Has the Search for a Home to Purchase Become Simpler?

In recent years, buyers encountered a significant challenge due to the scarcity of homes for sale. However, the situation is beginning to shift.

The graph presented below utilizes the most recent data sourced from Realtor.com to illustrate that in 2024, the number of homes available on the market exceeds those in any of the preceding years (2021-2023).

Is Finding a Home Now More Accessible?

The answer is yes, and no. As an article from Realtor.com says:

"In February, there was a nearly 15% increase in homes for sale compared to the previous year . . . This surge in inventory could potentially impact the housing market if more "For Sale" signs continue to emerge. Nevertheless, despite this influx of new inventory, the nation still grapples with a housing shortage."

Context matters. On one side, there has been an increase in inventory over the past few years. This implies that you will probably have a broader range of options to consider as you hunt for your next home.

However, concurrently, the graph above also illustrates that there are still notably fewer homes for sale compared to what would typically be expected in a more conventional, pre-pandemic market. Moreover, this deficit is not going to be rectified overnight.

What Does This Mean for You?

While you may discover a slightly increased selection compared to previous years, don't anticipate an abundance of choices.

To navigate the expanding array of options available to you, consider partnering with a trusted local real estate agent. Their expertise can provide invaluable insight into the inventory dynamics specific to your desired purchase location. Real estate markets vary by locality, and an experienced agent can offer valuable advice based on strategies that have proven effective for other buyers grappling with persistent low housing supply in your area.

Bottom Line

Considering purchasing a home? Collaborate with a local real estate agent to stay informed about factors that could influence your decision, such as current inventory levels. This ensures you're well-equipped with up-to-date information for your move.