Home Listings Explode In Florida, Georgia, Tennessee–'200% Higher Than Pandemic Low,' Says Reventure CEO

Housing inventory in several southern states has reached multiyear highs, according to recent data analysis by Reventure Consulting. This could foreshadow price declines in previously hot markets.

Nick Gerli, CEO of Reventure Consulting, said that active listings in Nashville have jumped to 8,900, the highest level since 2017 and a 30% increase from the previous year. The surge suggests the market may now be oversupplied – a contrast to its recent reputation as a booming real estate hot spot.

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Nashville’s "boom stopped about 12-18 months ago,” Gerli said on X, formerly Twitter. “Rents are dropping, there’s a huge pipeline of new construction of apartments and now for-sale inventory has spiked.”

He noted that the trend extends beyond Tennessee. In Atlanta, housing inventory has hit its highest point since December 2019, up 53% year-over-year. Florida’s market is even more dramatic, with listings reaching 144,000 in September – the highest in at least seven years and nearly 200% above pandemic lows.

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The inventory spikes are not uniform across all areas. In Atlanta, for example, lower-income neighborhoods and those with high investor concentrations are seeing the most supply increase. Meanwhile, wealthier suburbs still maintain relatively low inventory levels.

According to Gerli, the causes are a combination of migration slow to those areas, increased homebuilder deliveries and investors beginning to sell their properties. Additionally, some remote workers may be selling as they face calls to return to offices.

As inventory grows, home values in many markets have begun to decline. Zillow’s recent home value estimates show dropping prices in most areas of Nashville and Atlanta, particularly in zones with the highest inventory growth.

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The trends could have significant implications for the housing market late this year and into 2025. Gerli suggests that markets like Nashville, while possibly not facing as severe a downturn as some other locations, could see sharper price declines.

The pattern is not limited to the South, though. States like Arizona, California and Washington also see inventory growth exceeding 40% year-over-year. However, much of the Northeast and Midwest continue to have very low inventory levels.

Understanding local market dynamics might prove important for potential homebuyers and investors. As Gerli said, “Knowledge is power in the 2024 housing market and you’re going to want to understand if your area is becoming heavily oversupplied.”

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