The affordability crunch now means that many expensive locations have more inventory available because buyers have been priced out of their markets. Hawaii is among the nation’s most expensive states, especially for housing, and also currently leads the U.S. with 69.1 active real estate listings per 10,000 existing homes. Other high-cost locations like New Jersey and Connecticut also rank highly for available inventory. In contrast, low-cost states including New Mexico, West Virginia, and Kansas have fewer than 10 active listings for sale per 10,000 homes.
Despite the challenges of the current real estate market, shoppers looking for locations that are both affordable and have adequate inventory do have some options available. South Carolina, Nevada, and Arizona all have below-average cost of living, but rank in the top 10 for active listings per 10,000 existing homes. And at the metro level, cities in these states–such as Myrtle Beach, Las Vegas, and Tucson, respectively–are among the best for homebuyers seeking available inventory and affordable living.
The data used in this analysis is from Redfin’s Data Center, the U.S. Bureau of Economic Analysis’ Regional Price Parities, and the U.S. Census Bureau’s 2020 American Community Survey. To determine the cheap metropolitan areas with the most home inventory, researchers at Stessa calculated the number of active listings per 10,000 existing homes among locations with a cost of living below the national average. The number of active listings reflects the total number of active listings on the last day of each month, averaged over the first five months of 2022. In the event of a tie, the metro with the lower cost of living was ranked higher. To improve relevance, only metropolitan areas with at least 100,000 residents were included. Additionally, metros were grouped into cohorts based on population size: small (100,000–349,999), midsize (350,000–999,999), and large (1,000,000 or more). Only locations with complete monthly data for 2022 were considered in this analysis.
Here are the cheap U.S. metropolitan areas with the most home inventory.