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Inventory is tight in these 10 markets

Posted by Ri Prasad on Tuesday, October 11, 2022 at 11:30 AM By Ri Prasad / October 11, 2022 Comment

Source: Unsplash

Home inventory levels are on the rise nationwide, but in a handful of metro areas, inventory is actually dropping at a double-digit pace. This is due to sellers postponing their listings while homebuyer and investor demand remains strong. This is leading to fierce competition for these properties.

Check out the top 10 markets with the steepest inventory drop YoY in August:

  1. Honolulu, HI: -44.7%

  2. Hartford, CT: -24.4%

  3. Syracuse, NY: -16.2%

  4. Milwaukee, WI: -11.8%

  5. Chicago, IL: -11.7%

  6. Virginia Beach, VA: -10.3%

  7. Cincinnati, OH: -7%

  8. Minneapolis, MN: -5.1%

  9. Scranton, PA: -3.8%

10. Baltimore, MD: -3.2%

Our take

Several of these markets are popular vacation destinations. Others offer great rental opportunities because they’re more affordable areas. That means, in these metros, it will be a while before local buyers get the relief we’ve seen in other bigger markets (like LA, New York, and Austin). If you serve one of these areas, focus on filling your pipeline with potential sellers. With prices and competition up, that’s where the huge opportunity is right now! 

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Tags: Finance, Market Update, First Time Home Buyers, Home Buyers, Homeowners, Selling Your Home, Owning Your Home

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