"During the Pandemic Housing Boom, from summer 2020 to spring 2022, the number of active homes for sale in most housing markets plummeted as homebuyer demand quickly absorbed almost everything that came up for sale and sellers had ultimate power. Fast-forward to the current housing market, and the places where active inventory has rebounded to 2019 levels (due to strained affordability suppressing buyer demand) are now the very places where homebuyers have gained the most power."
"This list is growing: January 2025: 41 of the 200 largest metro area housing markets were back above pre-pandemic 2019 inventory levels. February 2025: 44 of the 200 largest metro area housing markets were back above pre-pandemic 2019 inventory levels. March 2025: 58 of the 200 largest metro area housing markets were back above pre-pandemic 2019 inventory levels."
During the pandemic housing boom (summer 2020–spring 2022), active listings plunged as buyer demand absorbed nearly all available homes and sellers held strong pricing power. As affordability has tightened and buyer demand cooled, inventory in many regional markets has returned to or exceeded 2019 levels, giving buyers more leverage in those areas. Nationally, active inventory remained about 6% below November 2019 levels at the end of November 2025, but the count of metros above pre-pandemic inventory has grown from 41 in January 2025 to 90 by November 2025.
Read at Fast Company
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