Fallout from the tariff announcement

We are continuing to monitor the market reaction to the tariff announcement, and its potential effects on the housing market. 

This is why we are paying close attention to homes with more new construction builds. Those builders could be facing price hikes on many imported materials, raising the costs of homes.

In our second story, we look at the top states that could be affected most based on the percentage of new homes in that market.

And, on the subject of rising prices, in our third story, we take a look at a ranking of the most expensive zip codes in every state, and the median list prices of homes there. We know from experience that it’s data like that which buyers and sellers love to hear.

With that, let’s get on with the Blueprint.

– James and David

Housing inventory is up across the country

At the end of March, active inventory nationwide was up +28.5% compared to March 2024, according to ResiClub’s latest market update. Here’s what else they found:

• Active inventory is still -20% below March 2019 (pre-pandemic) levels.

• Over the past 12 months, active listings have increased—at least slightly—in nearly every market.

• While most of the Midwest and Northeast remain below 2019 inventory levels, the Gulf Coast (including Tampa and New Orleans) and Mountain West regions are now above pre-pandemic inventory levels.

• Among the 50 largest markets, buyers have gained the most leverage in Denver and Austin, while sellers have the most leverage in Hartford and Providence.

Our take

Markets where inventory has returned to pre-pandemic 2019 levels have generally seen weaker price growth, or even declines, over the past 30 months. By contrast, markets still facing tight inventory have seen stronger appreciation. Looking ahead, ResiClub projects that 2025 will end with a national inventory of 170,000 to 250,000 more homes for sale than in December 2024, bringing us close to 2019 levels. If that happens, it could mark a turning point in pricing power across many markets.

Housing markets where tariffs could have biggest impact

Homebuilders estimate that the recent tariffs will raise the cost of building a home by an average of $9,200. Under the current administration, the effective tariff rate on all imports has surged from 2.3% to 26%, according to Realtor.com. While most of the U.S. housing market consists of resale homes, new construction plays a much bigger role in certain states. In those markets, tariff-driven cost increases will hit harder, affecting pricing, affordability, and supply.

Below are the states that will likely be impacted most by the tariffs, ranked by the percentage of listings that are new construction homes:

1. Idaho: 40% 

2. North Carolina: 33%

3. Delaware: 31%

4. Utah: 28%

5. Nebraska: 28%

Our take

If you're in a market heavy on new construction, don’t sleep on this tariff news. It could mean higher prices, slower builds, or frustrated buyers. Be ready to explain what’s going on in plain English. Talk to your builder partners, prep your buyers, and use this data in your listing and buyer consultations.

The most expensive zip codes in every state

Realtor.com analyzed median list prices and square footage to identify the most expensive ZIP codes in all 50 states. As a rule of thumb, these luxury areas fall into two categories: vacation markets and city-adjacent enclaves. In states like Colorado, high-end ZIPs are clustered around vacation destinations like Aspen and Telluride. Meanwhile, in places like California, the priciest ZIPs border major metros like Los Angeles.

Below are the top 10 most expensive ZIP codes, ranked by the highest-priced listing within each area.

Our take

Realtor.com’s list is not just interesting, it’s a smart model to follow. We recommend creating your own version for your local market. Pick the counties you serve, go ZIP code by ZIP code, and rank them by median list price using the same method. These kinds of insights are marketing gold. Buyers and sellers love stuff like this, and when you share it, you build authority and business. Drop a stat like “this is the priciest ZIP in the county” and watch people lean in. It’s an easy way to stand out, show you know your market, and earn trust.

The news that just missed the cut

• 6 things the housing sector needs to know about the tariffs

• The #1 thing buyers want from agents

• Use this tool to sell your listing above the asking price 

• Why the Megarich buy homes in extreme weather zones

• Is the U.S. economy headed for stagflation? Here’s what to look for.

Foundation Plans

Advice from James and David to win the day

Today we conclude our two-part series on the essentials of choosing a brokerage firm (you can find part one here). Before you attach yourself to a brokerage, make sure you base your decision on these factors:

Training and/or career development programs – Most brokerages offer a variety of training programs, but it's important to do your research. Getting a real estate license does not teach agents how to “do real estate.” Sure, they’ll learn about all the laws and state regulations… but can they fill out a purchase agreement? Do they know how to run a market analysis? How to work the MLS? How to market and advertise their properties? This is why training programs are essential, and it’s equally essential that brokerages offer them. 

Marketing tools and technology – In many brokerages, these are 100% company-paid, but some firms require agents to pay a la carte for what they use. Each brokerage brand has its own policies, so make sure to ask. Most MLSs and Realtor associations also offer some level of technology for their members. Tools provided by a brokerage can include customer relationship management (CRM) programs with features such as geo farming, automated emails, text follow-up tools, digital marketing materials on demand, personalized websites, online and in-person training and coaching, transaction management tools, forms library, post-closing follow-up programs, and more. 

The brokerage’s reputation – Make sure you associate yourself with a brokerage that has a good reputation. If they’re a franchise, how much name recognition do they offer? How are they known for treating their agents? If they’re an independent brokerage, how well-known are they within the community? What’s their market share? Use Real Trends to research how well they rank and how successful they are. 

Mentorship programs – Some brokerages often pair rookie agents with seasoned agents as mentors. Make sure you ask whether the brokerage you are considering has such a program, and be sure to ask these questions: How many days or hours of formal training is involved? Is there a cost for this service? If so, how much? Is the mentor easily and readily available to you? What other "hats" does that person wear? What is the mentor expecting from you?

As you can see, choosing a brokerage is obviously an important and complex decision. The relationship between an agent and a brokerage has many different facets, so it’s important to research and understand them all. For more resources on this topic, start here and here. 

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

“Your time is limited, so don’t waste it living someone else’s life.” – Steve Jobs

Life’s too short and time is too precious to play by someone else’s script, friends. Block out the noise, live with integrity, and go all in on the life you want. You’ve got one shot — make it count.

– James and David