U.S. Inventory Surpasses 1 Million Homes for the First Time Since Winter of 2019

Rhea-AI Summary

The U.S. housing market reached a significant milestone in May 2025 as active listings surpassed 1 million homes for the first time since Winter 2019, marking a 31.5% year-over-year increase. However, the recovery shows a stark regional divide, with only Southern and Western metros returning to pre-pandemic inventory levels. Markets like Denver (+100%), Austin (+69%), and Seattle (+60.9%) lead the inventory recovery due to aggressive post-2020 construction, while Northeast and Midwest metros like Hartford (-77.7%) and Chicago (-59.3%) continue to struggle. The national median listing price remained relatively flat at $440,000 (+0.1% YoY), while homes spent a median of 51 days on market, 6 days longer than last year. Price reductions reached 19.1% of listings, the highest May level since 2016, with Western and Southern markets showing the most significant price cuts.

Positive

• 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

Negative

• 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

Recovery Splits the Map as the West and South Bounce Back, and Other Regions Struggle to Catch Up

AUSTIN, Texas, June 5, 2025 /PRNewswire/ -- 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 May 2019
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 with price reductions	19.1 %	+1.1 percentage points	+2.4 percentage points	+3.7 percentage points
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 Price	Median Listing Price YoY	New Listing Count YoY	Price-Reduced Share	Price-Reduced Share Y-Y (Percentage Points)
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

 

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 U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

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

FAQ

What is the current median home listing price in the US housing market for May 2025?

The median home listing price in May 2025 was $440,000, showing a slight 0.1% increase year-over-year and a 37.5% increase compared to May 2019.

How many active home listings are there in the US housing market as of May 2025?

There were 1,036,101 active listings in May 2025, marking the first time inventory has exceeded 1 million homes since Winter 2019, representing a 31.5% increase year-over-year.

Which US cities have seen the strongest housing inventory recovery?

Denver (+100%), Austin (+69%), and Seattle (+60.9%) have shown the strongest inventory recovery compared to pre-pandemic levels, largely due to aggressive post-2020 construction.

How long are homes staying on the market in May 2025?

Homes spent a median of 51 days on the market in May 2025, which is 6 days longer than the same period last year.

Which cities have the highest percentage of price reductions in May 2025?

Phoenix (31.3%), Tampa (29.9%), and Denver (29.4%) showed the highest share of listings with price reductions.