Despite challenges in other parts of the US housing market due to high mortgage rates and low inventory, key cities in the South and West, specifically Atlanta, Charlotte, Raleigh, and Dallas, are thriving. These locations saw a significant surge in home prices during the pandemic, attributed to increasing demand and shrinking supply. With inventory levels dropping as much as 76% since pre-pandemic times, competition remains fierce among buyers, leading to sharp price growth, according to market analysts.
Home shoppers looking for more bang for their buck, without sacrificing access to amenities and job opportunities, homed in on these markets.
These incredibly tight inventory conditions paved the way for sharp price growth.
Home prices jumped significantly in Atlanta in 2018, and continued to climb through the pandemic and post-pandemic periods.
In 2022, this foursome of markets saw home inventory levels plunge between 48% and 76% compared with pre-pandemic levels.
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