Housing has been in short supply for much of the last decade in the U.S. — though with interest rates rising and demand from buyers cooling quickly, that could change.
Across the country, sellers are hesitant to bring list prices down despite their homes sitting on the market longer than they were a year ago. The number of total homes sold in May nationwide was down 8.6% year over year, according to the National Association of Realtors.
May also saw the U.S. median home price cross the $400,000 threshold for the first time.
Some of the hottest markets from the pandemic-era housing boom are the same ones seeing inventories loosen up, according to an analysis from The Washington Post. Listings are up more than 30% in some California markets, for example, including Sacramento and Oakland as well as in the Denver and Austin metros, according to Redfin data.
To get a better sense of where housing inventory remains tight, Stacker compiled a list of cities in the Corvallis metro area with the least available housing inventory as of May 2022, according to Redfin‘s months of supply metric. The number indicates how long it would take for all inventory to be purchased if no new homes were made available for sale.
#4. Monroe, OR
– Months of supply: 4.0
– Median listing price: $749,500
#3. Adair Village, OR
– Months of supply: 3.5
– Median listing price: $439,000
#2. Philomath, OR
– Months of supply: 1.8
– Median listing price: $499,900
#1. Corvallis, OR
– Months of supply: 1.7
– Median listing price: $570,000