Spring is often one of the busiest seasons in real estate, and this year, buyers may finally be seeing something they’ve been waiting for: more housing inventory.
For many homebuyers, last year was frustrating. Some paused their search because they couldn’t find a home that met their criteria. Others found homes they liked, but the numbers simply didn’t work. Between limited inventory, affordability concerns, and competition for desirable properties, many buyers decided to wait.
Now, there are market shifts that could encourage some buyers to re-enter the market.
More homes are being listed for sale, and that increase in inventory may help create additional opportunities for buyers who have been waiting on the sidelines.
Fresh Listings Continue to Increase
According to housing inventory data published by Realtor.com, there are nearly 2x as many new listings hitting the market today as there were just 3 months ago. These figured reflect newly listed homes available for sale (see graph below):
That’s a significant rise. And while we usually see an uptick as we head into the busiest time of the year, this increase was bigger than normal. Jake Krimmel, Senior Economist at Realtor.com, explains:
“New listings jumped 21.2% from February to 439,000, a larger-than-typical seasonal surge . . . March typically sees the biggest month-over-month jump in new listings of the entire buying season, averaging an 18% increase since 2017; this year it exceeded 20%.”
This increase in listings may provide buyers with a broader range of available properties to consider.
What Rising Inventory Could Mean for Your Clients
Current housing inventory levels show nearly one million homes listed for sale nationwide, representing an increase of more than 8% compared to the prior year.
With more homes available on the market, buyers may have increased opportunities to identify properties that align with their preferences and budget considerations, especially with so many options being added right now. As Odeta Kushi, Deputy Chief Economist at First American, explains:
“One of the most encouraging signals heading into the spring home-buying season is the improvement in for-sale inventory levels compared with last year. . . More homes on the market give buyers greater choice and, combined with improved buying power, expand the range of homes they can realistically consider.”
The Bottom Line
With more homes available, buyers may have a better chance of finding a property that fits their needs and budget. But preparation is still essential.
At QRL Financial Services, we’re here to help buyers understand their financing options, explore pre-approval updates where appropriate and make informed financing decisions.
If you have clients who are thinking about getting back into the market, now may be a great time to start the conversation.