Which Metros are Selling — and Which are Stuck with Inventory? (2025 Q3)

Dennis Lee
Aug 29
2 min read

by Dennis Lee, CEO at Market Stadium

Behind every housing headline is a simple question: are homes actually moving, or are they just piling up on the market?

This week, I wanted to take a closer look at how transactions (Sold units) are moving relative to active inventory (Listings) across U.S. metros. So I mapped the 50 largest markets into four simple quadrants:

X-axis: Sold units rank (2025Q3)
Y-axis: Listing units rank (2025Q3)

(Ranks are relative percentiles across metros in the quarter)

Quadrant Breakdown

🟦 Q1: High Sold + High Listings

Large, liquid markets where both inventory and transactions are elevated.
New York, Los Angeles, Chicago, Dallas, Miami, Boston, Detroit, Seattle, Minneapolis, Tampa, Denver, Charlotte, Orlando, Nashville

🟩 Q2: Low Sold + High Listings

Plenty of inventory but relatively softer transaction activity → more buyer-friendly.
Houston, San Antonio, Austin, Portland, Las Vegas, Jacksonville

🟥 Q3: Low Sold + Low Listings

Lower activity overall — smaller or slower-moving markets, often with both demand and supply muted.
San Diego, Sacramento, Pittsburgh, Cleveland, San Jose, Virginia Beach, Providence, Milwaukee, Raleigh, Oklahoma City, Richmond, Memphis, Salt Lake City, Louisville, New Orleans, Hartford, Buffalo

⬛ Q4: High Sold + Low Listings

Tighter markets: inventory is lean but sales remain relatively strong — watch for price elasticity and constraints.
San Francisco, St. Louis, Cincinnati, Kansas City, Columbus, Indianapolis

💡 Interesting Finding

Within Texas, Houston, Austin, and San Antonio all show up with lower Sold ranks, while Dallas stands out in the top quadrant (Q1). It’s striking how market balance can diverge so much within the same state.