Where Is the Inventory?

It seems like everywhere we turn lately, all the numbers except inventory are high. Prices are high, mortgage rates are rising, and rents are skyrocketing. It’s just when it comes to inventory when we see a bone-dry well. Right? In most places, yes. But Realtor.com just released their list of ten cities in the U.S. where inventories are actually on the rise. One North Carolina town made this list. Is it Charlotte? 

Now, rising inventories doesn’t necessarily mean a robust real estate market. All of these numbers are relative to pre-pandemic times, so keep that in mind. Additionally, it’s worth noting that prices are still rising and feel a bit unhinged. March saw a median list price of $405,000, up almost 14% from March 2021 and up nearly 27% from two years ago. 

To create their list, Realtor.com took the 300 largest metropolitan areas in the country and looked at the number of new listings per 1,000 owner occupied households. Additionally, they only selected one city per state so as to have diversity among regions. 

Now, for the results. 

Atlantic City, NJ claimed the No. 10 spot with a median list price of $292,500 and nearly 6 new listings per capita. Panama City, FL took the No. 1 spot with an average list price of $446,000 and nearly 11 new listings per capita. Their market was devastated after Hurricane Michael in 2018. Those who held onto properties or bought when prices were low in the last 4 years are now seeing big returns on those investments. 

Which North Carolina town made the list? None other than Jacksonville out on the coast. The proximity to Marine Corps Base Camp Lejune keeps a steady flow of buyers and sellers moving through the community. Median list price sits at under $270,000 with 9 new listings per 1,000 owner-occupied properties. 

It may not sound like it, but those numbers are far and above national averages.

To see the complete Top 10 list, visit Realtor.com.