But a silver lining to the housing cooldown has emerged: homebuyers have more properties to choose from in many cities across the country.
It's not because builders have constructed a slew of new homes or that more owners are listing their properties for sale. Instead, it comes down to still-high home prices and higher mortgage rates, which have put a damper on home sales.
Realtor.com calculated the US cities where there are significantly more homes on the market than last year. In popular pandemic boomtowns like Austin, Texas, Phoenix, Arizona, and Nashville, Tennessee — which witnessed dramatic home-price increases over the last three years — buyers now have more options than they did in 2022.
A word of warning: just because inventory has increased in these areas doesn't necessarily mean they are any more affordable. Homes on the market are still, for the most part, more expensive than they were even months ago. Remember to consider what best suits your personal finances.
Keep reading to see where homebuyers have more options than last year.
10. Colorado Springs, ColoradoHome to national landmark Garden of the Gods, Colorado Springs sits at the eastern foot of the Rocky Mountains.
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Year-over-year increase in number of listings for sale: 164% Median home listing price: $493,250
9. Seattle, WashingtonLocated in northwestern Washington, Seattle is the headquarters of tech-industry juggernauts including Amazon and Microsoft.
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Year-over-year increase in number of listings for sale: 181% Median home listing price: $724,975
8. Phoenix, ArizonaSitting in the Salt River Valley of central Arizona, Phoenix is a desert metropolis that's home to nearly 5 million people.
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Year-over-year increase in number of listings for sale: 190% Median home listing price: $478,395
7. Fayetteville, Arkansas:The home of the University of Arkansas, Fayetteville is seated in the Boston Mountains, a subset of the Ozarks.
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Year-over-year increase in number of listings for sale: 211% Median home listing price: $397,232
6. Raleigh, North CarolinaRaleigh, the North Carolina capital and part of its “tech triangle” is home to a slew of museums, which are responsible for its nickname the “Smithsonian of the South.”
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Year-over-year increase in number of listings for sale: 255% Median home listing price: $441,875
5. Sarasota, Florida
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Year-over-year increase in number of listings for sale: 259% Median home listing price: $539,750
4. Austin, TexasAustin, the capital of Texas and home to the University of Texas, has emerged as a promising tech hub as companies like Tesla and Google relocate their headquarters to the metro.
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Year-over-year increase in number of listings for sale: 260% Median home listing price: $521,500
3. Nashville, TennesseeNashville, nicknamed “Music City,” is recognized as the country music capital of the world.
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Year-over-year increase in number of listings for sale: 304% Median home listing price: $504,950
2. Huntsville, AlabamaHuntsville is situated in the Appalachian region of northern Alabama. It’s known for its military base Redstone Arsenal as well as many aviation and aerospace companies.
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Year-over-year increase in number of listings for sale: 319% Median home listing price: $389,800
1. Ogden, UtahOgden, a city of about 87,000 that's a half-hour drive north of Salt Lake City, is the oldest settlement in Utah.
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Year-over-year increase in number of listings for sale: 392% Median home listing price: $542,450