If you're thinking about moving soon, you're probably curious about the housing market. You might be wondering if there will be more homes available, what direction prices and mortgage rates are moving, and how to navigate the current market. Well, here's the scoop from the experts on what to anticipate this season.

Odeta Kushi, Deputy Chief Economist, First American:

““. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”
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— Odeta Kushi, Deputy Chief Economist, First American

Lisa Sturtevant, Chief Economist, Bright MLS:

““There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”
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— Lisa Sturtevant, Chief Economist, Bright MLS

Danielle Hale, Chief Economist, Realtor.com:

““Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”
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— Danielle Hale, Chief Economist, Realtor.com

Skylar Olsen, Chief Economist, Zillow:

““There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.””

— Skylar Olsen, Chief Economist, Zillow

Jiayi Xu, Economist, Realtor.com:

““While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”
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— Jiayi Xu, Economist, Realtor.com

Thinking about selling your home? Spring could be the perfect time for you! With low inventory and high buyer demand, homes are selling fast. Even though more homes are being listed, it's still not enough to keep up with the demand.

Hey there, if you're in the market for a new home, the good news is that this spring there are more homes for sale compared to last year. However, be ready to make swift decisions as you might face stiff competition from other buyers. Happy house hunting!

Bottom Line

No matter what you're thinking about, let's work together to navigate the bustling spring housing market with confidence.