Housing Inventory Remains at Historic Lows, Creating a Seller’s Market

Buying, Selling / By

One of the most significant challenges in the current housing market is the scarcity of available homes for sale, which is creating a highly competitive environment for buyers. The latest data from Realtor.com reveals that active inventory in June was a staggering 50.6% below pre-pandemic levels observed between 2017 and 2019. This limited housing supply continues to have a profound impact on the real estate landscape.

For prospective sellers, this low inventory presents an excellent opportunity to make a move in the market. With fewer choices available to buyers, homes are receiving more attention, leading to several notable statistics. According to the latest Confidence Index released by the National Association of Realtors (NAR):

  • The percentage of homes selling in under a month increased slightly to an impressive 74%.
  • The median days on the market decreased to just 18 days, indicating that homes are selling swiftly when priced appropriately.
  • The average number of offers on recently sold homes surged to 3.3 offers, further illustrating the competitive nature of the current market.

The bottom line is that in a market with such low supply, sellers are witnessing their homes sell faster and attract more offers than ever before. If you have contemplated selling your property, now is the ideal time to make a move. To take advantage of this opportune moment, connect with your Seven Gables advisor today to initiate the selling process.

For buyers, the limited inventory means that they may have more of a challenge finding their dream home.  But it can be done.  Buyers must just be prepared and act swiftly when a suitable property becomes available.  And your Realtor will have strategies for writing a winning offer.

Industry experts remain optimistic that the market will eventually stabilize, but for now, sellers hold the advantage. This unique window of opportunity won’t last forever, so if you’ve been contemplating selling, seize the moment and capitalize on the current seller’s market conditions.

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