U.S. Inventory Surpasses 1 Million Homes for the First Time Since Winter of 2019
Friday, June 6th, 2025
The U.S. housing market is staging a comeback, but the rebound is sharply divided, according to the May Monthly Housing Trends Report from Realtor.com®. The number of homes for sale in the U.S. topped 1 million for the first time since Winter 2019, but only metros in the South or West have fully returned to pre-pandemic inventory levels as the Northeast and Midwest remain stuck in a supply squeeze.
"The number of homes for sale is growing, and even hit a key milestone in May, with more than a million active listings. But not every housing market is equally well-supplied," said Realtor.com® Chief Economist Danielle Hale. "Recent construction trends explain a lot of the variation in recovery that we see across markets. Many markets that built aggressively during and after the pandemic are now seeing more listings, longer time on market, and even some modest price softening. In contrast, markets that didn't build as many homes are still facing an acute shortage, which continues to prop up prices and limit buyer options."
May 2025 Housing Metrics – National (*For metro stats, see Table 1 and Table 2 below)
|
Metric |
May 2025 |
Change over Apr. 2025 (MoM) |
Change over May 2024 (YoY) |
Change over |
|
Median listing price |
$440,000 |
+2.0 % |
+0.1 % |
+37.5 % |
|
Active listings |
1,036,101 |
+8.0 % |
+31.5 % |
-12.3 % |
|
New listings |
465,096 |
-1.4 % |
+7.2 % |
-20.4 % |
|
Median days on market |
51 |
+1 day |
+6 days |
-1 day |
|
Share of active listings |
19.1 % |
+1.1 percentage |
+2.4 percentage |
+3.7 percentage |
|
Median List Price Per Sq.Ft. |
$234 |
+0.5 % |
+0.6 % |
+53.3 % |
Inventory is Recovering Faster in the South and West
All 50 of the largest U.S. metros posted annual inventory gains in May 2025. But, just 22 have fully rebounded to their 2017–2019 inventory norms, and every single one is in the South or West. When it comes to active inventory, cities like Denver (+100.0% vs. pre-pandemic), Austin, Texas (+69.0%), and Seattle, Washington (+60.9%) lead the way, thanks in large part to a post-2020 construction boom. On the flip side, metros like Hartford, Conn. (-77.7%), Chicago (-59.3%), and Virginia Beach, Va. (-56.7%) have recovered the least.
"More homes on the market means buyers finally have options and leverage they haven't had in years," said Gary Ashton, founder of The Ashton Real Estate Group of RE/MAX Advantage in Nashville. "But the strategy for buyers and their agents this spring largely depends on where you live. In Southern locales, like Nashville, the average sales price has increased by 3% as homes remain on the market for longer and local supply increases. We can expect to see sellers get creative with offering concessions to buyers and start to consider more price reductions."
More Homes on the Market, But Affordability is Keeping Them Out of Reach
Nationally, active listings surpassed the 1 million mark for the first time since Winter 2019, while newly listed homes rose 7.2% year-over-year. But these increases haven't translated into a hot spring buying season. Homes took a median 51 days to sell, six days longer than last year, and price cuts rose for the fifth straight month.
In May 2025, 19.1% of listings featured reduced prices, the highest share for any May since at least 2016. Metros with the steepest price reductions were mostly in the West and South, including Phoenix, Ariz. (31.3%), Tampa, Fla. (29.9%), and Denver, Colo. (29.4%).
Why New Construction Is the Great Divider
The Realtor.com® analysis found a clear link between pandemic-era building activity and today's inventory conditions. Metros that built more housing like Austin, Nashville, and Denver have generally returned to pre-2020 inventory levels. Those with less new construction like New York, Boston, and Buffalo, N.Y., have not.
This uneven recovery mirrors findings from a recent Realtor.com® Housing Supply Gap report, which identified a nationwide shortfall of nearly 4 million homes, and without meaningful changes to zoning, permitting, and construction incentives, supply-constrained regions, especially in the Northeast and Midwest, risk falling even further behind.
