U.S. Inventory Surpasses 1 Million Homes for the First Time Since Winter of 2019
- Active listings surpassed 1 million homes for the first time since Winter 2019, up 31.5% YoY
- All 50 largest U.S. metros posted annual inventory gains in May 2025
- New listings increased by 7.2% year-over-year
- 22 major metros have fully recovered to pre-pandemic inventory levels
- Price reductions reaching 19.1% of listings gives buyers more negotiating power
- Severe regional disparity in housing recovery between South/West and Northeast/Midwest regions
- Northeast and Midwest markets remain in supply squeeze with significant inventory deficits
- National housing shortfall of nearly 4 million homes persists
- New listings declined 1.4% month-over-month
- Median listing price remains high at $440,000, up 37.5% from pre-pandemic levels
Insights
U.S. housing inventory exceeds 1M listings for first time since 2019, but recovery shows stark regional divide with significant implications for housing markets.
The surpassing of 1 million active home listings marks a significant milestone in the housing market's recovery, but beneath this headline figure lies a tale of two markets. The 31.5% year-over-year increase in inventory nationally masks dramatic regional disparities that are reshaping America's housing landscape.
The data reveals a clear geographical split between the South and West versus the Northeast and Midwest. Cities like Denver (+100% vs pre-pandemic), Austin (+69.0%), and Seattle (+60.9%) have not only recovered but substantially exceeded their pre-pandemic inventory levels, while metropolitan areas like Hartford (-77.7%), Chicago (-59.3%), and Virginia Beach (-56.7%) remain severely undersupplied.
This bifurcation directly correlates with post-pandemic construction activity. Regions that aggressively built new housing during and after the pandemic now have healthier supply levels, creating vastly different market dynamics for buyers and sellers depending on location.
The increasing share of price reductions (19.1% of listings - the highest May level since at least 2016) coupled with homes taking 51 days to sell (6 days longer than last year) signals a market rebalancing in supply-rich areas. Markets with the highest proportion of price cuts - Phoenix (31.3%), Tampa (29.9%), and Denver (29.4%) - align closely with those experiencing the strongest inventory recoveries.
Despite inventory improvements, the national median listing price remains elevated at $440,000, virtually unchanged year-over-year (+0.1%) but still 37.5% above pre-pandemic levels. This price stability despite increasing supply indicates that while the market is normalizing, we're not seeing the significant price corrections some had anticipated.
