One of the biggest hurdles buyers have faced in recent years is the lack of homes for sale. But things are starting to change.
The chart below uses the latest data from Realtor.com to show that there will be more homes on the market in 2024 than in recent years (2021-2023).
Does That Mean Finding a Home Is Easier?
The answer is yes, and no. As an article from Realtor.com says:
“There were nearly 15% more homes for sale in February than a year earlier . . . That alone could jolt the housing market a bit if more “For Sale” signs continue to appear. However, the nation is still suffering from a housing shortage even with all of that new inventory.”
Context matters. On the one hand, the fund has grown in recent years. This means you will have more options to choose from when looking for your next home.
But at the same time, the chart above shows that, as usual, there are still far fewer homes for sale than there were on the market before the pandemic. And these deficits won’t disappear overnight.
What does this mean to you?
You’ll find more options now than in the past, but you shouldn’t expect a lot. Work with a trusted local real estate agent to explore the growing list of options available today.
This can be very helpful in understanding the status of the inventory you want to purchase. Because real estate is local. An experienced real estate agent can share smart tips to help other buyers in the area overcome the housing shortage.