Housing inventory has been growing at a slow pace over the last two decades, with total inventory reaching 144 million housing units in 2023, according to online storage marketplace StorageCafe. During this time, inventory has performed better in some sectors of the housing market than others, with single-family and middle-income housing trudging along at a slower rate than the multifamily sector. However, some markets are holding their own across the board. In particular, the South has seen the most inventory growth across all housing types.
The South leads the way with 31 cities among the top 50 housing markets showing high inventory growth from 2005 to 2023. Nearly half of these markets are located in Texas, with Florida and North Carolina also proving to be popular choices for builders.
Beyond Texas, North Carolina stands out with multiple cities expanding their housing inventories significantly between 2005 and 2023. Cary leads the state with a 78% increase in overall housing inventory, driven by a prolific apartment sector that grew over 200% during this period. Meanwhile, Charlotte saw even more remarkable growth in multifamily housing, with a 245% expansion. Durham also made strides in the apartment sector, more than doubling its inventory by 2023, while Fayetteville contributed to the state’s multifamily boom with a substantial 90% increase in apartment stock. Read more
