Are There More Homes for Sale Where You Live?

<article class="post-1154748 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1154748"><span class="entry-date">August 12, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">Are There More Homes for Sale Where You Live?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Are+There+More+Homes+for+Sale+Where+You+Live%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fare-there-more-homes-for-sale-where-you-live%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Are There More Homes for Sale Where You Live? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240812-are-there-more-homes-for-sale-where-you-live-original.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>One of the biggest <a href="https://www.simplifyingthemarket.com/2024/07/18/unlocking-homebuyer-opportunities-in-2024/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">bright spots</a> in today’s <a href="https://www.simplifyingthemarket.com/2024/06/28/housing-market-forecast-for-the-2nd-half-of-2024-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">housing market</a> is how much the supply of homes for sale has grown since the beginning of this year. </p>
<p><a href="https://www.realtor.com/research/july-2024-data/" rel="noopener noreferrer" style="color: blue;" target="_blank">Recent data</a> from <em>Realtor.com</em> shows that nationally, there are 36.6% more homes actively for sale now compared to the same time last year. That’s a significant improvement. It gives you far more options for your move than you would’ve had just a year ago. And with supply improving, you’re also regaining a bit of <a href="https://www.simplifyingthemarket.com/2024/08/06/helpful-negotiation-tactics-for-todays-housing-market/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">negotiation power</a>. So, if you’re someone who thought about <a href="https://www.simplifyingthemarket.com/2024/07/16/how-to-determine-if-youre-ready-to-buy-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">buying a home</a> over the last few years but was discouraged by how limited inventory was, this should be welcome news.</p>
<p>As Lawrence Yun, Chief Economist at the <em>National Association of Realtors</em> (NAR), <a href="https://www.nar.realtor/magazine/real-estate-news/median-sales-prices-reach-new-high#:~:text=%E2%80%9CIncreased%20housing%20supply%20spells%20good,compared%20to%20a%20year%20ago." rel="noopener noreferrer" style="color: blue;" target="_blank">says</a>:</p>
<blockquote><p> <em>“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”</em></p></blockquote>
<p>But just so you have perspective, even though inventory has grown, that doesn’t mean we’ve suddenly flipped to an <a href="https://www.simplifyingthemarket.com/2024/06/13/homebuilders-arent-overbuilding-theyre-catching-up/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">oversupply</a> of homes on the market. There are nowhere near enough homes for sale to make <a href="https://www.simplifyingthemarket.com/2024/07/08/not-a-crash-3-graphs-that-show-how-todays-inventory-differs-from-2008/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">prices crash</a>. If you compare today’s inventory levels to more normal, pre-pandemic numbers (2017–2019), there are still roughly 29% fewer homes actively for sale now (<em>see graph below</em>):</p>
<p><strong><img decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240809/20240812-the-supply-of-homes-for-sale-is-improving-original.png"/>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. </strong></p>
<p>As Bill McBride, Housing Analyst for <em>Calculated Risk</em>, <a href="https://calculatedrisk.substack.com/p/part-1-current-state-of-the-housing-e39" rel="noopener noreferrer" style="color: blue;" target="_blank">explains</a>:</p>
<blockquote><p> <em>“ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”</em></p></blockquote>
<p>But that’s okay. It’s to be expected. As a country, it’ll take a while to get back to the typical level of homes for sale. And the good news for buyers is, in some select markets, it’s closer to being a reality.</p>
<p>Here’s a rundown of what today’s inventory growth looks like by region (<em>see graph below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240809/20240812-inventory-is-up-the-most-in-the-south-and-west-original.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240809/20240812-inventory-is-up-the-most-in-the-south-and-west-original.png"/></a>Real estate will always be hyper-local. If you want to find out what inventory numbers look like where you live, reach out to a <a href="https://www.simplifyingthemarket.com/2024/07/15/why-working-with-a-real-estate-professional-is-crucial-right-now/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">local agent</a>. They’ll be able to tell you what they’re seeing and how it stacks up to the national market. You may find you have even <a href="https://www.simplifyingthemarket.com/2024/07/24/a-newly-built-home-may-actually-be-more-budget-friendly/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" style="color: blue;" target="_blank">more opportunity</a> to move where you are.</p>
<h3>Bottom Line</h3>
<p>The supply of homes across the country is improving in a big way. As a buyer, that gives you more options for your home search, and ultimately, a better chance of finding what you like.</p>
<p>So, what are you looking for in a home? And what’s your budget? Reach out to a local agent to go over that together to find the options that may be right for you.</p>
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