It’s no secret that inventory levels across the US Housing Market are beginning to spike in the summer of 2024. Just last week I wrote about how Realtor.com reported a 36% YoY gain in active listings across the country. However, this increase in inventory is not being evenly distributed across the US. Some cities are getting hit especially hard by this spike in inventory, and thus they are more exposed to price declines.
You can see that by and large, the top 10 cities with the most inventory growth are located in Florida. With Tampa-St. Petersburg leading the way at a 93% YoY surge in active listings from June 2023-2024. This spike has meant that the number of homes sitting on the market has gone up from 8,000 last year to over 15,000 this year.
Next up on the list after Tampa is Orlando, FL, which has experienced an impressive 82% growth in active listings YoY according to data from Realtor.com, displayed on Reventure App. The number of homes for sale in Orlando has gone up from 5,900 last year to over 10,000 this year, a clear indication that the market is entering a downturn.
Other Florida markets like North Port-Sarasota, Palm Bay, Port St. Lucie, Cape Coral, and Jacksonville also cracked the top 10. These metros are all experiencing a tidal wave of homes listings from builders, investors, and homeowners who can’t afford the insurance and property taxes anymore.
Three non-Florida markets made the Top 10 in Inventory Growth
Interestingly – there were three non-Florida housing markets to crack the Top 10 in inventory growth in June 2024. They include Denver, CO, where the number of homes for sale has risen from 5,000 one year ago to 9,000 right now, a 78% growth rate.
You can see the historical listings graph in Denver shows that we’re dealing with an unprecedented amount of homes for sale on the market today, which suggests downward pressure on prices.
Additionally, San Diego, CA is another market where inventory is spiking right now, up 72% over the last year. However, this inventory spike in San Diego is coming off a very low base, and there is still a ways to go in terms of inventory growth before we can call San Diego’s market oversupplied. The other market in the top 10 not in Florida is Fayetteville, NC, a military town which appreciated a lot over the last several years. Perhaps that appreciation is now ready to slow or go negative with this inventory spike.
Access Inventory data on Reventure App right now for your ZIP code
Head to www.reventure.app to search the inventory trends in your city and ZIP code for free. Understanding the direction of inventory will give you a key window into the current and future trends in your market, so you can make a more educated decision as a homebuyer or investor.
-Nick
