As of April 2025, the U.S. housing inventory is up by 31% from April 2024, yet it's only 16% lower than pre-pandemic levels. Several markets, particularly in the Northeast and Midwest, display tighter inventory than the national average, resulting in a continued advantage for sellers. Notably, 37 metro areas continue to have over 50% less active inventory compared to April 2019, even as the Sun Belt markets have shown recovery. Factors like lower new home construction and less impact from pandemic-era migration contribute to this inventory tightness.
The national housing inventory rose by 31% in April 2025 compared to April 2024, nearing pre-pandemic levels, though many markets remain tight, especially in the Northeast.
Despite a general increase in national housing inventory, some markets, particularly in the Northeast, remain significantly below 2019 levels, giving sellers the upper hand.
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