Homes Are Piling Up on the Market—These States Have Had the Most Dramatic Shifts

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The U.S. housing market is continuing its slow but steady rebalancing, giving buyers more options than they’ve had in years—but in certain states, there has been a significant increase in inventory.

Nevada, Maryland, and North Carolina lead the way in year-over-year inventory growth.

“Nevada has seen a strong uptick in investor seller activity recently, which could be driving listings higher as buyer demand pulls back,” says Hannah Jones, senior economic research analyst for Realtor.com®.

Compared with the same time last year, Nevada has seen a 52.9% increase in the number of homes on the market—the biggest increase of any state. Maryland followed with a 48.2% increase in listings.

“North Carolina saw surging popularity during the pandemic, and is returning to some balance. Maryland has seen less extreme swings in prices and inventory, but is seeing inventory climb recently as buyer demand simmers.”

The inventory of homes for sale across the country in July 2025 rose 24.8% year over year—marking the 21st consecutive month of inventory growth and the third consecutive month with over 1 million active listings, according to Realtor.com data.

July’s inventory reached a new post-pandemic high, though it still sits 13.4% below pre-pandemic levels. But while more homes are available nationwide, certain states are seeing the most dramatic shifts.

To identify the top 10 states where homes are piling up on the market the most, Realtor.com economists analyzed state-level listing data, ranked by active listing count year-over-year for July 2025.

Jones says these market changes come down to both buyer demand and broader economic factors.

“Lower home prices and mortgage rates will be important to bring buyers back into the market. As buyer demand returns, available inventory can supply home shoppers with desirable options,” says Jones. “However, it will be important for supply to ramp up with demand to endure price growth doesn’t pick up once again.”

Still, the data shows early signs of a shift. Overall new listings, while higher than last year, declined month over month for a third consecutive time. Homes are also taking longer to sell—a full week more than last July—pushing the national median time on the market above pre-pandemic norms for the first time since 2020, as per the Realtor.com July Housing Report.

Some markets are feeling the change more acutely than others.

“We have [an agent] transferring from the Aurora, Colorado, area right now,” Jeff Lichtenstein, the CEO of a family-owned brokerage in South Florida, told Realtor.com. “The Colorado market is getting flooded with listings mainly due to massive appreciation, and now listings are overtaking how many buyers are available.

“The one transferring to Florida said it’s so bad that he was forced to take a second job bartending despite having 10+ listings,” says Lichtenstein. “South Florida saw our tipping point inventory increase a year ago. However, we are now seeing, on the ground, more activity because the amount of ‘must sellers’ is outweighing the ‘must buyers.'”

The affordability crunch remains one of the biggest hurdles for buyers nationwide. Since June 2019, the typical list price has jumped 37.6% while the price per square foot has surged nearly 52.3%.

“However, once the market turns, we should see homes go quickly because there still is a shortage. It’s just that unaffordability is so great, with rates in the mid-6s and more inflation going on, that consumers just can’t afford anything,” says Lichtenstein.

For now, buyers in states with the biggest inventory jumps may find more choices and less competition. But economists warn that unless prices and rates ease, many shoppers will remain sidelined.

The 10 states where inventory is piling up

1. Nevada

• July 2025 Active Listing Count: 13,097

• July 2024 Active Listing Count: 8,563

• Year over year increase: 52.9%

• Median list price: $499,450

2. Maryland

• July 2025 Active Listing Count: 13,995

• July 2024 Active Listing Count: 9,446

• Year over year increase: 48.2%

• Median List Price: $450,000

3. North Carolina

• July 2025 Active Listing Count: 42,574

• July 2024 Active Listing Count: 30,253

• Year over year increase: 40.7%

• Median List Price: $424,950

4. California

• July 2025 Active Listing Count: 77,994

• July 2024 Active Listing Count: 57,148

• Year over year increase: 36.5%

• Median List Price: $750,000

5. Arizona

• July 2025 Active Listing Count: 29,089

• July 2024 Active Listing Count: 21,342

• Year over year increase: 36.3%

• Median List Price: $487,450

6. Colorado

• July 2025 Active listing Count: 32,276

• July 2024 Active Listing Count: 23,738

• Year over year increase: 36.0%

• Median List Price: $599,000

7. South Dakota

• July 2025 Active Listing Count: 3,373

• July 2024 Active Listing Count: 2,481

• Year over year increase: 36.0%

• Median List Price: $389,900

8. Virginia

• July 2025 Active Listing Count: 20,709

• July 2024 Active Listing Count: 15,407

• Year over year increase: 34.4%

• Median List Price: $461,973

9. Washington

• July 2025 Active Listing Count: 24,224

• July 2024 Active Listing Count: 18,411

• Year over year increase: 31.6%

• Median List Price: $659,475

10. New Mexico

• July 2025 Active Listing Count: 6,770

• July 2024 Active Listing Count: 5,173

• Year over year increase: 30.9%

• Median List Price: $411,000