Last year, a lot of buyers—about 70%—ended up walking away from their home search. And honestly, who could blame them? Inventory was tight, prices were steep, and mortgage rates were all over the place. It wasn’t exactly the easiest time to find a home that checked all the boxes and fit the budget. Maybe you were one of those buyers?
But here’s the thing—the market is starting to change.
So, if you put your moving plans on hold in 2024, now might be the perfect time to jump back in. Here’s why.
More homes on the market mean more choices for you!
Even if you could make the numbers work, finding the right home hasn’t been easy with so few options out there. But that’s changing—inventory is on the rise, giving you more choices than before!
According to Realtor.com, there are a lot more homes on the market now—inventory has shot up 27.5% compared to this time last year (check out the graph below):
So, if you held off on selling because you weren’t sure where you’d move next, good news—you’ve got more options now than you did a year ago. That’s a big win.
Homes are also staying on the market a bit longer.
When there aren’t many homes for sale, they get scooped up fast—sometimes in just a day or two, like we saw a few years ago. That’s great if you’re selling, but if you also need to find your next place, that kind of frenzy can be stressful. Now that things are slowing down a bit, it’s actually a good thing—it gives you a little breathing room to make your move.
With more homes on the market, they’re taking a bit longer to sell—which means you don’t have to feel as rushed when making a move (check out the graph below):
Recent data shows that homes are spending about 8% more time on the market this year. That’s the highest since 2020, but still quicker than pre-boom years—and about a week longer than last year. It might not sound like much, but that extra time gives you more flexibility to make smart, thoughtful decisions. As Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it:
“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.”
And if you’re wondering, “Does that mean it’ll be harder to sell my house?”—don’t stress. Inventory is still nearly 23% below pre-pandemic levels, so well-priced homes are still selling, especially with more buyers getting back into the market this season.
Bottom Line
With more homes available, sellers looking to upgrade, downsize, or relocate now have more options. And since there's less pressure to rush into offers, it might be the perfect time to pick up where you left off on your home search if you put it on hold.With more homes available and more time to think things through, what’s stopping you from restarting your home search? Let’s chat about what’s going on in our local market right now.
