Inventory Levels in 78 Major Housing Markets Have Surpassed Pre‑Pandemic Norms

A recent update highlights that, among the 200 largest U.S. housing markets, 78 metros now have more active listings than in 2019—a significant shift from pandemic-era inventory shortages. Since January, this counter has steadily climbed from just 41 markets, indicating growing buyer leverage in those regions (ResiClub)

Why This Matters

Regional Slowdowns: Areas that boomed during the pandemic—like parts of Florida, Texas, Arizona, and Colorado—are seeing major cooling. Builders are boosting inventory, often offering discounts, which is easing new‑build prices and placing pressure on resale markets .

Uneven Impact: Northeast and Midwest markets, without an oversupply of new construction, remain tight—leaving sellers in stronger positions there (ResiClub).

Buyer Advantage: Historically, markets where listings return to pre-pandemic levels tend to experience slower price growth—or even declines—over the following 36 months. That trend is already appearing in many of the 78 aforementioned metros (ResiClub)

Key Stats

National inventory remains about 11% below June 2019 levels—but ongoing increases suggest a continued shift toward a more balanced market (Fast Company).

One million+ homes were on the market in May–June 2025, the highest level since winter 2019. Major metros with the strongest inventory rebounds include Denver (doubled), Austin (+69%), Seattle (+61%), Dallas–Fort Worth (+55%), and San Antonio (+58%) (investopedia.com).

What to Watch Next

ResiClub projects that even more metro areas will reach or exceed pre-pandemic inventory levels by year-end, potentially further tilting pricing power toward buyers (Fast Company).

Bottom line:

Markets with recovered or high inventory levels mean more consumer choice and negotiation room. Sellers in these regions should expect increased competition and consider adjusting pricing and marketing. Conversely, markets still undersupplied may continue to favor sellers.

Sources: ResiClub analytics (via ResiClub PRO), RealtorDotCom/ResiClub data, Realtor.com housing report, Fast Company .

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