Seattle-Tacoma-Bellevue was one of Top Ten Largest Metros with Fewest Homes for Sale in 2020
Inspection Support Network has just released a report that takes a comprehensive look at the metros with most and fewest listings. Per the report, “Together, the combination of strong demand and weak supply has produced higher prices and lower inventory. In a typical year, the number of active listings and the median list price for homes stay roughly in sync, following the seasonality of the real estate market. In 2020, however, there was a divergence as prices continued to increase while active listings fell sharply over the course of the year.”
The report was compiled using data from Realtor.com as well as the US Census Bureau. The team at Inspection Support Network looked at the average monthly amount of residential listings per 10,000 owner-occupied homes in 2020. While it analyzed small and midsize metros as well, we will focus on the category Seattle-Bellevue Tacoma falls into: large metro areas.
Before we look at the areas with the fewest homes, let’s talk about those with the most properties for sale. Miami-Ft. Lauderdale-Pompano Beach leads the pack, with 337 active listings for every 10K homes. The median home price in that metro was $406,290. Atlanta-Sandy Springs-Alpharette came in second, while New York-Newark-Jersey City rounded up the top three. New York is perhaps not surprising, given the struggle high density markets have experienced throughout the country.
When it comes to large metros with fewest homes for sale, two out of the top three are in NY state: Buffalo-Cheektowaga and Rochester. California’s San Jose-Sunnyvale-Santa Clara metro came in second, with 41 active listings per 10K homes. The Seattle-Tacoma-Bellevue metro area came in 8th, with 56 active listings per 10,000 owner-occupied homes. The year-over-year change in the number of active listings was -28.9% – unsurprising for anyone following the state of the local market.
We urge you to check out the report in its entirety here. And, as always, we are here if you have any questions!Email