California ranks among states with the lowest vacancy rates, according to a new report by LendingTree.
Graphic courtesy LendingTree
What exactly defines a "vacant home?" Experts say it may not necessarily mean empty. It could also mean it may be a vacation home, or currently on the market, or maybe it's even just inhabitable. Many of the states with low vacancy rates, like California, are seen as highly desirable places to live and often haveA low vacancy rate often means there’s strong demand in the housing market, and typically home prices are higher, according to LendingTree. But the opposite isn’t always true.
California has the second-highest median home value at $593,400 compared to the rest of the US. Hawaii is higher. reveals inventory should return to a monthly average of 1.5 million units or higher in 2024.to Zillow's survey, the largest group. Zillow reports total inventory has fallen from a monthly average of 1.6 million homes in 2018 and 2019 to just over 1 million in 2021.