More Homes, Slower Price Growth: What It Means for Homebuyers in Today’s Market
If you’re thinking about buying a home, there’s good news: the housing market is offering more opportunities than it has in years. Inventory levels are rising, and price growth is slowing, giving buyers like you a chance to find the right home without feeling rushed or overstretched. Let’s dive into why this matters and how it can work in your favor.
More Homes on the Market Mean More Options
According to Realtor.com, the number of homes for sale has significantly increased:
“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.”
While housing inventory hasn’t fully returned to pre-pandemic levels, the growth is notable. What does this mean for you as a buyer?
More Choices: With a wider selection of homes, you’re more likely to find one that fits your needs and lifestyle.
Less Pressure: A larger inventory can ease competition among buyers, making the process less stressful and more manageable.
Hannah Jones, Senior Economic Research Analyst at Realtor.com, confirms:
“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options.”
With less competition, you can take more time to evaluate your options and make a confident decision.
Home Price Growth Is Slowing
In recent years, limited housing inventory created fierce competition, driving home prices up rapidly. However, the current increase in available homes has led to slower price growth across many markets.
In fact, markets with inventory levels returning to pre-pandemic numbers are seeing price growth soften—or even decline. As Lance Lambert, Co-Founder of ResiClub, notes:
“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.”
This trend could make it easier for you to find a home within your budget. According to Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA):
“For the third consecutive month U.S. house prices showed little movement . . . relatively flat house prices may improve housing affordability.”
While slowing price growth is good news, it’s important to remember that trends vary by location. That’s why working with a local real estate expert is crucial. They’ll provide insight into your specific market and help you navigate the buying process effectively.
Why Now Is a Great Time To Buy
The combination of more homes on the market and slower price growth means buyers have greater flexibility than they’ve had in years. Whether you're looking for your first home or upgrading to something new, this market offers you:
More Options to Choose From.
Better Affordability as Prices Stabilize.
A Less Competitive Environment for Making Offers.
Bottom Line
Today’s market is offering buyers more opportunities, with increasing inventory and slower price growth creating a favorable environment. If you’re ready to explore your options and find the perfect home, let’s connect. Together, we can navigate the current market and take advantage of the benefits available to you as a buyer.
