Are There More Homes for Sale Where You Live?

Are There More Homes for Sale Where You Live?

One of the most encouraging developments in today’s housing market is the substantial growth in the supply of homes for sale since the start of the 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. This significant increase means you have more options for your move than you would have had just a year ago. With the supply improving, you’re also regaining some negotiation power. So, if you considered buying a home in the past few years but were discouraged by limited inventory, this is great 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 increased, it doesn’t mean we've suddenly shifted to an oversupply of homes on the market. There are still far fewer homes available than needed to cause a significant drop in prices. When you compare today’s inventory levels to the more typical, pre-pandemic years (2017–2019), there are still about 29% fewer homes actively for sale (as shown in the graph below).

So, while we’re up by almost 37% year-over-year, we’re still not back to how much inventory there’d be 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 normal and expected. It will take time for the country to return to the typical level of homes for sale. The positive news for buyers is that in certain markets, we’re getting closer to that reality.

Here’s a breakdown of the current inventory growth by region (see graph below):

Real estate trends are always specific to your area. If you want to know what the inventory looks like in your local market, reach out to a local agent. They can provide insights on what’s happening in your area and how it compares to the national market. You might discover even more opportunities to make a move where you are.

Bottom Line

The supply of homes nationwide is seeing a significant improvement. For you as a buyer, this means more choices in your home search and a greater likelihood of finding the perfect fit.

What are your priorities in a home? And what budget are you working with? Let's discuss these details so we can explore the best options available for you.