Last year, the unpredictable housing market led 70% of potential buyers to pause their home searches. High prices, fluctuating mortgage rates, and low inventory made finding and affording a desirable home challenging. If you were among those who stepped back in 2024, the current market trends suggest it might be time to dive back in.
The Shift to More Inventory
One of the main reasons buyers hesitated last year was the scarcity of options. However, the landscape is changing. According to Realtor.com, housing inventory has increased by 27.5% compared to last year, providing more choices for everyone. This growth in inventory means if you were previously concerned about finding a new home after selling your current one, those fears should be alleviated now with more options available.
Homes Are on the Market Longer
A few years ago, the low supply of homes meant properties sold almost as soon as they were listed. While quick sales can be advantageous, they don’t always benefit sellers who need to coordinate finding their next residence. The current market offers a more relaxed pace. Recent statistics show that homes are staying on the market longer—about 8% longer than last year, which translates to roughly an extra week compared to last year’s selling time. This additional time provides potential buyers with the luxury to make more considered decisions.
Hannah Jones, a 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.”
Concerns About Selling?
If you’re worried that a slower market might make it difficult to sell your home, consider this: although inventory is up, it’s still almost 23% below pre-pandemic levels. This means that well-priced homes continue to sell well, particularly as more buyers return to the market during the active spring and summer months.
Bottom Line
With the increase in inventory and a more relaxed pace, now is an opportune time to restart your home search if you paused it last year. The current market conditions offer more choices and less pressure, making it an ideal time to buy if you’re looking to upgrade, downsize, or relocate.
What are you waiting for to reenter the market? With more options and more time to decide, this could be your moment to find the perfect home.