Texas, Florida housing markets have the most inventory per capita

Housing markets nationwide are experiencing an increase in available inventory, with a significant rise in the number of homes for sale and new listings compared to last year. Nationally, inventory is currently 31% higher than at this time in 2024, with many markets seeing double-digit percentage gains.

However, higher year-over-year increases in inventory do not necessarily indicate high inventory levels, nor are they a reliable indicator of affordability. Altos President Mike Simonsen emphasized the importance of considering population in addition to inventory when assessing affordability. He pointed out that the more people competing for a listing, the more expensive homes become.

To provide a more accurate assessment of inventory and affordability, HousingWire introduced a new metric that calculates inventory per capita by dividing a metropolitan area’s total population by the number of single-family homes for sale. A high number indicates low inventory levels relative to the population, while a low number means higher inventory levels per capita.

Notably, San Jose has the lowest inventory per capita, with 3,389 people per available home listing. Boston follows with 2,199, and San Francisco with 2,005. On the other hand, metro areas with the most housing inventory per capita are those that experienced a hot housing market post-pandemic but cooled off as mortgage rates increased in 2022.

Texas dominates the list of markets with the most inventory per capita, with San Antonio having the highest at 208 people per available listing. Houston, Austin, and Dallas also rank high on the list. Florida cities like Jacksonville, Tampa, Orlando, and Miami have significantly higher inventory levels per capita compared to the early pandemic period when their markets were booming.