Homebuyers have faced challenges in recent years, particularly due to rising housing prices and mortgage rates. And if you're looking to buy a home, you may be concerned that you won't be able to find something within your price range.
But here's what you should know. The quantity of homes for sale has increased significantly, and this applies to both existing (already lived-in) and freshly built residences. Here's a look at two bright spots for buyers right now, and why they might make it a little simpler to find the home you've been searching for!
There Are 22% More Existing Homes for Sale
According to data from Realtor.com, the number of existing properties for sale increased by an astonishing 22% in 2024.
Experts predict that your alternatives will only improve this year.
According to forecasts, inventory will increase by 11-15% by the end of this year (see graph below):
Here's why this is ideal for your quest. If you haven't found a house with all of the amenities you require, remember that as the number of homes for sale increases, you will have more possibilities.
That implies a better chance of discovering a home that meets all of your requirements. As Ralph McLaughlin, Senior Economist at Realtor.com, states:
There Are More Newly Built Homes on the Market
According to Census and National Association of Realtors (NAR) data, 31.1%, or about one-third, of the homes on the market today are freshly built. That exceeds the norm (see charts below).
But don't worry, this isn't because builders are overdoing it; rather, they're trying to catch up after years of underbuilding.
The greatest thing is that, because builders have been focused on smaller homes with lower price points, you may find that new buildings are less expensive than you expected.
So, while many people dismiss new building since it is simple to presume the expenses are far greater, the price disparity has recently narrowed.
As CNET reports:
If you haven’t been able to find a home that’s in your budget, it’s time to ask your agent about new builds.
If you don’t, you may have been cutting your pool of options by about a third.
Bottom Line
More alternatives may be the key to unlocking your homebuying aspirations in 2025!
Would you want to see more homes that are available in your area? Contact Arkansas Real Estate Collective today to discuss your choices!