*Table 1: May 2025 Top 50 Metros by Active Listings, Median List Price (Sq. Ft), Days on Markets
|
Metro |
Active Listings |
Median Listing Price Per Sq. Ft. |
Median Days on Market |
|||
|
YoY |
vs. Pre-pandemic |
YoY |
vs. Pre-pandemic |
Y-Y |
vs. Pre-pandemic |
|
|
Atlanta-Sandy Springs-Roswell, GA |
42.7 % |
2.2 % |
-1.6 % |
62.2 % |
9 |
0 |
|
Austin-Round Rock-San Marcos, TX |
26.5 % |
69.0 % |
-5.0 % |
56.3 % |
3 |
3 |
|
Baltimore-Columbia-Towson, MD |
48.7 % |
-44.1 % |
4.5 % |
28.6 % |
-2 |
-11 |
|
Birmingham, AL |
13.0 % |
-18.8 % |
1.0 % |
41.2 % |
7 |
-5 |
|
Boston-Cambridge-Newton, MA-NH |
35.2 % |
-28.5 % |
2.1 % |
81.8 % |
3 |
-5 |
|
Buffalo-Cheektowaga, NY |
11.0 % |
-42.5 % |
6.3 % |
69.2 % |
5 |
-1 |
|
Charlotte-Concord-Gastonia, NC-SC |
56.4 % |
7.0 % |
0.7 % |
67.9 % |
10 |
-2 |
|
Chicago-Naperville-Elgin, IL-IN |
14.5 % |
-59.3 % |
-1.0 % |
34.9 % |
3 |
-10 |
|
Cincinnati, OH-KY-IN |
27.8 % |
-44.2 % |
0.4 % |
62.5 % |
3 |
-9 |
|
Cleveland, OH |
24.5 % |
-51.5 % |
5.2 % |
44.4 % |
4 |
-16 |
|
Columbus, OH |
45.1 % |
-4.0 % |
0.7 % |
64.9 % |
11 |
2 |
|
Dallas-Fort Worth-Arlington, TX |
44.8 % |
55.5 % |
-1.2 % |
45.7 % |
7 |
5 |
|
Denver-Aurora-Centennial, CO |
63.9 % |
100.0 % |
-2.3 % |
45.5 % |
9 |
14 |
|
Detroit-Warren-Dearborn, MI |
23.1 % |
-28.3 % |
3.9 % |
33.7 % |
1 |
2 |
|
Grand Rapids-Wyoming-Kentwood, MI |
30.0 % |
-29.7 % |
-0.4 % |
60.9 % |
4 |
1 |
|
Hartford-West Hartford-East Hartford, CT |
15.5 % |
-77.7 % |
4.5 % |
66.0 % |
8 |
-17 |
|
Houston-Pasadena-The Woodlands, TX |
35.3 % |
18.6 % |
-0.6 % |
40.8 % |
3 |
-2 |
|
Indianapolis-Carmel-Greenwood, IN |
30.0 % |
-14.1 % |
-0.8 % |
61.8 % |
4 |
-4 |
|
Jacksonville, FL |
31.2 % |
31.8 % |
-2.3 % |
54.0 % |
9 |
3 |
|
Kansas City, MO-KS |
19.0 % |
-16.2 % |
-1.4 % |
52.4 % |
2 |
5 |
|
Las Vegas-Henderson-North Las Vegas, NV |
66.8 % |
28.6 % |
0.3 % |
64.8 % |
7 |
5 |
|
Los Angeles-Long Beach-Anaheim, CA |
53.9 % |
-2.5 % |
-1.1 % |
55.8 % |
10 |
10 |
|
Louisville/Jefferson County, KY-IN |
22.4 % |
-26.1 % |
1.8 % |
55.5 % |
5 |
-5 |
|
Memphis, TN-MS-AR |
26.2 % |
22.3 % |
1.7 % |
75.8 % |
10 |
8 |
|
Miami-Fort Lauderdale-West Palm Beach, FL |
38.7 % |
6.6 % |
-4.3 % |
45.3 % |
13 |
-1 |
|
Milwaukee-Waukesha, WI |
7.9 % |
-46.0 % |
4.7 % |
58.8 % |
0 |
-9 |
|
Minneapolis-St. Paul-Bloomington, MN-WI |
14.1 % |
-20.2 % |
-1.8 % |
37.1 % |
4 |
-2 |
|
Nashville-Davidson--Murfreesboro--Franklin, TN |
40.0 % |
44.4 % |
-2.7 % |
66.3 % |
19 |
17 |
|
New York-Newark-Jersey City, NY-NJ |
10.7 % |
-44.0 % |
-5.3 % |
84.1 % |
2 |
-4 |
|
Oklahoma City, OK |
30.4 % |
-7.6 % |
0.4 % |
51.0 % |
2 |
-5 |
|
Orlando-Kissimmee-Sanford, FL |
38.8 % |
44.2 % |
-2.3 % |
58.4 % |
13 |
11 |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
22.9 % |
-51.4 % |
1.6 % |
63.8 % |
