While national headlines suggest a seller's market with home prices soaring, an analysis reveals a shift in regional housing markets. Homebuyers are beginning to gain leverage in areas where inventory is rebounding to pre-pandemic levels, primarily due to suppressed buyer demand linked to affordability issues. By early 2025, a growing number of major markets have surpassed 2019 inventory levels, particularly in the Gulf Coast and Mountain West regions, indicating possible turmoil in previously booming markets, influenced by rising mortgage rates and slowed migration.
At the end of March 2025, 58 of these 200 major markets were back above pre-pandemic 2019 inventory levels, giving homebuyers more power.
During the Pandemic Housing Boom, from summer 2020 to spring 2022, the number of active homes for sale dropped significantly as buyer demand surged.
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