54 of the nation’s 200 largest housing markets are now above pre-pandemic inventory—it was just 17 markets last year

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At the height of the Pandemic Housing Boom, housing demand was so fierce that homes sold so quickly they barely had time to register as active inventory.

In October 2021, there were 565,707 U.S. active listings. That was a staggering -53% below the 1,208,311 active listings in October 2019. In October 2021, every single one of the nation’s 200 largest housing markets was below pre-pandemic October 2019 inventory levels.

But we’re slowly starting to see a bounce back: National active listings in October 2024 came in at 953,814, down just -21% from pre-pandemic October 2019 active inventory levels.

In October 2023, just 17 of the nation’s 200 largest housing markets had active inventory that exceeded October 2019 levels.

As of October 2024, 54 of the nation’s 200 largest housing markets had active inventory that exceeded October 2019 levels.

Most of the housing markets where active inventory levels have climbed back above pre-pandemic levels are markets in the Sunbelt that were particularly hot during the Pandemic Housing Boom.

For example, in Huntsville, Alabama, active housing inventory for sale in October 2024 was 85% higher than in October 2019.

Among the 200 largest U.S. metro-area housing markets, the tightest housing markets—where inventory is the furthest below pre-pandemic levels—are still mostly located in the Northeast and Midwest.

Generally speaking, housing markets where inventory (i.e., active listings) has returned to pre-pandemic levels have experienced weaker home price growth (or outright declines) over the past 24 months. Conversely, housing markets where inventory remains far below pre-pandemic levels have, generally speaking, experienced stronger home price growth over the past 24 months.