Is it True That There Are Now More Houses for Sale?
If you are considering a move, you should have up-to-date information on the housing market. Here's an update on the supply of homes for sale today to help make that possible. The number of available homes in your local market is important to you whether you are looking to buy or sell. Take a look below.
What’s the Truth About Today’s Housing Inventory?
While the story has been about how few homes are on the market in recent years, recent national data may have you confused. That’s because Realtor.com shows inventory is actually growing a bit month-over-month in many parts of the country (see the blue states in the map below):
As the map shows, nationally, housing supply increased just over 5% last month.
Does That Mean the Days of Limited Inventory Are Over?
That may make you wonder: are the days of scarce housing supply over? The simple answer is no. Context is essential. While you may see headlines saying inventory is up, data also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.
The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):
As Lance Lambert, Founder, ResiClub Analytics, explains:
“Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket.”
What does this imply for you? Remember that real estate is extremely local. Working with a reputable real estate agent will provide you with a better understanding of the inventory situation in your particular market.
If you’re looking to buy, you may have slightly more options than you did in recent months, but you still need to brace for low inventory. A great agent will be able to share their expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.
And, if you’re trying to sell, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area.
Let us connect if you are looking to buy or sell a home so you can stay up to date on all the latest trends that could affect your move, including today's housing supply.