Are There More Homes for Sale Where You Live?

Are There More Homes for Sale Where You Live?

One of the biggest bright spots in today’s housing market is the significant increase in the supply of homes for sale since the beginning of this year.

Recent data from Realtor.com shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a substantial improvement, providing far more options for your move than you would’ve had just a year ago. With supply increasing, you’re also regaining some negotiation power. So, if you’ve been considering buying a home but were discouraged by limited inventory in recent years, this should be welcome news.

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 for perspective, even though inventory has grown, it doesn’t mean we’ve suddenly flipped to an oversupply of homes on the market. There are still nowhere near enough homes for sale to cause prices to crash. When you compare today’s inventory levels to more typical, pre-pandemic numbers (2017–2019), there are still approximately 29% fewer homes actively for sale now (see graph below):

So, while inventory has increased by almost 37% year-over-year, we’re still not back to the levels seen 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 expected. It will take some time for the country to return to typical levels of homes for sale. The good news for buyers is that, in some select markets, we’re getting closer to that reality.

Here’s a breakdown of what today’s inventory growth looks like by region (see graph below):

Real estate is always hyper-local. If you want to know what inventory numbers look like in your area, reach out to a local agent. They can provide insight into what’s happening in your market and how it compares to the national trends. You may discover that you have even more opportunities to move where you are.

Bottom Line

The supply of homes across the country is improving significantly, giving you more options for your home search and a better chance of finding something you love.

What are you looking for in a home? And what’s your budget? Let’s go over that together to find the options that may be right for you.