If you've been keeping an eye on the housing market lately, you’ve probably noticed one thing: there are more homes for sale now than there were at this time last year. And that’s not just a little bump—it’s a big one. According to Realtor.com, there are 36.6% more homes available nationwide than a year ago. That’s huge! This boost in inventory is a game-changer for anyone thinking about making a move. Suddenly, you’ve got more choices, and with that comes a little extra power at the negotiating table. So, if you’ve been sitting on the sidelines because the market felt too tight, this might be just the nudge you needed.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), puts it perfectly:
“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
But let’s not get ahead of ourselves. Just because there are more homes on the market doesn’t mean we’re swimming in them. We’re not in oversupply territory by any stretch. In fact, if you look at inventory levels from before the pandemic (think 2017-2019), we’re still down by about 29% (see graph below):
So while it’s great to see a nearly 37% year-over-year increase, we’re still climbing back to what a “normal” market looked like.
Bill McBride, a Housing Analyst for Calculated Risk, sums it up well:
“. . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”
It’s all part of the process, though. We’re not going to bounce back to pre-pandemic levels overnight, but that’s okay. The important thing is that we’re moving in the right direction. And for those of you who are thinking about buying, this trend means more opportunities to find a home that suits your needs.
Inventory growth does vary by region, so it’s essential to keep in mind that real estate is a hyper-local game (see graph below).
Want to know what’s happening in your neck of the woods? That’s where I come in. Let’s chat about what the inventory looks like around here and how it compares to the national scene. You might be surprised to find out that you have even more options than you thought!
Bottom Line
The housing market’s inventory is on the upswing, giving buyers like you more choices and a better shot at finding the perfect home. So, what’s your dream home look like? And what’s the budget we’re working with? Let’s dig into those details together and uncover the best options for you.
