There’s no denying the last couple of years have been tough for anyone trying to buy a home because there haven’t been enough houses to go around. But things are starting to look up.
There are more homes up for grabs this year. The graph below uses the latest data from Realtor.com to show in April 2024 there were more homes for sale than there were over the last few years (2021-2023):
As Realtor.com explains:
“There were 30.4% more homes actively for sale on a typical day in April compared with the same time in 2023, marking the sixth consecutive month of annual inventory growth.”
But does this growing inventory make house hunting easier? Yes and no.
Using the latest weekly data from Calculated Risk, the graph below shows, that even with the growth lately, there are still way fewer homes for sale than there were in the last normal year in the housing market:
What Does This Mean for You?
If you’ve been looking to buy but put your plans on hold because you just couldn’t find what you were searching for, you might see more options now than you did over the past few years – but don’t expect a huge selection.
To check out your growing options, it’s a good idea to work with a local real estate agent you trust. Real estate is all about location. And an agent can help you get the scoop on the homes available in the area you’re interested in. Bankrate explains:
“In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area — down to your specific neighborhood — and can help you successfully navigate its unique quirks.”
Bottom Line
The increasing number of homes for sale presents a significant opportunity for both buyers and sellers in the real estate market. For potential homebuyers, this surge in inventory means more options to choose from, which can lead to finding a home that better fits their needs and preferences. With more homes available, buyers may also have more negotiating power, potentially leading to better deals and favorable terms.
For sellers, the growing number of homes for sale can signal a healthy and competitive market. While it means more competition, it also indicates a higher level of activity and interest among buyers. Sellers who position their homes effectively—through competitive pricing, strategic marketing, and necessary home improvements—can still attract serious buyers. Additionally, understanding the trends and dynamics of the local market can help sellers make informed decisions to stand out in a crowded marketplace.
Real estate agents play a crucial role in navigating this evolving landscape. They can provide valuable insights into market trends, pricing strategies, and the best times to buy or sell. By leveraging the expertise of a skilled agent, both buyers and sellers can maximize their opportunities and achieve their real estate goals.
In conclusion, the increase in homes for sale is a positive development for the real estate market. It offers greater choice for buyers and a vibrant environment for sellers. By staying informed and working with experienced professionals, both parties can take full advantage of the current market conditions to make successful real estate transactions.
Let’s team up so you have someone who can keep you in the loop on everything that might impact your move, like how many homes are up for sale right now.
