Nationally, there are roughly 1.2 million active listings, representing a 5.4% increase over last September.
Home inventory is on the rise in several of the largest U.S. housing markets, taking pressure off buyers and giving them more time and options.
The Minneapolis metro area had the largest bump as of September, with 11,000 active listings—a 31.2% increase from last year, according to the Realtor.com® economic research team’s monthly housing trends report.
Minneapolis was followed closely by Seattle, where the active listings increased by 28.5% over last year, and Buffalo, NY, with a 28% increase.
Nationally, there are roughly 1.2 million active listings, representing a 5.4% increase over last September. This is an acceleration from August’s year-over-year increase of 3.6% and the fastest year-over-year growth in six months.
The national supply of active listings sits just 9.1% below pre-pandemic norms, marking the narrowest inventory gap yet.
Of the 50 largest metro areas in the U.S., these 10 saw the largest annual increase in active listing counts in September:
- Minneapolis, MN: 31.2%
- Seattle, WA, 28.5%
- Buffalo, NY: 28%
- Louisville, KY: 27.1%
- Providence, RI: 22.4%
- Richmond, VA: 21.3%
- Indianapolis, IN: 19.9%
- Cincinnati, OH: 18%
- San Jose, CA: 17.4%
- Cleveland, OH: 16.7%
Of the 50 largest metros, 43 saw growth in active listing shares since last year. Among the cities with declining inventory rates were Jacksonville, FL; Miami; San Francisco; Chicago; Tampa, FL; Dallas, and San Diego.
Of the 10 metros with the highest inventory increase rates, six have seen a decrease in median listing price since last September.
In Minneapolis, Providence, and Indianapolis, the median listing price has decreased more than 4% year over year.
Price decrease is a natural response to having a strong inventory, according to Realtor.com senior economist Jake Krimmel.
“Inventory in Austin, Memphis, Tampa, and Phoenix metros is 31% to 68% above September 2019, and at least double 2021 levels, against a national stock still about 9% below pre-pandemic. Higher supply for longer with weakened demand means asking prices have to come down,” says Krimmel.
Minneapolis real estate agent Cristina Edelstein-Skurat says that, while this time of year typically has a net inventory increase, this year’s increase has been higher than usual.
“We are seeing a net inventory increase every month, and sometimes every week, a little bit extra,” Edelstein-Skurat tells Realtor.com. “It’s a little more than historically. We have more listings than are selling every week, giving us a bit of increased inventory every week.”
Home inventory is on the rise in several of the largest U.S. housing markets, taking pressure off buyers with more time and options. (Realtor.com) Having a high number of active listings has a number of benefits for buyers, and can give them more time to fully consider their options instead of making potentially impulsive home purchases.
Edelstein-Skurat appreciates that buyers are able to get inspections done before closing, a step that was often sacrificed during the competitive post-pandemic buying boom.
“I never liked that that was happening, buyers waiving inspections. It was just the only way to get the deal done,” she says. “You’ve got to play the market you’re in, but it was never a favorable term for buyers. So I love that buyers get inspections again.”
Additionally, at a time when high mortgage rates are causing many homeowners to hesitate, a market with plenty of inventory allows buyers and their representatives the time to negotiate price and closing costs and take advantage of down payment assistance programs.
When more options are available to buyers, having a professional agent can be a big benefit to buyers. An agent can help sift through listings to find homes that fit buyers’ criteria and monitor when sellers might be willing to make price concessions, according to Edelstein-Skurat. That way, buyers don’t feel bogged down with an abundance of choices.
“More choices can mean more showings and a longer search, but we see that as a worthwhile trade-off for a calmer, more considered decision,” JJ Hornig of Roxy Rentals in Minnesota tells Realtor.com. “A home is a major purchase. Having time to decide what matters most is generally an advantage, not a drawback.”
For sellers trying to stay competitive among a high level of active listings, Edelstein-Skurat says to prepare for “a price war and a beauty pageant.”
“Sellers have to stage and make their home look and feel move-in-ready. Especially with social media, buyers all imagine themselves moving into a move-in-ready home,” she says. “And then you’ve got to price right. You’ve got to have expert advice on what the market is doing to say, ‘If you want to be one of the ones that does sell in the next 90 days, this is where you need to price it.’”
Despite the higher share of active listings, new listings in September actually decreased a negligible 0.7% compared to September 2025.
The increase in inventory share takes last year into consideration, when August and September had a jump in homes under contract as mortgage rates fell. This year has the opposite trend, with high mortgage rates leading to buyer hesitation and a wide year-over-year gap for September.