What are the top US cities with the most cutthroat housing markets?

These three metro areas have some of the most competitive housing markets in the country, with both low supply and high demand: San Jose-Sunnyvale-Santa Clara, California, Manchester-Nashua, New Hampshire, and Rochester, New York.

The Omaha-Council Bluffs market in Nebraska and Iowa is the most supply-constrained housing market in the country, with an average of 0.75 active listings per 1,000 households in the first quarter of 2023. This is 84% lower than the nationwide average of 4.59.

How is a competitive housing market determined?

Traditionally, a competitive housing market is measured through the balance of housing supply and demand. This article focuses on two metrics: days on the market and active listings.

When a lot of people are on the market trying to buy a home, houses tend to be bought quickly. When a city has a low median number of days on the market for available homes, it indicates high demand for the available houses. The nationwide average was around 65 days for the first three months of 2023.

Supply constraints also make a housing market more competitive. Cities with a low number of houses available have more competitive housing markets. Some cities have less than one available home for every 1,000 households. Nationwide in the first quarter of 2023, there were 4.59 homes on the market per 1,000 households.

Which cities have the lowest supply of housing for sale?

The Omaha, Nebraska metro area has the lowest housing supply, at 0.75 available homes for sale per 1,000 households. in the area have resulted in a decrease in housing inventory over the past few decades.

The next five most supply-constrained metro areas for housing include three college towns: Cape Girardeau on the border of Missouri and Illinois; South Bend-Mishawaka bordering Indiana and Michigan; Ithaca, New York; — San Jose-Sunnyvale-Santa Clara, California; and St. Louis. These metro areas all have less than 1.25 homes on sale per month for every 1,000 households.

Across the US, housing supply trends also emerge.