The report underscores a fundamental structural challenge: the nationwide housing shortfall of nearly 4 million homes identified in Realtor.com's Housing Supply Gap report. Without zoning reforms and construction incentives, supply-constrained regions risk falling further behind, exacerbating affordability challenges and regional economic disparities.
Recovery Splits the Map as the West and South Bounce Back, and Other Regions Struggle to Catch Up
"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 | +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. | +0.5 % | +0.6 % | +53.3 % |
Inventory is Recovering Faster in the South and West
All 50 of the largest
"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
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
In May 2025,
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
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 | |
42.7 % | 2.2 % | -1.6 % | 62.2 % | 9 | 0 | |
26.5 % | 69.0 % | -5.0 % | 56.3 % | 3 | 3 | |
48.7 % | -44.1 % | 4.5 % | 28.6 % | -2 | -11 | |
13.0 % | -18.8 % | 1.0 % | 41.2 % | 7 | -5 | |
35.2 % | -28.5 % | 2.1 % | 81.8 % | 3 | -5 | |
11.0 % | -42.5 % | 6.3 % | 69.2 % | 5 | -1 | |
56.4 % | 7.0 % | 0.7 % | 67.9 % | 10 | -2 | |
14.5 % | -59.3 % | -1.0 % | 34.9 % | 3 | -10 | |
27.8 % | -44.2 % | 0.4 % | 62.5 % | 3 | -9 | |
24.5 % | -51.5 % | 5.2 % | 44.4 % | 4 | -16 | |
45.1 % | -4.0 % | 0.7 % | 64.9 % | 11 | 2 | |
44.8 % | 55.5 % | -1.2 % | 45.7 % | 7 | 5 | |
63.9 % | 100.0 % | -2.3 % | 45.5 % | 9 | 14 | |
23.1 % | -28.3 % | 3.9 % | 33.7 % | 1 | 2 | |
30.0 % | -29.7 % | -0.4 % | 60.9 % | 4 | 1 | |
15.5 % | -77.7 % | 4.5 % | 66.0 % | 8 | -17 | |
35.3 % | 18.6 % | -0.6 % | 40.8 % | 3 | -2 | |
30.0 % | -14.1 % | -0.8 % | 61.8 % | 4 | -4 | |
31.2 % | 31.8 % | -2.3 % | 54.0 % | 9 | 3 | |
19.0 % | -16.2 % | -1.4 % | 52.4 % | 2 | 5 | |
66.8 % | 28.6 % | 0.3 % | 64.8 % | 7 | 5 | |
53.9 % | -2.5 % | -1.1 % | 55.8 % | 10 | 10 | |
22.4 % | -26.1 % | 1.8 % | 55.5 % | 5 | -5 | |
26.2 % | 22.3 % | 1.7 % | 75.8 % | 10 | 8 | |
38.7 % | 6.6 % | -4.3 % | 45.3 % | 13 | -1 | |
7.9 % | -46.0 % | 4.7 % | 58.8 % | 0 | -9 | |
14.1 % | -20.2 % | -1.8 % | 37.1 % | 4 | -2 | |
40.0 % | 44.4 % | -2.7 % | 66.3 % | 19 | 17 | |
10.7 % | -44.0 % | -5.3 % | 84.1 % | 2 | -4 | |
30.4 % | -7.6 % | 0.4 % | 51.0 % | 2 | -5 | |
38.8 % | 44.2 % | -2.3 % | 58.4 % | 13 | 11 | |
22.9 % | -51.4 % | 1.6 % | 63.8 % | -2 | -14 | |
23.1 % | 25.8 % | -0.9 % | 63.8 % | -3 | 13 | |
20.2 % | -41.3 % | 0.9 % | 41.8 % | 1 | -17 | |
34.3 % | 21.0 % | -1.6 % | 42.1 % | 7 | 14 | |
34.0 % | -56.2 % | 5.4 % | 58.9 % | 9 | -12 | |
63.5 % | 10.2 % | -0.4 % | 59.6 % | 10 | -5 | |
17.8 % | -38.4 % | 0.9 % | 64.9 % | -3 | -8 | |
50.5 % | -1.5 % | -0.9 % | 66.4 % | 10 | 9 | |
54.6 % | 4.9 % | -2.5 % | 41.3 % | 8 | 6 | |
20.1 % | 58.3 % | -3.0 % | 40.7 % | 7 | 8 | |
66.4 % | -5.1 % | -2.1 % | 65.8 % | 10 | 9 | |
40.3 % | 53.5 % | -4.0 % | 26.7 % | 10 | 12 | |
