Most prospective homebuyers know that compromising is an unfortunate but necessary part of the process. Unless money truly is no object, finding a new home that works for you and the other members of your household requires some flexibility in terms of the location, cost, and features of the property.
Though that’s always been the case, the housing shortage of the past few years has exacerbated the problem, forcing many people to rethink their priorities—especially location. If that’s an area where you may have some flexibility, here are a few examples of housing markets that will likely see an increase in real estate inventory over the coming year. Here’s what to know.
Housing markets predicted to see the biggest increase in homes for sale
According to data from the Knock Buyer-Seller Market Index, housing inventory is still down nearly 42% from the start of the pandemic, with further declines expected in 50 of the 100 largest markets in 2023.
Fortunately for prospective homebuyers, these 10 metro areas buck the trend, and are likely to see even more homes for sale this year:
1. Salt Lake City, UT
Projected YOY inventory growth: 178.0 %
Median sale price: $460,000
2. Dallas-Fort Worth-Arlington, TX
Projected YOY inventory growth: 100.4 %
Median sale price: $375,831
3. Denver-Aurora-Lakewood, CO
Projected YOY inventory growth: 95.1 %
Median sale price: $550,000
4. Charlotte-Concord-Gastonia, NC/SC
Projected YOY inventory growth: 81.8 %
Median sale price: $349,000
5. Memphis, TN
Projected YOY inventory growth: 48.2 %
Median sale price: $255,000
6. Las Vegas-Henderson-Paradise, NV
Projected YOY inventory growth: 39.6 %
Median sale price: $382,000
7. Charleston-North Charleston, SC
Projected YOY inventory growth: 39.3 %
Median sale price: $362,500
8. Colorado Springs, CO
Projected YOY inventory growth: 38.0 %
Median sale price: $430,000
9. St. Louis, MO
Projected YOY inventory growth: 35.8 %
Median sale price: $230,00
10. New Orleans-Metairie, LA
Projected YOY inventory growth: 34.2 %
Median sale price: $270,424
