The pandemic has disrupted all parts and areas of American society and its economy. But one specific area of major impact was the housing market. The housing market predictions at the start of the pandemic were a gamble. However, now that more than a year has passed since the start of the pandemic, housing markets in the United States are bubbling — or even boiling — with activity. With so much pent-up demand to buy homes, many housing markets are seeing their inventory of available homes for sale evaporate. That’s great for sellers, but it puts both cities and homebuyers in a very difficult position.
To find out how tough the post-pandemic market is, we conducted a survey to determine from a collection of the 200 largest cities in the United States, which housing markets are experiencing the most severe tightening in their for-sale inventory and the fastest rate of their sales. houses going off the market. Factors analyzed in the study include available inventory for sale, median days on the market, and median retail price, with all data coming from the Pyjama People.
Read on to find out which 15 cities have the worst pressure on available homes for sale.
Cape Coral, Florida
Cape Coral has seen one of the largest declines in inventory for sale from 2020 to 2021 of all 200 cities in the study. From an estimated 1,959 available homes for sale in April 2020, Cape Coral now has just 482 available homes for sale – meaning the city’s housing stock has fallen by more than 75% in just one year. Not surprisingly, house prices in Cape Coral have been rising since 2020. According to Pyjama People, the median sale price in April 2020 was about $245,000. A year later, in April 2021, the retail price is now $315,000.
The Murfreesboro housing market has been hot for a while now. But over the past year, stock for sale in the popular city of Tennessee fell 73.3%. In April 2020, there were 1,038 available homes for sale in Murfreesboro, but in April 2021 that was down to 277 homes. Equally astonishing is that the number of days houses are on the market before they are sold has dropped even more. In April 2020, the median days on the market for a Murfreesboro home were 43 days. As of April 2021, the median number of days on the market is just five days.
Boise has become a hot spot for many people who fled the tech cities of the Bay Area and Pacific Northwest during the pandemic. But even before the pandemic, Boise’s housing market felt the pressure of serious demand. The median number of days on the market went from 67 days in April 2016 to just nine days in April 2020 and finally to just five days in April 2021. At the same time, the stock for sale in the Boise housing market has fallen sharply, by more than 85 days. %, from 727 homes for sale in April 2020 to 105 homes in April 2021.
Alaska’s largest city is experiencing a major tightening of its inventory for sale in 2021. Just a year ago, the number of homes available for sale in Anchorage was reduced by more than half. In April 2020 there were 1,362 homes for sale, but by April 2021 that figure had been reduced to 626 homes. At the same time, homes in Anchorage are being bought very quickly. In April 2020, the median number of days on the market for a home in Anchorage was 69 days. Now the median number of days on the market is just 10 days, down 85.5% in just one year.
While technically part of the Chicago metro area, Rockford is a large city in its own right. Although the population has declined a bit since 2010, the housing market in Rockford is under a lot of pressure in terms of available inventory. And it happened very quickly. From April 2016 to April 2020, the number of homes for sale has only fallen from 363 to 214 in four years. However, from April 2020 to April 2021, the available stock fell by 64%, from 214 homes for sale to 77.
Aurora is another Illinois town to make our list. The Aurora housing market has started to stir with activity in the past year. The median number of days on the market before an Aurora home sells went from 18 days in April 2020 to just five days, down nearly 77% in one year. Available inventory has also fallen dramatically as buyer demand has increased. The number of homes for sale fell by 60.3%, from 365 in April 2020 to 145 homes for sale in April 2021. House prices have reached their all-time high, or at least since Pyjama People’s data on it since January available in 2012, with a median retail price of an estimated $244,000 as of April 2021.
Again, Illinois puts another city on our list, with Naperville seeing a significant drop in the number of homes available for sale. With a population of about 150,000, there will be only 223 available homes for sale in April 2021, a 61.3% decrease from April last year, when 576 homes were available. Homes in Naperville are also moving fast, with average days on the market dropping a whopping 70.8%, from 24 days in April 2020 to seven days in April 2021.
