Here’s how the market has changed in the last year.
We’ve just hit the third quarter of 2021, and that means it’s a perfect time to look at the emerging trends in our housing market. Today we’ll be going over all the important stats you should know in order to see where our real estate market has been, where it’s going, and where it is now.
Now that many people are vaccinated and more places are opening up, we’re seeing a slight drop in buyer demand. School is out, so families are going out, taking vacations, and spending time away from home. Just a few months ago, almost everyone was still stuck at home, and many people were trying to buy a house to have more space.
Though demand has subsided somewhat, home inventory is still very low. Looking at the graph at 1:16 in the video, you can see the sudden drop in inventory we had when the pandemic began. The numbers never quite recovered—from August 2020 to now, there has been a 40% decrease in inventory. Home supply increased slightly over the summer, but this was only due to the mild decrease in demand.
Although year-over-year numbers show demand is slightly lower and inventory is slightly higher, we’re still in an incredibly strong seller’s market. Additionally, you can get a great deal on your home sale because prices just keep rising.
These recent changes in supply and demand also allow us to find our buyers fantastic homes that fit their needs. And with interest rates remaining at all-time lows, buying a home is still incredibly affordable—even when prices are skyrocketing.
If you’re thinking about buying or selling a home, reach out to me. I’d be happy to answer any questions you may have about our market or provide you with more information. In the meantime, I look forward to hearing from you soon.