Are More Homes Available for Purchase?

If you're considering a move, it's crucial to stay informed about the current state of the housing market. To assist in your decision-making process, here's an up-to-date overview of the supply of homes for sale today. Whether you're a potential buyer or seller, the availability of homes in your local market significantly impacts your real estate journey. Read on to gain valuable insights.

What’s the Truth About Today’s Housing Inventory?

For years, the narrative surrounding the housing market has been centered on the scarcity of homes available for purchase. However, recent data from Realtor.com challenges this perception, revealing a slight increase in inventory month-over-month across various regions of the country. This trend, particularly evident in the blue-shaded states on the map below, suggests a potential shift in the housing dynamics.

According to the map, there was a national increase of slightly more than 5% in housing supply last month.

Does That Mean the Days of Limited Inventory Are Over?

This might prompt you to question whether the era of limited housing supply is over. The brief response is no. Context is crucial. Despite reports of increased inventory, the data also indicates that there are still considerably fewer homes for sale compared to what would typically be seen in a more typical market.

The chart below contrasts the current counts of active listings (homes presently available for sale) with the figures from the most recent typical years in the housing market (2017-2019).

According to Lance Lambert, the Founder of ResiClub Analytics:

"The recent increase in housing inventory in October, while notable, still falls far short of pre-pandemic levels, indicating that the overall supply remains significantly constrained."

How does this impact you? That means that the housing market remains competitive, and homebuyers still face challenges finding their dream homes. Working with an experienced real estate agent who knows your local market will give you a competitive edge and help you navigate the market successfully.

While the recent increase in housing inventory offers a glimmer of hope, the overall supply remains limited. If you're a prospective buyer, you'll need to be prepared for a competitive market and potential bidding wars. A knowledgeable real estate agent can guide you through this process, providing valuable insights and strategies that have proven successful for other buyers in this low-inventory environment.

Even if you're a seller concerned about missing out on the hot seller's market, there's still ample opportunity to capitalize on favorable market conditions. While the national inventory has increased slightly, it remains significantly below pre-pandemic levels. In many local markets, inventory may still be declining, creating a seller's advantage.

Bottom Line

If you're considering buying or selling a home, reach out to a local real estate agent to ensure you're well-informed about the latest trends that could affect your decision, including the current status of housing supply.