There's Only Half the Inventory of a Normal Housing Market TodayWondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few
Housing Inventory…. How low is low?
Dated: August 8 2023
Views: 193
There's Only Half the Inventory of a Normal Housing Market Today
Wondering if it still makes sense to sell your house right now? The short answer is, yes. Especially if you consider how few homes there are for sale today.
You may have heard inventory is low right now, but you may not fully realize just how low or why that’s a perk when you go to sell your house. 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% – and it was already considered low at that time. 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 right now 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 just aren’t enough homes to go around. 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 normal 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.
Bottom Line
With the number of homes for sale roughly half of what there’d usually be in a more normal year, you can rest assured there’s demand for your house. If you want to sell, let’s connect now so your house can shine above the rest while inventory is so low.
Lisa Santana
Lisa Santana, Your Real Estate Expert and GuideLisa's journey into real estate began in 2002, and since then, she has developed a deep understanding of the local real estate market and trends, propert....
Latest Blog Posts
Why Homeownership Wins in the Long RunToday’s higher mortgage rates, inflationary pressures, and concerns about a potential recession have some people questioning:
Home Prices Didn’t Crash After AllDuring the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts
Why Today’s Housing Market Is Not About To CrashThere’s been some concern lately that the housing market is headed for a crash. And given some of the affordabilitychallenges in the
The content relating to real estate for sale on this website comes in part from the MLS of Central Oregon. Real estate listings held by Brokerages other than BST Realty, LLC are marked with the Reciprocity/IDX logo, and detailed information about these properties includes the name of the listing Brokerage. © MLS of Central Oregon (MLSCO).
This content last updated on October 2, 2023 8:44 PM UTC Some properties which appear for sale on this website may subsequently have sold or may no longer
All information provided is deemed reliable but is not guaranteed and should be independently verified. IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by RMLSTM.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLSTM of Portland, Oregon. Real estate listings held by brokerage firms other than RE/MAX equity group are marked with the RMLSTM logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2023 RMLSTM, Portland, Oregon.
This content last updated on October 2, 2023 8:23 PM UTC at 4 AM. Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided AS IS and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market. The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed. Copyright © 2023 WVMLS. All Rights Reserved. Information last updated on October
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
