These Markets Are Projected to See the Largest Increase in the Number of Homes for Sale
Most potential homebuyers know that compromise is an unpleasant but necessary part of the process. If money really isn’t an issue, finding a new home that suits you and the rest of your family requires some flexibility in terms of location, cost, and property features.
While this has always been the case, the housing shortage in the past few years has exacerbated the problem, forcing many people to rethink their priorities, especially location. If this is an area where you can have some flexibility, here are some examples of housing markets that are likely to see an increase in real estate inventories next year. Here’s what you need to know.
The housing market is forecast to see the largest increase in the number of homes for sale
The housing stock is still down nearly 42% since the start of the pandemic, with further declines expected in 50 of the top 100 markets in 2023, according to the Knock Buyer-Seller Market Index .
Luckily for potential homebuyers, these 10 urban areas are bucking the trend, with more homes likely to be up for sale this year:
1. Salt Lake City, Utah
Projected annual inventory growth: 178.0%
Average selling price: $460,000.
2. Dallas-Fort Worth Arlington, Texas
Projected annual inventory growth: 100.4%
Average selling price: $375,831
3. Denver-Aurora-Lakewood, Colorado
Projected annual inventory growth: 95.1%
Average selling price: $550,000.
4. Charlotte-Concord-Gastonia, NC/South Carolina
Projected year-over-year inventory growth: 81.8%
Average selling price: $349,000
5. Memphis, Tennessee
Projected annual inventory growth: 48.2%
Average selling price: $255,000.
6. Las Vegas-Henderson Paradise, Nevada
Projected annual inventory growth: 39.6%
Average selling price: $382,000
7. Charleston-North Charleston, South Carolina
Projected annual inventory growth: 39.3%
Average selling price: $362,500
8. Colorado Springs, Colorado
Projected annual inventory growth: 38.0%
Average selling price: $430,000.
9. St. Louis, Missouri
Projected annual inventory growth: 35.8%
Average selling price: $230.00
10. New Orleans-Meteri, Louisiana
Projected annual inventory growth: 34.2%
Average selling price: $270,424