America’s housing supply shrank dramatically during the pandemic, as rising demand, low interest rates, and logistical bottlenecks slowed construction of new houses, leading to fierce competition among buyers. But while many metros are still struggling with a shortage of single family homes, others have seen listings grow significantly. Whether due to regulatory factors, shifting populations, or changing economic conditions ‒ these areas are defying the broader patterns and delivering more opportunities for prospective buyers. In this post, we’ll break down the cities with the largest housing inventories and explore what makes them different. 
Miami, FL
Thanks to its warm climate and generous tax policies, Florida is one of the most popular destinations for retirees, remote workers, and high-net-worth individuals. The influx of new residents has contributed to the city’s expanding population and helped fuel a construction boom in Miami and neighboring Broward County.
At the moment, Miami has nearly 52,000 houses on the market, most of which were built during the pandemic, when low interest rates and high migration created a spike in demand. Unfortunately, rates have crept up over the past few years, cooling demand for real estate. Many companies who invested in rental properties around Southern Florida are also selling off their stock, which has helped give buyers more breathing room. The median time to contract in Miami has increased from 28 days to 43. With less competition, buyers have more time to weigh their options and are in a better position to negotiate concessions from sellers.
Houston, TX
There are nearly 29,000 available homes in Houston, the largest number since 2011. Much of the new growth is concentrated in small communities around the city, such as Cypress, Katy, and Richmond. The amount of single family homes is particularly high, with over four-and-a-half months of inventory, up from three-and-a-half months last year, suggesting a relatively balanced market. (Months of inventory measures how long it would take to sell all the available houses in a city if no new units were added to the market.)
Like Miami, most of the available inventory in Houston was constructed during the housing boom of 2020. However, due to increasing mortgage rates, fewer buyers are entering the market, so houses are taking longer to sell. There’s also been a shift toward build-to-rent communities, which provide more options for families and individuals looking for a place to live. These developments have slowed the city’s housing market, a promising sign for buyers. With fewer bids, sellers are slowly being forced to compromise, enabling buyers to obtain better deals than they could get a few years ago.
Dallas, TX
Another area slowly shifting towards a buyer’s market, Dallas has seen a substantial rise in new home construction over the past several years. The city’s housing inventory now exceeds pre-pandemic levels, with over 23,000 homes currently for sale. Underlying this increase is steady job growth and a strong economy, which have drawn a lot of new residents to the city.
Unfortunately, prices have grown faster than salaries, creating a mismatch between buyers and sellers in many parts of Dallas. At the same time, high mortgage rates have slowed sales, creating what some experts refer to as “hyper-supply,” where inventory spikes, leading to an eventual price drop. In fact, there are some indications that this has already begun, with prices falling in select neighborhoods throughout the city. This is positive development for anyone looking to enter the market, as it indicates fresh opportunities are on the horizon.
Phoenix, AZ
Phoenix has seen the number of new houses increase year-over-year since 2011. The city currently contains over 20,000 homes for sale, two-thirds of all the listings in the state, and is still constructing new housing. This surge in inventory is good news for buyers.
Housing prices peaked in 2022, as rising mortgage rates lowered demand and forced sellers to make concessions. Homes are staying on the market longer, indicating that buyers not only face less competition, but have more options and negotiating power than they did during the housing boom five years ago. However, since Phoenix is still a popular moving destination, it’s uncertain whether this trend will continue or if the new arrivals will stabilize prices by boosting demand in the area.
Tampa, FL
Tampa enjoys many of the same advantages as Miami: low taxes, good weather, and a robust economy. Though not the most popular destination in the state, its population is growing steadily, which contributed to a glut of new construction during and after the pandemic.
However, several factors, such as storms, insurance costs, and the decline of remote work, have reduced the number of new people moving into the area, leading to a drop-off in demand. At the same time, investors who purchased rental properties are selling off their homes due to declining profits, further increasing supply. Potential buyers currently have over 18,000 condos and single-family homes to choose from ‒ the largest number in seven years. These factors, combined with high mortgage rates, have cooled the market somewhat. Fewer buyers are rushing to close the way they were five years ago. Instead, they’re taking their time, bargaining for better terms on desirable properties around the city.
Coast to Coast Full Service Moving
North American Van Lines specializes in long-distance moves. Our expert packing, secure transportation, and professional guidance streamline the process from end to end. We even provide secure storage facilities where you can keep your possessions until you’re ready to transfer them to your new house. Wherever home may be, trust us to get you there as smoothly and safely as possible. Contact us today for a free quote!