Are There More Homes for Sale Where You Live?

One of the biggest bright spots in todays housing market is how much the supply of homes for sale has grown since the beginning of this 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. Thats a significant improvement. It gives you far more options for your move than you wouldve had just a year ago. And with supply improving, youre also regaining a bit of negotiation power. So, if youre someone who thought about buying a home over the last few years but was discouraged by how limited inventory was, this should be welcome 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 just so you have perspective, even though inventory has grown, that doesnt mean weve suddenly flipped to an oversupply of homes on the market. There are nowhere near enough homes for sale to make prices crash. If you compare todays inventory levels to more normal, pre-pandemic numbers (20172019), there are still roughly 29% fewer homes actively for sale now (see graph below):

So, while were up by almost 37% year-over-year, were still not back to how much inventory thered 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 thats okay. Its to be expected. As a country, itll 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, its closer to being a reality.

Heres a rundown of what todays inventory growth looks like by region (see graph below):

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 local agent. Theyll be able to tell you what theyre seeing and how it stacks up to the national market. You may find you have even more opportunity to move where you are.

Bottom Line

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.

So, what are you looking for in a home? And whats your budget? Reach out to a local agent to go over that together to find the options that may be right for you.