There’s no arguing the past few years have been challenging for buyers. But there’s one big bright spot today that makes finding a home in your budget a bit easier: how much inventory has improved.
Significant Growth Across the Nation
Nationally, the number of homes for sale is growing – and that’s true in all regions of the country. That’s shown in this data from Realtor.com (see graph below). In each of the four regions, inventory is up at least 15% compared to the same time last year. In the West, it’s actually up almost 33% year-over-year:
More homes for sale helps the market become more balanced. For the past few years, sellers have had the upper hand. Now, things are starting to shift. Nationally, it’s not a full-on buyer’s market yet, but it’s heading toward a healthier place, especially for homebuyers.
How Much Growth We’ve Seen Varies by Area
But, how long it’s going to take to achieve true balance is going to vary based on where you live. You can see that play out in the graph below. Just like before, the blue still shows that all regions have seen growth lately. The red and green are added context on how that compares to a more normal market (like what we had back in 2017-2019).
- The markets that have red bars still have less inventory now than what’s normal, even with the recent growth. This is where you’ll still want to start with your best offer.
- The markets that have green bars are already back at or slightly above normal levels, so you may find sellers are a bit more willing to negotiate in these places.
Across the board, you have more options now than you would’ve just one year ago. And that’s a really good thing. As Ralph McLaughlin, then the Senior Economist at Realtor.com, says: “It could be a particularly good time to get out into the market . . . you're going to have more choice. And that's not something that buyers have really had much over the past several years.” More choices means it should be a bit easier to find a home you love. But how much inventory has grown is going to vary by region, and even by neighborhood. And that’s why you need an agent’s local expertise so you can adjust your strategy accordingly.
Bottom Line
Reach out if you want to see what’s available in and around our area.