55.7 % | 33.1 % | -1.1 % | 30.0 % | 8 | 5 | |
50.7 % | 60.9 % | 4.7 % | 72.4 % | 6 | 11 | |
19.4 % | -42.4 % | -1.8 % | 36.9 % | 7 | -11 | |
31.2 % | 45.3 % | -2.4 % | 68.9 % | 8 | 7 | |
54.6 % | 23.0 % | -1.5 % | 61.2 % | 10 | 2 | |
26.8 % | -56.7 % | 4.9 % | 57.6 % | 6 | -11 | |
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 |
-0.7 % | 17.3 % | 23.3 % | 4.2 pp | ||
-6.3 % | 13.2 % | 29.2 % | 0.9 pp | ||
10.4 % | 6.6 % | 15.3 % | 2.3 pp | ||
0.0 % | -4.1 % | 18.2 % | 2.1 pp | ||
-1.7 % | 18.1 % | 16.4 % | 3.5 pp | ||
0.8 % | 4.6 % | 7.0 % | -0.2 pp | ||
3.4 % | 20.5 % | 23.6 % | 4.2 pp | ||
-3.8 % | 5.6 % | 11.5 % | 1.3 pp | ||
-6.2 % | 8.7 % | 14.6 % | 2.4 pp | ||
3.8 % | 5.7 % | 14.2 % | 3.2 pp | ||
-2.5 % | 5.0 % | 21.1 % | 4.4 pp | ||
-3.2 % | 12.1 % | 27.0 % | 3.5 pp | ||
-5.8 % | 4.3 % | 29.4 % | 4.7 pp | ||
3.1 % | 8.0 % | 13.7 % | 3.2 pp | ||
-3.1 % | 15.9 % | 13.5 % | 1.8 pp | ||
3.2 % | 2.4 % | 6.8 % | 0.9 pp | ||
0.7 % | 17.0 % | 19.9 % | 1.7 pp | ||
-5.3 % | 11.6 % | 21.3 % | 1.4 pp | ||
-4.0 % | 0.8 % | 28.8 % | 1.4 pp | ||
-4.1 % | 15.7 % | 14.3 % | 2.1 pp | ||
1.7 % | 17.3 % | 25.4 % | 8.3 pp | ||
-2.3 % | 6.3 % | 15.7 % | 4.7 pp | ||
-0.6 % | 0.3 % | 16.6 % | 1.4 pp | ||
0.5 % | 1.9 % | 21.9 % | 0.2 pp | ||
-5.5 % | 0.2 % | 19.7 % | 0.7 pp | ||
-0.1 % | 28.4 % | 10.7 % | 3.1 pp | ||
-2.5 % | 4.1 % | 12.9 % | 1.1 pp | ||
-5.7 % | 15.2 % | 20.9 % | 0.1 pp | ||
0.2 % | 6.4 % | 8.7 % | 0.4 pp | ||
-0.8 % | 8.9 % | 20.8 % | 2.0 pp | ||
-2.3 % | -2.0 % | 25.3 % | 3.3 pp | ||
1.3 % | 3.8 % | 14.2 % | 2.4 pp | ||
-3.2 % | 3.8 % | 31.3 % | 7.2 pp | ||
-2.9 % | -1.2 % | 15.8 % | 1.7 pp | ||
-1.5 % | 9.7 % | 26.8 % | 7.2 pp | ||
3.1 % | 0.8 % | 10.5 % | 3.1 pp | ||
-1.5 % | 11.2 % | 23.4 % | 8.2 pp | ||
-1.1 % | 6.5 % | 12.5 % | 2.6 pp | ||
-2.9 % | 4.4 % | 19.7 % | 4.5 pp | ||
-3.6 % | 13.7 % | 22.7 % | 6.2 pp | ||
-1.4 % | 4.4 % | 24.9 % | -1.3 pp | ||
-5.7 % | 6.4 % | 19.9 % | 5.4 pp | ||
-4.5 % | 2.9 % | 15.3 % | 3.8 pp | ||
-3.9 % | -0.3 % | 13.5 % | 5.0 pp | ||
3.1 % | 18.0 % | 16.2 % | 4.8 pp | ||
-2.5 % | 6.3 % | 14.3 % | 2.2 pp | ||
-1.6 % | 0.1 % | 29.9 % | 1.0 pp | ||
-1.1 % | -4.9 % | 23.2 % | 1.7 pp | ||
5.4 % | 10.4 % | 17.5 % | 0.5 pp | ||
-0.7 % | 11.7 % | 15.8 % | 4.9 pp |
Methodology
Realtor.com housing data as of May 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest
Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.
With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.
About Realtor.com®
Realtor.com® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.
Media contact: Asees Singh, press@realtor.com
View original content:https://www.prnewswire.com/news-releases/us-inventory-surpasses-1-million-homes-for-the-first-time-since-winter-of-2019-302473618.html
SOURCE Realtor.com
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