2024 Housing Market Update

Good news for anyone house hunting this year—there are significantly more homes on the market compared to this time last year. According to recent data from Realtor.com, there are now 36.6% more homes actively for sale nationwide. If you've been holding off on buying because of the limited inventory, this surge in available homes should be a welcome change.

More homes on the market mean more options and a bit more leverage for buyers during negotiations. So, if the lack of choices or the fierce competition from other buyers discouraged you over the past few years, it's time to revisit your options.

Lawrence Yun, the Chief Economist at the National Association of Realtors (NAR), highlights the significance of this development:

“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”

However, it’s important to keep this growth in perspective. While inventory has risen, it’s still far from a glut of available homes. In fact, when we compare today's inventory to the pre-pandemic years of 2017-2019, we’re still looking at about 29% fewer homes actively for sale.

Bill McBride, a Housing Analyst for Calculated Risk, puts it into context:

“...currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”

So, while the market isn’t exactly flooded, the increased inventory is a step in the right direction. The country still has a way to go to reach typical levels of homes for sale, but buyers should take heart. In some markets, we're getting closer to that reality.

And since real estate is hyper-local, it's always a good idea to check with a local agent about what the inventory looks like in your specific area. Depending on where you live, you might find even more opportunities to find your dream home.

Bottom Line

The housing market is improving, and the increased supply of homes gives you more options than you would have had a year ago. Whether you’re looking for a cozy starter home or your forever dream house, now’s a great time to explore the market.

So, what’s your wish list for a new home? And what’s your budget? Let’s sit down and discuss your options to find the perfect match for you. The market is moving, and your next home could be just around the corner.