One of the biggest hurdles buyers have faced over the past few years has been a lack of homes available for sale. But that’s starting to change.
The graph below uses the latest data from Realtor.com to show there are more homes on the market in 2024 than there have been in any of the past several years (2021-2023):
Does That Mean Finding a Home Is Easier?
The answer is yes, and no. As an article from Realtor.com says:
“There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more “For Sale” signs continue to appear. However, the nation is still suffering from a housing shortage even with all of that new inventory.”
Context is important. On the one hand, inventory is up over the past few years. That means you’ll likely have more options to choose from as you search for your next home.
But, at the same time, the graph above also shows there are still significantly fewer homes for sale than there would usually be in a more normal, pre-pandemic market. And that deficit isn’t going to be reversed overnight.
What Does This Mean for You?
You might find a few more choices now than in recent years, but you shouldn’t expect a ton of options.
To help you explore the growing list of choices you have now, team up with a local real estate agent you trust. They can really help you understand the inventory situation where you want to buy. That’s because real estate is local. An experienced agent can share some smart tips they’ve used to help other buyers in your area deal with ongoing low housing supply.
Bottom Line
the question of whether it’s easier to find a home to buy now is multifaceted and depends on various factors. While certain trends in the housing market, such as low mortgage rates and increased inventory in some areas, may suggest improved accessibility for buyers, other factors may present challenges.
The ongoing imbalance between housing supply and demand, particularly in desirable markets, continues to drive competition among buyers and constrain inventory levels. Additionally, rising home prices and affordability concerns may limit options for buyers with budget constraints, especially first-time homebuyers.
Despite these challenges, opportunities exist for buyers who are proactive, patient, and strategic in their approach. Working with a knowledgeable real estate agent, staying informed about market trends, and being flexible in their search criteria can help buyers navigate the complexities of the current housing market more effectively.
Ultimately, whether it’s easier to find a home to buy now depends on individual circumstances, market conditions, and location-specific factors. While the housing market may present challenges, it also offers opportunities for buyers to find their dream home with careful planning, research, and perseverance. By staying informed, remaining adaptable, and seeking professional guidance, buyers can increase their chances of finding a home that meets their needs and fits within their budget.
If you’re thinking about buying a home, let’s team up. That way, you’ll be up to date on everything that could affect your move, including how many homes are for sale right now.
