May 4, 2023 – March brought a seasonal increase in home showing traffic, according to the latest data from the ShowingTime Showing Index®[1]. Potential buyers who are out touring homes are facing record-low inventory, leaving them very few fresh options to consider as mortgage rates continue to be volatile.
The dearth of choices prompting buyers to compete for fewer new listings is part of why showing traffic remains elevated compared to pre-pandemic levels typical for peak spring shopping season. The ShowingTime Showing Index set a new record in March 2021 during the red-hot pandemic market, and then broke it in March 2022 as the frenzy peaked. Though this year is below those record-breaking highs, the overall index was 33% and 43% higher than in 2018 and 2019, respectively.
Not all regions fared the same in March. The overall increase in showing activity was driven by the Midwest, up 18% from February, and the Northeast, up 15%. The South stayed relatively flat with a monthly increase of 1.4%, and the West dropped 2.7%, reversing its trend of steady monthly showing growth since late last year. This builds upon last month’s data that could indicate Midwestern markets will have stronger sales activity this spring than Western cities.
Midwestern markets outperforming their Western counterparts is reflected at the city level as well. Chicago, Cincinnati, Columbus, Minneapolis and St. Louis all posted double-digit monthly increases in showing activity in March, while Austin, Denver, Los Angeles and San Francisco stayed flat.
“March’s showing activity is promising, but it remains a regional, and local, story — as has long been true about real estate,” said Mike Lane, vice president of sales for ShowingTime+. “We’re keeping an eye on mortgage rates as the continued volatility is having an impact on buyer and seller activity.”
As the flow of new listings remains at a trickle, agents can evolve their strategy by leveraging technology that elevates their listings and helps them win more business. Check out this guide from ShowingTime+ on how to win more listings in 2023.
| Metropolitan Area | Ratio of Showings to Listings[2] | Year-Over-Year Change[3] | Month-Over-Month Change[4] |
| Atlanta, GA | 7.69 | -37% | 10% |
| Austin, TX | 5.34 | -51% | 1% |
| Boston, MA | 10.56 | -16% | 7% |
| Chicago, IL | 10.31 | -14% | 14% |
| Cincinnati, OH | 10.30 | -18% | 13% |
| Columbus, OH | 11.39 | -26% | 11% |
| Dallas–Fort Worth, TX | 8.61 | -46% | 8% |
| Denver, CO | 10.39 | -54% | 0% |
| Houston, TX | 7.88 | -23% | 9% |
| Las Vegas, NV | 4.41 | -27% | 7% |
| Los Angeles, CA | 5.59 | -18% | 1% |
| Memphis, TN | 6.52 | -55% | -4% |
| Miami–Fort Lauderdale, FL | 8.40 | -37% | 6% |
| Minneapolis–St. Paul, MN | 9.75 | -24% | 17% |
| Nashville, TN | 7.64 | -47% | 2% |
| New York, NY | 10.32 | -17% | 10% |
| Philadelphia, PA | 9.75 | -24% | 11% |
| Phoenix, AZ | 7.30 | -33% | 9% |
| Portland, OR | 8.50 | -41% | 3% |
| Raleigh, NC | 8.12 | -33% | 7% |
| St. Louis, MO | 9.65 | -21% | 11% |
| San Francisco, CA | 4.90 | -6% | -4% |
| Seattle, WA | 11.19 | -39% | 4% |
| Virginia Beach, VA | 11.07 | -27% | 6% |
| Washington, DC | 11.57 | -21% | 10% |
[1] The ShowingTime Showing Index is compiled using data from more than 6 million property showings scheduled across the country each month for listings that use ShowingTime products and services. It tracks the average number of appointments received for active listings during the month, then reports the numbers by region and nationally.
[2] Calculated using the average number of buyer showings per active listing on a monthly basis. March 2023.
[3] March 2022–March 2023.
[4] February 2023–March 2023.
