Inventory, you might have heard, is low right now. However, you may not fully realize how common or why that’s a perk when you sell your house. Are you wondering if selling your house right now makes sense? The short answer is yes, especially considering how few homes are for sale today.
This graph from Calculated Risk can help put that into perspective:
As the graph shows, while housing inventory did grow slightly week-over-week (shown in the blue bar), overall supply is still low (shown in the red bars). Compared to the same week last year, supply is down roughly 10%, which was already considered low then. But, if you look further back, you’ll see inventory is down even more significantly.
To gauge just how far off from normal today’s inventory is, let’s compare it to 2019 (the last normal year in the market). When you compare the same week this year with the matching week in 2019, supply is about 50% lower. That means there are half the homes for sale now than there’d usually be.
The key takeaway? We’re still nowhere near what’s considered a balanced market. There’s plenty of demand for your house because there aren’t enough homes. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“There are simply not enough homes for sale. The market can easily absorb a doubling of inventory.”
So, if you want to list your house, know that there’s only about half the inventory there’d usually be in a more typical year. That means your house will be in the spotlight if you sell now, and you may see multiple offers and a fast home sale.
Key Takeaway
With roughly half of the number of homes for sale in a more typical year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your home can shine above the rest while inventory is so low.
Other educational articles about the market and your home search are under Karen’s Blog. Additionally, explore the search bar for other topics of interest.
