The lack of residential inventory has been a sore point for Realtors across the region for months, but according to one new report, Florida is awash in home listings.
So much so that the Sunshine State, with 20,655 new home listings per 100,000 properties over the past three years, is No. 1 in the country in the closely watched metric. The report, from Ruby Home Luxury Real Estate in California, using data from Realtor.com, the U.S. Bureau of Labor Statistics and RentCafe, traced new home listings nationwide from January 2020 through June 2023.
Over that time at least 1.7 million property listings were entered in Florida, good for 42,365 new listings per month, the report found. That’s at least 10% of all new inventory nationwide: Some 400,000 new properties enter the market across the country each month.
The states following Florida in the ranking are widely dispersed geographically. Idaho was ranked No. 2, followed by South Carolina, Utah and Nevada.
Not surprisingly, many of the states on the top 10 also score high in rankings for states with the most new residents or net migration gains. What is a mild surprise? None of the states that score high in reports where people are exiting in droves — California, New York, Illinois — make the top 10. With such an exodus of people, it would be logical that home listings would follow.
The report notes that data nugget, stating “new property listings appear most frequently in the South and West, with no Northeast or Midwest states ranking among the top spots.” (Delaware, No. 9 in the report, is in the Mid-Atlantic and is the only state from either region.)
States in the South have the most average new listings available per month, the report found, with 172,280. In comparison, 89,644 new monthly listings are launched on the market in the East, with 82,669 in the Midwest and 58,285 in the Northeast.
|State||New Property Listings, January 2020 to June 2023||Total Housing Units ||Rate of New Home Listings per 100,000|
|South Carolina ||377,328||2,049,972||18,406|