-2 |
-14 |
|
Phoenix-Mesa-Chandler, AZ |
23.1 % |
25.8 % |
-0.9 % |
63.8 % |
-3 |
13 |
|
Pittsburgh, PA |
20.2 % |
-41.3 % |
0.9 % |
41.8 % |
1 |
-17 |
|
Portland-Vancouver-Hillsboro, OR-WA |
34.3 % |
21.0 % |
-1.6 % |
42.1 % |
7 |
14 |
|
Providence-Warwick, RI-MA |
34.0 % |
-56.2 % |
5.4 % |
58.9 % |
9 |
-12 |
|
Raleigh-Cary, NC |
63.5 % |
10.2 % |
-0.4 % |
59.6 % |
10 |
-5 |
|
Richmond, VA |
17.8 % |
-38.4 % |
0.9 % |
64.9 % |
-3 |
-8 |
|
Riverside-San Bernardino-Ontario, CA |
50.5 % |
-1.5 % |
-0.9 % |
66.4 % |
10 |
9 |
|
Sacramento-Roseville-Folsom, CA |
54.6 % |
4.9 % |
-2.5 % |
41.3 % |
8 |
6 |
|
San Antonio-New Braunfels, TX |
20.1 % |
58.3 % |
-3.0 % |
40.7 % |
7 |
8 |
|
San Diego-Chula Vista-Carlsbad, CA |
66.4 % |
-5.1 % |
-2.1 % |
65.8 % |
10 |
9 |
|
San Francisco-Oakland-Fremont, CA |
40.3 % |
53.5 % |
-4.0 % |
26.7 % |
10 |
12 |
|
San Jose-Sunnyvale-Santa Clara, CA |
55.7 % |
33.1 % |
-1.1 % |
30.0 % |
8 |
5 |
|
Seattle-Tacoma-Bellevue, WA |
50.7 % |
60.9 % |
4.7 % |
72.4 % |
6 |
11 |
|
St. Louis, MO-IL |
19.4 % |
-42.4 % |
-1.8 % |
36.9 % |
7 |
-11 |
|
Tampa-St. Petersburg-Clearwater, FL |
31.2 % |
45.3 % |
-2.4 % |
68.9 % |
8 |
7 |
|
Tucson, AZ |
54.6 % |
23.0 % |
-1.5 % |
61.2 % |
10 |
2 |
|
Virginia Beach-Chesapeake-Norfolk, VA-NC |
26.8 % |
-56.7 % |
4.9 % |
57.6 % |
6 |
-11 |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
75.6 % |
-15.9 % |
-4.0 % |
49.6 % |
1 |
-3 |
*Table 2: May 2025 Top 50 Metros by Price, New Listings, and Price Reduced Share
|
Metro |
Median Listing |
Median Listing |
New Listing |
Price-Reduced |
Price-Reduced |
|
Atlanta-Sandy Springs-Roswell, GA |
$419,900 |
-0.7 % |
17.3 % |
23.3 % |
4.2 pp |
|
Austin-Round Rock-San Marcos, TX |
$525,000 |
-6.3 % |
13.2 % |
29.2 % |
0.9 pp |
|
Baltimore-Columbia-Towson, MD |
$399,999 |
10.4 % |
6.6 % |
15.3 % |
2.3 pp |
|
Birmingham, AL |
$299,900 |
0.0 % |
-4.1 % |
18.2 % |
2.1 pp |
|
Boston-Cambridge-Newton, MA-NH |
$879,000 |
-1.7 % |
18.1 % |
16.4 % |
3.5 pp |
|
Buffalo-Cheektowaga, NY |
$299,900 |
0.8 % |
4.6 % |
7.0 % |
-0.2 pp |
|
Charlotte-Concord-Gastonia, NC-SC |
$450,000 |
3.4 % |
20.5 % |
23.6 % |
4.2 pp |
|
Chicago-Naperville-Elgin, IL-IN |
$379,900 |
-3.8 % |
5.6 % |
11.5 % |
1.3 pp |
|
Cincinnati, OH-KY-IN |
$354,975 |
-6.2 % |
8.7 % |
14.6 % |
2.4 pp |
|
Cleveland, OH |
$275,000 |
3.8 % |
5.7 % |
14.2 % |
3.2 pp |
|
Columbus, OH |
$389,900 |
-2.5 % |
5.0 % |
21.1 % |
4.4 pp |
|
Dallas-Fort Worth-Arlington, TX |
$440,000 |
-3.2 % |
12.1 % |
27.0 % |
3.5 pp |
|
Denver-Aurora-Centennial, CO |
$600,000 |
-5.8 % |
4.3 % |
29.4 % |
4.7 pp |
|
Detroit-Warren-Dearborn, MI |
$270,000 |
3.1 % |
8.0 % |
13.7 % |
3.2 pp |
|
Grand Rapids-Wyoming-Kentwood, MI |
$399,900 |
-3.1 % |
15.9 % |
13.5 % |
1.8 pp |
|
Hartford-West Hartford-East Hartford, CT |
