Ranked No. 1, Nevada experienced a 52.9 percent year-over-year increase in the number of homes on the market.
“Nevada has seen a strong uptick in investor seller activity recently, which could be driving listings higher as buyer demand pulls back,” Hannah Jones, Realtor.com senior economic research analyst, said in the report.
As of July, Nevada had 13,097 listings, compared with just 8,563 listings in July 2024. The median home price at the end of July stood at $499,450.
Sellers are now more willing to negotiate prices, as luxury homes are sitting longer at a median of 64 days on the market, according to the report.
Eastern States Where Inventory is Growing
Coming in second on the top 10 list was Maryland, with a year-over-year inventory growth of 48.2 percent. The July listing count was 13,995, as compared with 9,446 in July 2024.“Maryland has seen less extreme swings in prices and inventory but is seeing inventory climb recently as buyer demand simmers,” Jones said in the report. Median days on the market in the state had increased to 13 at the end of July from eight a year prior, although months of inventory held at 2.6 months.
Maryland Association of Realtors President Cheryl Abrams Davis told The Epoch Times that despite the rise in inventory, the state’s median prices for single-family homes continue to climb, landing at $450,000 at the end of July.
“In fact, there are some areas of the state—vacation spots like Ocean City or the Washington D.C. suburbs—where sellers are still getting multiple offers for homes,” Davis said. “In other areas, some sellers are negotiating prices, as they may be overpricing their homes.”
As in many other areas across the nation, affordability is still a challenge. Maryland recently passed a bill allowing accessory dwelling units, which are defined as smaller, secondary living spaces located on the same property as a single-family home. They’re also known as “in-law suites” or accessory apartments.
“This was a big win for us as a state,” Davis said. “It’s a step in the right direction to make housing more affordable.”
She quoted a recent poll of Maryland residents that found 40 percent of younger renters said they’d consider leaving the state because of rising housing costs.
The Maryland Association of Realtors is also advocating for more “middle housing,” which would provide reasonably priced homes for the local workforce throughout the state. Davis said the costs for this type of housing would vary based on county locations.
North Carolina, which placed third on the list, experienced a 40.7 percent increase in inventory. The state saw its active listings grow to 42,574 in July from 30,253 in July 2024, with a current median list price of $424,950.
Western States With More Inventory
California ranked fourth on the inventory list, with almost 78,000 active listings in July compared with 57,148 a year prior. The state’s median home price was $750,000.Anne Russell, president of the Greater Los Angeles Realtors and director of the California Association of Realtors, told The Epoch Times that listings in Los Angeles were up by almost 50 percent year over year at the end of July.
“Days on the market are definitely longer now, and sales are slower,” she said. “A lot of buyers are still hesitant about prices and interest rates.”
Still, Russell said she believes that the additional inventory is not going to make much of a dent in the median home price, which stood at $1.2 million at the end of July, according to Realtor.com. Los Angeles is the state’s most populous city and one of the biggest real estate markets in the United States, but home ownership is still out of reach for many.
“In fact, data from [the California Association of Realtors] shows that only about 13 percent of the people in the Los Angeles metro area can actually afford to buy a home here,” Russell said.
While cleanup continues from January’s devastating wildfires, she said, many vacant lots where homes once stood are still empty.
“There are toxins all over the place and the soil may also be affected, so many people are hesitant to rebuild right away,” Russell said. “There’s also others who are still waiting for insurance claims to be settled.”
All of that vacant land is adding to the state’s inventory count.
While there are more homes on the market now, many are just not moving as fast.
“I think we’re at a standoff,” Russell said. “People can’t afford these homes, and while sellers are making deals, there’s still not enough newer, more affordable housing.”
The Realtor.com report listed Arizona at No. 5. Home inventory sat at 29,089 in July—an increase of almost 8,000 homes year over year. The state’s median home price was $487,450.
Arizona Association of Realtors President Sindy Ready told The Epoch Times that while inventory is definitely on the rise, home prices remain fairly steady.
“What this means is that now buyers have a lot more choices and can be more selective, and sellers are being a little more negotiable—with the list prices or picking up the buyer’s closings costs,” she said.
Median prices in the Phoenix and Scottsdale valley area are about $475,000.
“We still have a lot of tech companies moving into the area, so the housing market is active. I think inventory is starting to catch up to a more normal market,” Ready said.
A 26-year veteran of the residential real estate industry, she currently works with RE/MAX Excalibur in Scottsdale. Ready said she has seen interest rates as high as 14 percent—and as low as 3 percent. She predicts that the rates will come down to close to 6 percent by 2026 but doubts whether the country will ever see rates as low as those during the COVID-19 pandemic.
Ready credits a mix of factors for adding to the state’s growing housing inventory.
“You have those people who were waiting for rates to drop before downsizing, but many of them are not waiting anymore. They’re selling that large home and buying something smaller,” she said. “We also have a lot of international buyers who purchased a second home here and have decided the upkeep is too much of a hassle.”
Canadian homeowners represent a large share of the state’s international buyers.
Home Affordability
Affordability remains a challenge in much of the nation, with the typical list price soaring by 37.6 percent since 2019, according to Realtor.com. Among the top 10 states named in the inventory-focused report, only South Dakota offered a median single-family home price under $400,000. Its July median list price was $389,900.Ready said she recently helped a first-time homebuyer purchase a two-bedroom, two-bath townhome with a garage and backyard in the Phoenix metro area’s Tempe for $385,000.
“If people are open to options other than a single-family home, we can usually find them something under $400,000,” she said.
“Lower home prices and mortgage rates will be important to bring buyers back into the market,” Jones said. “As buyer demand returns, available inventory can supply home shoppers with desirable options.”
