In Erie, Pa., inventory levels are more than 80% lower than before the pandemic housing boom.
As of the end of March 2025, the number of homes for sale nationwide was up by 28.5% from a year earlier. And while inventory has grown in parts of the U.S., many areas still have very limited supply, according to the ResiClub blog. In fact, 42 of the 200 largest metro areas still have at least 50% less inventory than they did in March 2019. The tightest markets are heavily concentrated in the Northeast, including states such as New Jersey, Connecticut, and Pennsylvania. Erie, Pa., leads the way, however, with inventory levels 80.9% below levels seen in March 2019.
Unlike the Sun Belt, many markets in the Northeast and Midwest were less reliant on pandemic-era migration and have fewer new home construction projects in progress. With lower exposure to the negative demand shock caused by the slowdown in pandemic-era migration—and fewer homebuilders in these regions offering affordability adjustments once rates spiked—active inventory in many Northeast housing markets has remained relatively tight, maintaining a seller’s advantage heading into spring 2025.Read more