$469,450 |
3.2 % |
2.4 % |
6.8 % |
0.9 pp |
|
Houston-Pasadena-The Woodlands, TX |
$372,500 |
0.7 % |
17.0 % |
19.9 % |
1.7 pp |
|
Indianapolis-Carmel-Greenwood, IN |
$331,500 |
-5.3 % |
11.6 % |
21.3 % |
1.4 pp |
|
Jacksonville, FL |
$405,000 |
-4.0 % |
0.8 % |
28.8 % |
1.4 pp |
|
Kansas City, MO-KS |
$410,073 |
-4.1 % |
15.7 % |
14.3 % |
2.1 pp |
|
Las Vegas-Henderson-North Las Vegas, NV |
$484,999 |
1.7 % |
17.3 % |
25.4 % |
8.3 pp |
|
Los Angeles-Long Beach-Anaheim, CA |
$1,195,000 |
-2.3 % |
6.3 % |
15.7 % |
4.7 pp |
|
Louisville/Jefferson County, KY-IN |
$326,990 |
-0.6 % |
0.3 % |
16.6 % |
1.4 pp |
|
Memphis, TN-MS-AR |
$350,000 |
0.5 % |
1.9 % |
21.9 % |
0.2 pp |
|
Miami-Fort Lauderdale-West Palm Beach, FL |
$510,000 |
-5.5 % |
0.2 % |
19.7 % |
0.7 pp |
|
Milwaukee-Waukesha, WI |
$399,500 |
-0.1 % |
28.4 % |
10.7 % |
3.1 pp |
|
Minneapolis-St. Paul-Bloomington, MN-WI |
$446,000 |
-2.5 % |
4.1 % |
12.9 % |
1.1 pp |
|
Nashville-Davidson--Murfreesboro--Franklin, TN |
$548,950 |
-5.7 % |
15.2 % |
20.9 % |
0.1 pp |
|
New York-Newark-Jersey City, NY-NJ |
$795,000 |
0.2 % |
6.4 % |
8.7 % |
0.4 pp |
|
Oklahoma City, OK |
$329,875 |
-0.8 % |
8.9 % |
20.8 % |
2.0 pp |
|
Orlando-Kissimmee-Sanford, FL |
$429,900 |
-2.3 % |
-2.0 % |
25.3 % |
3.3 pp |
|
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
$385,000 |
1.3 % |
3.8 % |
14.2 % |
2.4 pp |
|
Phoenix-Mesa-Chandler, AZ |
$525,000 |
-3.2 % |
3.8 % |
31.3 % |
7.2 pp |
|
Pittsburgh, PA |
$249,900 |
-2.9 % |
-1.2 % |
15.8 % |
1.7 pp |
|
Portland-Vancouver-Hillsboro, OR-WA |
$610,707 |
-1.5 % |
9.7 % |
26.8 % |
7.2 pp |
|
Providence-Warwick, RI-MA |
$595,000 |
3.1 % |
0.8 % |
10.5 % |
3.1 pp |
|
Raleigh-Cary, NC |
$456,695 |
-1.5 % |
11.2 % |
23.4 % |
8.2 pp |
|
Richmond, VA |
$460,000 |
-1.1 % |
6.5 % |
12.5 % |
2.6 pp |
|
Riverside-San Bernardino-Ontario, CA |
$600,000 |
-2.9 % |
4.4 % |
19.7 % |
4.5 pp |
|
Sacramento-Roseville-Folsom, CA |
$639,000 |
-3.6 % |
13.7 % |
22.7 % |
6.2 pp |
|
San Antonio-New Braunfels, TX |
$340,000 |
-1.4 % |
4.4 % |
24.9 % |
-1.3 pp |
|
San Diego-Chula Vista-Carlsbad, CA |
$995,000 |
-5.7 % |
6.4 % |
19.9 % |
5.4 pp |
|
San Francisco-Oakland-Fremont, CA |
$998,800 |
-4.5 % |
2.9 % |
15.3 % |
3.8 pp |
|
San Jose-Sunnyvale-Santa Clara, CA |
$1,419,500 |
-3.9 % |
-0.3 % |
13.5 % |
5.0 pp |
|
Seattle-Tacoma-Bellevue, WA |
$799,000 |
3.1 % |
18.0 % |
16.2 % |
4.8 pp |
|
St. Louis, MO-IL |
$299,900 |
-2.5 % |
6.3 % |
14.3 % |
2.2 pp |
|
Tampa-St. Petersburg-Clearwater, FL |
$417,500 |
-1.6 % |
0.1 % |
29.9 % |
1.0 pp |
|
Tucson, AZ |
$398,000 |
-1.1 % |
-4.9 % |
23.2 % |
1.7 pp |
|
Virginia Beach-Chesapeake-Norfolk, VA-NC |
$415,000 |
5.4 % |
10.4 % |
17.5 % |
0.5 pp |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
$634,900 |
-0.7 % |
11.7 % |
15.8 % |
4.9 pp |
