If you’ve been watching the market and wondering whether first-time buyer inventory is finally shifting — February 2026 has an answer. And honestly? It’s a mixed bag. Some price ranges are opening up. Others are tightening fast. So let’s dig into the data and see exactly what’s happening.

Overall, total listings across all properties rose 1.9% compared to February 2025 — from 15,816 to 16,121. That number sounds modest. However, when you break it down by price range, bedroom count, and property type, a much more detailed picture emerges.

The Under-$250K Window Is Actually Opening

Here’s the news first-time buyers have been waiting for. The $150,000-and-below segment surged 21.9% year-over-year — jumping from 1,074 listings to 1,309. That’s a real, meaningful gain in the most accessible price tier on the market.

Similarly, the $150,001 to $250,000 range held steady with a +0.8% increase, growing from 2,979 to 3,003 listings. Both tiers are moving in the right direction. As a result, buyers who’ve felt locked out of the market now have genuine options to explore.

Furthermore, single-family homes under $150K rose 8.8%. Condos in that same range? Up a striking 28.3%. So if a condo fits your lifestyle, entry-level supply is expanding fast right now — and that matters.

Price-by-Price Breakdown: Where Supply Is Growing

The Middle Market Is Compressing

Here’s where things get trickier. The $250,001–$350,000 range dropped 1.4%, sliding from 4,908 to 4,838 listings. In addition, the $350,001–$500,000 bracket fell 4.0% — from 4,016 down to 3,855. Both bands are losing inventory at the same time.

On the other hand, single-family homes in those mid-ranges held up surprisingly well. SFH listings in the $250K–$350K bracket actually increased 1.2%. Moreover, the $350K–$500K SFH category was nearly flat at +0.2%. So if you’re hunting a house — not a condo — your choices are better than the headline number suggests.

Condo Supply: A Warning for Mid-Range Buyers

Condos tell a very different story. In the $250K–$350K range, condo inventory fell 9.0%. Even more striking, the $350K–$500K bracket dropped a sharp 21.6%. That compression is real and significant.

As a result, first-time buyers who’d normally pivot to a condo as a stepping stone are facing tighter choices in those mid-price bands. Therefore, if a condo in that range is on your list, you need to move with urgency — not patience.

Bedroom Count: Smaller Homes Are Getting Scarcer

Next, let’s look at bedroom counts — because this shift matters for first-time buyers specifically. 4-bedroom-plus listings jumped 8.2% year-over-year, moving from 4,428 to 4,791. That’s a strong gain in a segment growing families are watching closely.

By contrast, 2-bedroom-or-less inventory declined 3.6%, dropping from 3,318 to 3,197. Smaller homes — the classic first-time buyer target — are becoming harder to find. Consequently, competition for those compact listings will likely heat up as spring approaches.

3-bedroom listings, however, held relatively stable with just a +0.7% increase, landing at 7,846 total. For buyers chasing a 3-bed starter home, that stability is genuinely good news. Additionally, 3-bedroom single-family home listings rose 2.4% — so house-hunters in that range have a bit more to work with heading into spring.

Single-Family Homes vs. Condos: Two Very Different Markets

Here is the headline stat to remember. Single-family home inventory rose 4.5% year-over-year — from 10,748 to 11,228. That’s a substantial increase. Supply is growing to meet demand in the SFH category, which is exactly what first-time buyers need to see right now.

In contrast, condos moved the other way entirely. Condo listings fell 3.4% — from 5,058 to 4,886. For buyers counting on condos to bridge the affordability gap, that shrinking supply adds real urgency to every showing.

Nevertheless, not all condo news is negative. Entry-level condos under $150K surged 28.3% — a welcome bright spot. In other words, the very bottom of the condo market is expanding, even while the broader condo pool contracts. It’s genuinely a tale of two price points within the same property type.

What This Means If You’re a First-Time Buyer Right Now

So what does all of this actually mean for someone ready to make their first move? Here’s how to read this market heading into spring:

• The entry-level window is open — but act decisively. Under-$250K inventory is growing right now. Still, that won’t last forever once spring buyer demand kicks in full force.
• Single-family homes offer more supply than condos. Therefore, if you can stretch to a 3-bed SFH, your options just expanded meaningfully year-over-year.
• Mid-range condo inventory is tightening fast. Specifically, the $250K–$500K condo band has fewer listings than a year ago — so expect real competition in that space.
• Move-up buyers are also active above $500K. As a result, lower-priced inventory will gradually free up — but don’t count on waiting for that chain reaction.

The Bottom Line

February 2026 sends a clear signal. First-time buyer inventory is expanding at the very bottom and at the top — but the middle is squeezing hard. Under $250K? You have more choices than a year ago. Targeting a $250K–$500K condo? Move quickly, because supply is shrinking.

Above all, don’t wait for the “perfect” moment. The data shows inventory is shifting right now. Besides, spring historically accelerates buyer competition — and the buyers who move in March and April consistently land better deals before summer crowds push prices up.

Ready to talk strategy for your first purchase? Let’s look at what’s available in your price range — today. Reach out, and together we’ll map out exactly what February’s numbers mean for your situation.