Last year, about 70% of homebuyers ended their search for a new home – and you might have been one of them. It’s understandable. With low inventory, high prices, and fluctuating mortgage rates, it was tough to find a home that you loved and could actually afford.

The market is changing, and that's something to keep in mind.

If you put your moving plans on hold in 2024, now could be the right moment to start them up again. Here’s why.

More Inventory Opens Up More Options

Even if you managed to crunch the numbers, finding a home that met your needs has likely been tough due to the limited options in recent years. However, things are changing as inventory is starting to increase, giving you more choices now.

According to Realtor.com, the amount of available homes has increased by 27.5% compared to this time last year. Check out the graph below for more details.

If you hesitated to list your house because you were uncertain about where you'd move if it sold, you’ll be pleased to know that you now have more options than you did a year ago. That's definitely a positive development.

Homes Are Staying on the Market Longer, Too

When there aren't many homes for sale, they tend to get grabbed up fast because there's simply not enough to meet demand. A few years back, this could mean your house might sell overnight. While that can be great, if you're looking to move and need to find your next place, a slower market can actually feel like a bit of a blessing. It provides a much-needed breather.

With more homes available now, properties are lingering on the market for a longer time. This means you can take your time with the buying process without feeling rushed.

The latest data reveals that the average time homes are staying on the market has increased by about 8% this year. While that’s the highest we’ve seen since 2020, it's still quicker than the pace before the market picked up. In fact, it’s about a week longer compared to last year. This creates a sweet spot for those looking to move. It might seem like just a few extra days, but this extra time provides more flexibility and allows for more thoughtful decision-making. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, notes:

““There are more homes for sale than in the last few years, which means the market pace is a bit more manageable–with longer days on market–and many sellers are more flexible . . . Though buyers face still-high housing costs, they may find a bit more give in the market, which could give them more time to make a decision, even in the busy spring and summer months.”
”

— Hannah Jones, Senior Economic Research Analyst at Realtor.com

If you’re wondering, "Does this mean selling my house will be tougher?" there’s no need to stress. With inventory still nearly 23% lower than the levels before the pandemic, homes that are priced well are still selling. Plus, as more buyers come back into the market this season, your chances improve.

Bottom Line

With the increase in available homes, sellers looking to upgrade, downsize, or move have more options than ever. There’s also less urgency to make a quick offer, which makes it a perfect time to revisit your home search if you've had to pause it before.

With an increasing number of homes available and extra time to make choices, what else do you need to get your home search going again? Let’s discuss the current trends in our local market.