Home prices have been on a roller coaster ride, and supply is one of the reasons. There have been few homes for sale in the last few years, which drove prices up – and up, and up. Now, there are some areas where the shortage is easing.
Here are the 10 cities with the largest increases in the number of homes for sale in 2023, along with the median listing price in July 2023 and the percentage increase in inventory between July 2022 and July 2023, according to Realtor.com. The median listing price is given for July 2023, and the change in inventory reflects the number of homes on the market in July 2022 compared to July 2023.
1. Des Moines, Iowa
Median Price: $374,900Increase Rate: 10.1% increase in inventory
Des Moines, Iowa, is home to the Wells Fargo Arena, the Iowa State Fair and the Downtown Farmer’s Market. It comprises several different neighborhoods, each with its vibe, which gives this city of about 200,000 people more of a small-town feel. House hunters in Des Moines will find a variety of styles, from Cape Cod to ranch to modern and more.
2. Little Rock, Arkansas
Median Price: $325,000Increase Rate: 11.5% increase in inventory
Little Rock, Arkansas, is a city of about 200,000 people and is home to the Clinton Presidential Center and The Old Mill, featured in the 1939 movie, “Gone with the Wind.” The River Market City District runs along the Arkansas River and includes a park and walking trails. Home styles in Little Rock include ranches, modern homes and condos.
3. Augusta, Georgia
Median Price: $309,000Increase Rate: 18.2% increase in inventory
Augusta, Georgia, is well-known to golfers as the home of the Masters Golf Tournament, held annually in the first week of April. Augusta is located about 150 miles east of Atlanta on the Savannah River. About 200,000 people live in Augusta, and house hunters will find farmhouses, bungalows and colonials there.
4. Tulsa, Oklahoma
Median Price: $364,000Increase Rate: 21.9% increase in inventory
Tulsa, Oklahoma, is known for its Art Deco architecture, much of which can be found in the Deco District in downtown Tulsa. In the 1920s, there was an oil boom in Tulsa, and many who made money from it built buildings in the popular style of the day. Tulsa has a population of about 400,000, and, in addition to art deco homes, you can find contemporary, traditional and Spanish revival styles.
5. Wichita, Kansas
Median Price: $300,850Increase Rate: 22.4% increase in inventory
Wichita is known for agriculture and industry. In the early 20th century, it became a hotspot for airline manufacturing, as it was home to Cessna and Beechcraft. Those companies, along with Learjet and Spirit Aerosystems, are still based in Wichita. It’s also home to Wichita State University, Friends University and Newman University. About 400,000 people call Wichita home. Ranch houses, split levels and Gothic revival homes are popular in Wichita.
6. Omaha, Nebraska
Median Price: $400,000Increase Rate: 26.4% increase in inventory
Omaha is home to Berkshire Hathaway, the conglomerate headed by famed investor Warren Buffett, which is why he is sometimes called ‘the Oracle of Omaha.’ Buffett famously still lives in the stucco house he bought in Omaha in 1958 for $31,500. Popular home styles in Omaha, population 487,000, include Georgian, Tudor and American Craftsman styles.
7. Memphis, Tennessee
Median Price: $325,000Increase Rate: 33.2% increase in inventory
Memphis, Tennessee, is known as the birthplace of rock ‘n’ roll and home to Elvis Presley and is also famous for its barbeque. One of the largest cities on this list, Memphis, has a population of about 625,000. Presley’s home, Graceland, is a colonial revival style mansion, but other popular styles in Memphis include American foursquares, bungalows and Queen Anne cottages.
8. New Orleans, Louisiana
Median Price: $339,999Increase Rate: 39.6% increase in inventory
New Orleans is well known for its iconic Mardi Gras celebration, although the original U.S. Mardi Gras event occurred in Mobile, Alabama. New Orleans is also known for jazz music, creole cuisine, and its famed Bourbon Street party atmosphere. New Orleans is a popular tourist destination home to about 375,000 people. The city features many historic districts, and the accompanying architecture includes Greek Revival, Arts and Crafts, Italianate and modern styles.
9. El Paso, Texas
Median Price: $304,800Increase Rate: 40.9% increase in inventory
Located on the Mexican border and along the Rio Grande, El Paso, Texas, is enjoying an arts and culinary renaissance. It is known for being one of the safest cities in the U.S. and one of the sunniest as well, averaging over 300 days of sunshine each year, so it’s no wonder it’s home to about 675,000 people. The Spanish influence on its architecture is strong. Popular home styles include adobe, bungalows, craftsman and contemporary.
10. Cape Coral, Florida
Median Price: $480,000Increase Rate: 51.1% increase in inventory
Cape Coral, Florida, may be a good choice if you’re looking for a property on or near the water. Cape Coral has 400 miles of canals, more than anywhere else. Nature lovers can enjoy boating, fishing, watersports, golf, tennis, and nature preserves. The population of Cape Coral is just over 200,000 people. Ranch houses are popular in Cape Coral, and most have a lanai where you can enjoy the water views.
Finding a city with increased available homes for sale is a smart move if you’re looking to maximize your budget, since more supply typically means a price drop. For that reason, you might want to avoid cities that have seen large decreases in the number of homes for sale in the past year, such as Stockton, California; Phoenix, Arizona; Seattle, Washington; Worcester, Massachusetts; and Bridgeport, Connecticut.
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