Curious about the current state of the housing market? It’s a crucial step when you’re considering a move. Here’s an overview of the current inventory situation that might influence your buying or selling decisions.
Unveiling Today’s Housing Inventory Reality
The narrative over the past years highlighted the scarcity of homes available for sale. However, recent national data might throw you off a bit. According to Realtor.com, inventory has shown slight growth month-over-month in various parts of the country, visible in the blue-shaded areas on the map.
Does this mean the era of limited housing inventory is over? Not exactly. Context is vital here. While headlines might scream about rising inventory, the numbers still indicate a notable shortage compared to what a ‘normal’ market usually offers.
This graph juxtaposes the latest count of active listings (homes currently available for sale) with the inventory from the more standard housing market years of 2017-2019:
Lance Lambert, Founder of ResiClub Analytics, clarifies this:
“The surge in October’s housing market inventory is negligible when compared to pre-pandemic levels.”
So, what’s the takeaway? Real estate is highly localized. Teaming up with a trusted real estate agent gives you a clear picture of the inventory status in your specific area.
For potential buyers, there might be slightly more choices than in recent months, but brace yourself for limited options. A knowledgeable agent can share insights and effective strategies that have helped other buyers in this ongoing low inventory scenario.
Selling your house? Don’t worry; you haven’t missed your chance to attract multiple offers or swiftly sell your property. While national inventory has seen some uptick, it remains notably low overall and could be even scarcer in your locality.
If you’re eyeing a home purchase or sale, linking up with a local real estate agent is key. They’ll keep you in the loop regarding the latest trends impacting your move, especially the current state of housing supply.