There are more homes available now than we’ve seen in a long time, and this could really work in your favor if you’re looking to buy. Here are two reasons why that might be the case.

You Have More Options To Choose From

An article from Realtor.com highlights the significant increase in the number of homes for sale this year.

““There were 29.2% more homes actively for sale on a typical day in October compared with the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”
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— Realtor.com

Although the number of homes available isn’t yet back to the levels we saw before the pandemic, there has definitely been some improvement.

With more homes on the market right now, you have a wider variety of options to consider. According to Hannah Jones, Senior Economic Research Analyst at Realtor.com:

““Though still lower than pre-pandemic, burgeoning home supply means buyers have more options . . .”
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— Realtor.com

Having more options increases your chances of finding a home that fits what you need. Plus, with a larger selection available, the buying process can feel less hurried since there’s typically less competition from other buyers.

Home Price Growth Is Slowing

When there are limited homes on the market, buyers end up competing harder for the few that are available. We saw this a few years ago, and it’s what caused prices to rise so quickly.

The rising number of homes for sale is leading to a slowdown in home price growth.

In some markets, the number of homes for sale has not only returned to normal but has even exceeded the levels we saw before the pandemic. In those areas, home prices have been increasing.

““Generally speaking, housing markets where active inventory has returned to pre-pandemic 2019 levels have seen home price growth soften or even decline outright from their 2022 peak.”
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— ResiClub

Slower or stalled price growth might make it easier for you to find something that fits your budget. As Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), notes:

““For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
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— Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA)

Just keep in mind that inventory levels and home prices can differ from one market to another.

Having a real estate agent familiar with the local area can really benefit you. They can provide insights into community trends, which can significantly impact your search for a home that meets your needs and fits your budget.

Bottom Line

More housing choices—and the slower growth in home prices they create—can assist you in locating and purchasing a home that fits your lifestyle and budget. If you're interested in discussing the expanding range of options available to you right now, feel free to reach out.