| Jan 16, 2017 on Realtor.com
We evaluated the nation’s 150 biggest markets, measuring how many homes out of each market’s total housing stock are actually available for sale. That showed us where the housing crunch is worse today, but what about tomorrow? To see where the situation is getting even worse, we included the percentage decrease in for-sale homes from 2015 to 2016.
And when we took a deep dive into the data, we found some surprising results.
We came across some relatively affordable markets quickly running into inventory problems as they heat up to a slow boil. Meanwhile, some of the markets that are members of the Tight Housing Inventory Hall of Fame didn’t even make the list. Prime example: San Francisco, the poster child for limited supply and high prices, is actually showing signs of easing up. With a 4% increase in the number of for-sale homes from 2015 to 2016, it didn’t come close to cracking our top 10.
10. Omaha, NE
Percentage of housing stock for sale: 0.8%
Decrease in for-sale homes in 2016: 15%
Omaha’s “fab five” Fortune 500 companies, including Berkshire Hathaway and ConAgra Foods, help the Midwestern city maintain an impressive 2.9% unemployment rate as of November. In fact, Omaha weathered the last recession better than the nation as a whole, according to a Brookings Institution study. Credit its diverse economy and a conservative business climate for helping it dodge the highs and lows.
With affordable homes and promising job opportunities, Omaha is overwhelmed with home buyers eager to make a move. But without more sellers, it’s hard to avoid escalating prices and exurban sprawl, just like other expensive markets.
“Existing homeowners in established neighborhoods are not in a hurry to move. Most new homes are in west and southwest Omaha. Even if folks want to trade up, they don’t want to leave the urban hubs. So instead they are rehabbing the homes and staying,” says Realtor Mark Leaders with CBSHome Realty.
Yuqing Pan, a Stanford graduate with a multimedia journalism background, writes data-driven stories for realtor.com.