housing market, so will the rest of the South, as these two states are the hegemonic powers that propel the areas surrounding them.

Interestingly – Texas and Florida combined now have the most inventory of any region in America, including the West Coast, Northeast, and Midwest. In Texas and Florida there are 249,000 homes for sale, while there are only 90,000 in the Northeast.

What’s wild about this is that prior to the pandemic, Texas & Florida had the same inventory levels as the Northeast. But now there’s a cavernous gap. A signal of just how bifurcated this housing market is in 2024.

Access updated inventory levels on Reventure App

Reventure App just processed updated inventory figures for every ZIP code in America for June 2024. Head there right now to see how inventory is trending in your market. In particular, make sure to look at the Inventory Surplus/Deficit to how supply levels today compare to the long-term average. This data is available under a premium plan for $39/month.

-Nick