Right now, there are more homes on the market than we’ve seen in years—a major opportunity for anyone ready to buy. Here’s why this shift could work in your favor:
1. Expanded Choices for Homebuyers
With more homes available, you have a wider selection to find a property that truly fits your needs. According to a recent report from Realtor.com:
“In October, the number of homes for sale was up 29.2% compared to the same time in 2023. This marks a full year of inventory growth, reaching its highest level since December 2019.”
Although inventory hasn’t quite reached pre-pandemic levels, this increase means you have significantly more options than in recent years (see graph below).
With more homes now on the market, you have a broader selection to explore. As Realtor.com’s Senior Economic Research Analyst, Hannah Jones, notes:
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”
In other words, you’re more likely to find a home that checks all your boxes. Plus, with more choices available, the process doesn’t feel as rushed, and you’ll probably face less intense competition from other buyers.
Slower Home Price Growth
In a tight market with limited inventory, competition among buyers tends to drive prices up—exactly what we saw in recent years. But as the number of homes for sale rises, the pace of price growth has started to cool (see graph below).
This shift could make it a better time to buy, with prices stabilizing and more options available for the right home at the right price.
In certain markets, the number of available homes has not only returned to normal but even surpassed pre-pandemic levels. In these areas, home price growth has either slowed or leveled off entirely. As Lance Lambert, Co-Founder of ResiClub, explains:
“Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”
This slower pace of price growth could give you a better chance of finding a home that fits within your budget. Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), adds:
“For the third consecutive month, U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
It’s important to remember that inventory levels and price trends can vary widely from one market to another. That’s where a knowledgeable real estate agent comes in. An experienced agent who understands your local market can provide insight into current trends, making a real difference in your home search.
Bottom Line
With more homes to choose from and slower price growth, now might be a great time to find a home that fits your lifestyle and budget. Reach out if you’d like to discuss how these changes might work to your advantage.