Is There an Increase in Available Homes in Your Area?
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A shining beacon in today's real estate landscape is the noticeable increase in available homes for sale since the beginning of this year. Recent data from Realtor.com reveals a 36.6% surge in the number of homes actively listed for sale nationwide compared to the same time last year. This uptick in inventory offers a wealth of options for potential buyers, providing more flexibility and room for negotiation. For those who have been deterred by limited housing options in the past, this news is certainly cause for celebration.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
But just so you have perspective, even though inventory has grown, that doesn’t mean we’ve suddenly flipped to an oversupply of homes on the market. There are nowhere near enough homes for sale to make prices crash. If you compare today’s inventory levels to more normal, pre-pandemic numbers (2017–2019), there are still roughly 29% fewer homes actively for sale now (see graph below):
So, while we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be in a normal market.
As Bill McBride, Housing Analyst for Calculated Risk, explains:
“ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”
But that’s okay. It’s to be expected. As a country, it’ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it’s closer to being a reality.
Here’s a rundown of what today’s inventory growth looks like by region (see graph below):
Real estate will always be hyper-local. If you want to find out what inventory numbers look like where you live, reach out to a local agent. They’ll be able to tell you what they’re seeing and how it stacks up to the national market. You may find you have even more opportunity to move where you are.
Bottom Line
With the increasing supply of homes nationwide, as a prospective buyer, you now have a wider array of options to explore in your home search. This expansion in inventory enhances your chances of discovering the perfect home that aligns with your preferences.
So, what features are you seeking in a home? And what is your budget range? Let's delve into these details together to pinpoint the potential options that could be an ideal fit for you.
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