Buyer Bright Spot: More Homes Are Hitting the Market
The past few years have been tough for homebuyers, with rising prices and higher mortgage rates making the search for the perfect home more challenging. If you've been struggling to find something in your budget, there's good news—housing inventory is increasing.
Both existing homes (previously owned properties) and newly built homes are becoming more available, making it easier for buyers to find a home that meets their needs. Let’s break down these two bright spots in the market and why they might help you in your home search.
1. A 22% Increase in Existing Homes for Sale
Recent data from Realtor.com shows that the number of existing homes for sale has jumped 22% in 2024. And experts predict that inventory will continue to grow, with projections estimating another 11-15% increase by the end of the year (see graph below):
This is great news for buyers. If you haven’t yet found a home with the features you want, more inventory means more options—and a better chance of finding the right home for you. As Ralph McLaughlin, Senior Economist at Realtor.com, explains:
“It could be a particularly good time to get out into the market . . . you're going to have more choice. And that's not something that buyers have really had much over the past several years.”
2. More Newly Built Homes Are Available
It’s not just existing homes—newly built homes now make up 31.1% of the total housing inventory, according to data from the Census Bureau and the National Association of Realtors (NAR). That’s roughly 1 in 3 homes on the market (see charts below):
This increase in new construction isn’t due to builders overproducing—it's actually a response to years of underbuilding. The even better news? Builders are now focusing on smaller, more affordable homes, meaning new construction may be more budget-friendly than you think.
Many buyers assume that new homes are out of their price range, but the gap between new and existing home prices is narrowing. As CNET puts it:
“If you live in an area where there's a lot of new construction happening . . . you might be able to purchase a new house for a price similar to or even less than a pre-owned one.”
If you haven’t considered new construction in your home search, it might be time to take another look. By skipping new builds, you could be eliminating a third of your potential options without realizing it.
Bottom Line
More inventory means more choices—and more chances to find a home that fits your needs and budget. If you're ready to start your search, let’s connect and explore the options available in your area.