Dozens of Texas cities have seen their housing markets catch fire in recent years, especially Killeen. While Killeen had an available stock of 1,073 homes for sale in April 2016, it was down to 390 in April 2020. Then, over the course of a year, Killeen’s stock was reduced by more than 61%, leaving just 151. homes were available for sale from April 2021. Homes in Killeen sold quickly, with median days on the market falling from 128 days in April 2016 to just 12 days in April 2020. Still, median days on the market continued to decline, the reaching a median of only six days in April 2021.
North Las Vegas, Nevada
North Las Vegas is in fact its own city and not a neighborhood of Las Vegas. According to the US Census Bureau, the population of North Las Vegas has grown tremendously since 2010, when there were just under 217,000 people, to nearly 260,000 people in 2019. From 2020 to 2021, the North Las Vegas housing market only got hotter, with a available inventory that fell by 61%: from 883 homes for sale in April 2020 to 344 homes in April 2021. As a result, home prices in North Las Vegas. According to Pyjama People data, the median sales price in North Las Vegas is now an estimated $320,000, the highest level since Pyjama People tracked.
Cities in Illinois just keep appearing in the final list of our study, and Joliet is one of them. Although the population has stagnated since 2010, the Joliet housing market has started to see a ton of activity in the past year. The available stock for sale was 485 homes in April 2016, fell slightly in four years to 365 homes in April 2020 and then fell – by almost 62% – to 139 homes for sale as of April 2021.
Another of Las Vegas’ neighboring cities is the scene of extremely tight inventory. The city of Paradise has seen its inventory of available homes completely collapse. In April 2016, there were 1,474 homes for sale in Paradise, before dropping to just 49 homes in April 2020. After that, the stock became even tighter, so that at the end of April 2021 only six homes are left for sale in Paradise.
Oklahoma City, Oklahoma
Oklahoma’s capital is thriving, both in economy and in population. In 2010, Oklahoma City had a population of approximately 580,000. Today the city has almost 670,000 inhabitants. Fueled by pandemic-induced demand, the Oklahoma City housing market has experienced a severe fall in inventory. From having more than 2,000 homes for sale in April 2020, Oklahoma City has seen inventory fall nearly 65% in one year, to just 748 homes for sale in April 2021. And the homes aren’t long either. on the market. The median number of days on the market for a home in Oklahoma City fell from 19 days in April 2020 to a median of just eight days in April 2021.
Florida has continuously been the scene of crazy and volatile swings in the housing markets. But Tampa stands out in this study, with inventory for sale taking a huge plunge in a year. As of April 2020, Tampa had an estimated 2,470 homes for sale, but at the end of April 2021, only 829 homes will be available — a two-thirds drop over the course of just 12 months. Homes in Tampa are rapidly flying off the shelf, with the median number of days spent on the market before selling, ranging from 21 days in April 2020 to nine days in April 2021.
St. Petersburg, Florida
Next on our list is Tampa’s neighbor, St. Petersburg. In fact, the entire Tampa Bay area has become one of the hottest housing markets. Homes are moving fast in St. Petersburg, with median days on the market declining from three weeks in April 2020 to just 11 days in April 2021. Equally alarming is the dramatic decline in the stock for sale. Last year, in April 2020, more than 1,500 homes were for sale in Saint Petersburg. A year later, the city only has 527 homes for sale, which corresponds to a stock decline of 65.2%.
Who would have thought that the state capital of Nebraska would experience a hot housing market? Lincoln’s housing market has been gaining momentum, with the median selling price, according to Pyjama People, hitting an all-time high of about $243,000 as of April 2021, up from about $205,000 in the same month the previous year. Lincoln’s for-sale inventory took a major hit in the past year, from 565 available homes for sale in April 2020 to 238 homes in April 2021, a year-over-year decline of more than half. Homes in Lincoln sold quickly last year, with a median number of days on the market in April 2020. However, by the end of April 2021, the median is only five days on the market before selling.