The 3 Housing Market Stats Every Buyer and Seller Needs to Know Right Now 🏡
December 16, 2024
The 3 Housing Market Stats Every Buyer and Seller Needs to Know Right Now 🏡
The housing market is in transition, and whether you’re buying or selling, it’s crucial to keep an eye on the numbers. If you're wondering where we stand in today's market, here’s a quick breakdown of the top three housing market stats that will impact your next move:
1. Active Listings Are Back to Pre-Pandemic Levels
- Inventory is up 29.2% this year—an increase that translates directly to more options for buyers. This is great news for those who have been waiting for more homes to choose from. It’s the first time since 2019 that we've seen this much inventory available on the market, which means buyers can take their time and make more informed decisions.
- For sellers, however, this means a more competitive market. With increased inventory, it’s essential to price your home appropriately and make sure your listing stands out. Buyers now have more options than they’ve had in recent years, so being strategic about how you present your home is key to a successful sale.
2. Homes Are Sitting on the Market Longer
- The median time a home stays on the market in the U.S. is now 58 days—a significant shift from the ultra-competitive, fast-paced market we saw in 2021 when homes would often sell before the open house. This isn’t to say that the market is dead—it’s just not moving at the breakneck pace it once did.
- For sellers, this means that your pricing and home presentation matter more than ever. Buyers are taking their time, and homes need to be priced competitively and shown in the best light to attract serious offers.
- For buyers, this could mean an opportunity. If you’re looking to purchase, winter could be your golden window before spring’s competition heats up again. Fewer buyers are actively looking during the colder months, and sellers who are listing during this time may be more open to negotiating.
3. Rates Are Down (Barely)—But There’s a Hack for That
- Interest rates have dropped slightly compared to earlier this year, but affordability is still a challenge for many buyers. However, there’s a strategy to help overcome this: a seller-paid buy-down.
- By offering a buydown, sellers can make their homes more appealing to buyers by temporarily reducing the interest rate on the buyer’s mortgage. This can make monthly payments more affordable and can help buyers feel like they’re getting a better deal, even with higher interest rates. Sellers who offer this incentive can potentially attract more buyers, especially in a market where affordability remains a concern.
So, What Does This Mean for You?
- If you’re buying, the market is providing more options, and while rates may be slightly lower, there’s still a need to get creative with financing, such as utilizing a buydown or buying before spring competition increases.
- If you’re selling, it's time to take a strategic approach—ensure your home is priced right and well-presented. Offering a buydown could make your property more appealing, especially in a market where buyers are sensitive to rising rates.
- Now’s the time to act, whether you’re looking to buy or sell. Drop the word “SHIFT” in the comments, and let’s chat about how you can make the best move in today’s evolving market.
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It is a fair question. Buying a home is a big decision, and nobody wants to feel like they moved too soon, waited too long, or missed the better opportunity.
But here is the truth: there is not one perfect answer that fits every buyer.
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Do we make an offer and hope everything works out?
Do we wait and risk losing the home?
Do we rush our current home onto the market?
Unfortunately, this is where many homeowners find themselves.
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You want to buy your next home…
But you feel like you have to sell your current one first.
