Key Highlights
- Catch 22 – inventory limited, demand up, homeowners staying put, competition heated and prices soaring
- Nerdwallet’s latest study on inventory shortages among nation’s 50 largest metros
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Elizabeth Renter, a data analyst with Nerdwallet and author of the company’s Q3 study on inventory shortages among the country’s 50 largest metro areas, said, “It’s so out of whack.”
The number of for-sale listings dropped by at least -25% y/y in 45 out of the 50 metro areas Nerdwallet included in this Q3 inventory shortage survey. Overall, there were -38% fewer for-sale homes on the market in Q3 2020 than during Q3 2019. Five metros saw inventory drops of more that 50% while Las Vegas saw the smallest inventory decrease of -11%.
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Even when there are +3,000 homes for sale in one area, just a very few of those for-sale homes meet a potential buyer’s expectation of price, size, specific location and features. Renter said, “There’s a herd of interested buyers. Competition on affordable and really desirable properties is really fierce…” and that competition may push prices far too high for buyers to actually be able to buy.
Here are Q3 2020 Top 25 Home Inventory Decreases among the nation’s 50 largest metros, according to Nerdwallet. Remember that the nation’s 50 largest metros’ average inventory decrease came in at -38%:
1-year Average 1-year
inventory list price price
change Q3 2020 change
Salt Lake City -57% $492,690 +14%
Riverside CA -54% $459,761 +9%
Indianapolis -53% $296,693 +9%
Baltimore -51% $349,000 +9%
Providence RI -51% $426,058 +10%
Sacramento -49% $533,508 +6%
Cleveland -49% $228,298 +1%
Louisville KY -49% $281,372 +3%
Kansas City MO -48% $345,884 +11%
Memphis -48% $262,734 +10%
Cincinnati -47% $329,102 +16%
Charlotte NC -46% $370,011 +6%
Columbus OH -46% $316,929 +4%
Philadelphia -44% $342,858 +16%
Virginia Beach -44% $332,972 +9%
Phoenix -43% $414,205 +5%
San Diego -43% $784,180 +7%
Portland OR -43% $502,507 +5%
Washington -42% $525,746 +9%
Richmond VA -42% $357,533 +8%
Atlanta -41% $353,562 +7%
Detroit -41% $277,888 +9%
Austin TX -41% $400,870 +10%
Milwaukee -41% $345,660 +5%
Dallas -40% $360,493 +2%
Thanks to Nerdwallet.
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