The current U.S. housing market shows signs of a shift as certain regional markets exceed pre-pandemic inventory levels, giving homebuyers more influence. Despite national headlines portraying a seller's market, areas, particularly in the Gulf Coast and Mountain West, are witnessing increased inventory due to affordability issues and a decline in buyer demand. At the end of March 2025, while national inventory remained low, the count of regional markets surpassing 2019 levels has risen significantly, indicating a landscape where buyers can negotiate better terms.
In January 2025, 41 of these 200 major markets were back above pre-pandemic 2019 inventory levels. In February 2025, 44 of these markets hit that milestone.
Many of the softest housing markets, where homebuyers have gained leverage, are located in Gulf Coast and Mountain West regions. These areas were among the nation's top pandemic boomtowns.
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