The Tightest Housing Markets Heading Into the Spring Buying Season

Housing inventory remains low in much of the U.S., giving sellers a leg up. As of late February this year, the number of homes for sale nationwide remained 23% below February 2019 levels. And in 50 of the 200 largest metro areas, inventory was still at least 46% lower than pre-pandemic levels, according to a recent report from the ResiClub blog, which identified the most competitive markets heading into the spring 2025 buying season.

Many of these tight markets are in the Northeast, which, unlike the Sun Belt, didn't experience as much pandemic-driven migration and has fewer ongoing new-construction projects. This was particularly the case in the Stamford, Conn., area, where inventory is 80.8% lower than pre-pandemic levels. Similarly, in Erie, Pa., active inventory levels are 8% lower than levels seen in 2019.

Among the nation’s 200 largest metro area housing markets, 44 markets ended February 2025 with more active homes for sale than they had in pre-pandemic February 2019. These are the places where homebuyers will be able to find the most leverage or market balance in 2025.

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, having experienced significant home price growth during the Pandemic Housing Boom, which stretched housing fundamentals beyond local income levels. Read more