More Homes and Slower Price Growth: What This Means for You as a Homebuyer

If you’ve been waiting for the right time to buy a home, now may be the perfect opportunity. There are more homes available on the market than we've seen in years, and with slower price growth, it could be a game changer for you. Let’s dive into what’s driving this change and how it benefits you as a buyer.

More Homes on the Market Means More Options for You

The number of homes for sale has increased significantly this year. In fact, Realtor.com highlights that:

“There were 29.2% more homes actively for sale on a typical day in October compared to the same time in 2023, marking the twelfth consecutive month of annual inventory growth and the highest count since December 2019.”

While we’re still not back to pre-pandemic levels, this is a positive shift in the right direction. With more homes available, you have more choices—whether you're looking for a cozy starter home or a larger space to grow into.

As Hannah Jones, Senior Economic Research Analyst at Realtor.com, puts it:

“Though still lower than pre-pandemic, burgeoning home supply means buyers have more options…”

This growing selection means that you’re less likely to feel rushed during the buying process. You won’t be competing against as many buyers, so you can take your time finding a home that truly fits your needs.

Slower Home Price Growth Could Improve Affordability

In the past, when fewer homes were available, buyers had to compete heavily for the limited options. This competition pushed home prices higher. But now, with more homes on the market, price growth is slowing down.

In certain markets, the number of homes has even surpassed pre-pandemic levels, leading to a slowdown or even a decline in home prices. Lance Lambert, Co-Founder of ResiClub, explains:

“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 could be great news for buyers. Dr. Anju Vajja, Deputy Director at the Federal Housing Finance Agency (FHFA), also points out:

“For the third consecutive month U.S. house prices showed little movement… relatively flat house prices may improve housing affordability.”

Why Having a Local Expert Matters

It’s important to remember that inventory levels and price trends vary depending on your location. That’s why having a local real estate agent—like Padernacht Real Estate Team—who understands the market in your area is crucial. We can guide you through the process, help you understand local trends, and find the home that fits both your budget and lifestyle.

Bottom Line: More Choices, Less Pressure

With more homes available and slower price growth, now is a great time to explore your options as a buyer. If you're ready to take the next step in finding your dream home, don’t hesitate to reach out. The Padernacht Real Estate Team is here to help you navigate this exciting time in the market.

Let’s connect and start your homebuying journey today!