The market that was 2023 could be summed up in many ways, but all would likely center around high mortgage rates and low inventory. But Realtor.com found that not all states were created equal when it came to real estate opportunities last year. In fact, the South saw the most substantial growth in housing.
In December, inventory across the South was up 7.7 percent year-over-year in the region. And Florida is responsible for a majority of that lift.
According to the report, Florida led all other states with a nearly 27 percent increase in year-over-year active listings. Louisiana and Mississippi claimed the second and third spots, respectively.
The news wasn’t so bright for the Northeast and West as Connecticut and New Jersey lead the inventory decreases. Part of the problem, according to Realtor.com, is there just isn’t as much land available to construct new homes as there is in other parts of the country.
In the West, the number of homes for sale fell by 14.8 percent year-over-year in December. One area out West that did see inventory increase was Eugene, OR, which has a year-over-year inventory increase of 46.7 percent.