12.5.2024 PropStream
Disclaimer: PropStream does not offer investing advice and/or profit promises. This article is for educational purposes only. We recommend doing your due diligence and/or consulting financial professionals before investing in real estate.
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Key Takeaways:
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In today’s market, finding a house to buy can be challenging. A decades-long construction lag and a mortgage lock-in effect among current homeowners have kept inventory low, leaving little selection for buyers.
However, some U.S. cities have more homes for sale than others or more than they had last year, creating potential buying opportunities for savvy investors.
In this article, we’ve ranked the top ten U.S. metros with the highest housing inventory levels (as of October 2024) to help you find your next investment.
Table of Contents |
1. Miami, FL
| Active Listings | 41,516 |
| Active Listings YoY Change | 57.17% |
| Median Listing Price | $525,000 |
Miami tops the list for home inventory with 41,516 active listings, 1.5% of the metro’s total housing units. This marks an impressive 57.17% increase from last year, indicating that now may be a good time to buy an investment property.
That said, some of Miami’s inventory may be due to owners trying to offload overvalued property. The city was recently named the most overvalued housing market worldwide, with median listing prices currently at $525,000, a 12.28% drop from last year.
2. New York City, NY
| Active Listings | 35,331 |
| Active Listings YoY Change | 4.23% |
| Median Listing Price | $762,375 |
New York City (NYC) is the most populous U.S. metro, with nearly 19.5 million residents. It also has the second-highest housing inventory level with 35,331 active listings, a 4.23% increase from last year.
Meanwhile, home sales have picked up, with 1,676 homes going under contract in September, a sharp 26.4% jump from last year. With such a large selection of homes for sale, NYC could be a great place for your next investment.
3. Houston, TX
| Active Listings | 27,475 |
| Active Listings YoY Change | 26.18% |
| Median Listing Price | $369,450 |
Houston has 27,475 homes for sale, a 26.18% increase from last year and over 0.9% of the metro’s total housing stock. In addition, the median listing price is relatively affordable at just $369,450, compared to the national median of $424,950.
Many companies are attracted to Houston (and Texas as a whole) due to its business-friendly regulations and low cost of living, potentially making the city a great place to invest.
Additionally, from 2020 to 2023, Houston’s population grew by 341,530 (4.76%), offering insight that new residents may need a place to rent.
4. Dallas, TX
| Active Listings | 25,908 |
| Active Listings YoY Change | 39.33% |
| Median Listing Price | $434,500 |
Dallas has 25,908 active home listings, an impressive 39.33% jump from last year. Part of that growth may be in response to an influx of new residents. Between 2020 and 2023, the metro’s population grew by 433,619 (5.66%).
According to a recent Emerging Trends in Real Estate report, the Dallas-Fort Worth area is poised to be the hottest housing market nationwide for investment and development next year.
5. Atlanta, GA
| Active Listings | 24,546 |
| Active Listings YoY Change | 47.24% |
| Median Listing Price | $410,000 |
Atlanta has 24,546 homes for sale, marking a 47.24% increase from last year and nearly 1% of the metro’s total housing stock. Meanwhile, the city’s population has grown by 186,412 (3.05%) from 2020 to 2023.
Buying Atlanta real estate may be a good move now that inventory is expanding. Plus, the median home listing price is $410,000, down 3.53% from last year, meaning now may be a good time to “buy the dip” before home values potentially rise again.
6. Chicago, IL
| Active Listings | 17,408 |
| Active Listings YoY Change | 12.96% |
| Median Listing Price | $369,000 |
Chicago is the third-most populous U.S. metro with over 7.5 million residents in 2023. It also has 17,408 active home listings, up 12.96% from last year. At the same time, home prices are normalizing after unprecedented volatility during the COVID-19 pandemic.
If you’re looking to invest in one of the biggest U.S. cities without spending over $1 million per house, Chicago may be the way to go. The median listing price is just $369,000, slightly down from last year.
7. Los Angeles, CA
| Active Listings | 15,621 |
| Active Listings YoY Change | 39.17% |
| Median Listing Price | $1,150,000 |
Los Angeles (LA) has 15,621 active home listings, up 39.17% from last year. However, housing affordability is a major challenge, forcing many residents to consider leaving. From 2020 to 2023, the metro lost 379,447 residents, 2.88% of its population.
However, investors who can afford to buy properties with a median listing price of $1.15 million may still want to explore the LA market. Despite the high price tag, listing prices are down 0.78% from last year.
Plus, there will likely always be a draw to LA from those seeking jobs in entertainment. If these people can’t afford to buy property in LA initially, they will likely rent to be near potential job opportunities.
8. Tampa, FL
| Active Listings | 15,542 |
| Active Listings YoY Change | 40.56% |
| Median Listing Price | $399,999 |
Tampa has 15,542 active home listings, marking a 40.56% increase from last year and 1% of the metro’s total housing stock. Meanwhile, the median home listing price is about $400,000, down 6.97% from last year.
After a few years of rapid home appreciation, Tampa is finally cooling. In fact, a recent report named it the second-fastest cooling housing market nationwide, citing rises in natural disasters, new construction, insurance costs, and home prices.
9. Phoenix, AZ
| Active Listings | 15,298 |
| Active Listings YoY Change | 41.67% |
| Median Listing Price | $519,950 |
Phoenix has 15,298 homes for sale, up 41.67% from last year. It’s also growing. From 2020 to 2023, the city added 194,864 residents, a 4.00% jump.
For investors seeking exposure to a fast-growing housing market, Phoenix may be a good option. Not only is its inventory expanding, but home prices are down 1.85% from last year, with a median listing price of $519,950.
10. Orlando, FL
| Active Listings | 12,304 |
| Active Listings YoY Change | 57.09% |
| Median Listing Price | $427,450 |
Orlando has 12,304 active home listings, an impressive 57.09% jump from last year and 1% of the metro’s total housing stock. Some of this growth can be attributed to the city’s growing population, which increased by 137,442 (5.13%) from 2020 to 2023.
Meanwhile, Orlando home prices are falling. The median listing price is currently $427,450, a 5.01% drop from last year. As a result, now may be a good time to buy Orlando property at a discount.
Uncover Off-Market Inventory With PropStream
Of course, finding the right investment property can still be challenging—even when inventory is expanding. The price must be right, and the buyer competition must be manageable.
That’s why many real estate investors use PropStream. Our real estate database makes finding off-market inventory in any market a breeze, with comping and marketing tools built right into the software, serving as an end-to-end solution to find your next deal.
Notes on sources:
- Active listings, active listing YoY changes, and median listing prices based on October 2024 data from Realtor.com® Economic Research (unless otherwise cited)
- Metro populations and total housing units based on 2023 estimates from the U.S. Census Bureau
