Uncategorized May 30, 2024

More Homes Hit the Market

Over the past few years, potential homebuyers have faced a significant challenge: a limited number of homes for sale nationwide. However, according to new data from Realtor.com, those days may be over. Inventory is up now three years in a row.

“We are not back to pre-pandemic 2020 levels,” says Rosemarie Zembryski, Sales Associate at ERA Justin Realty, “But so far in 2024, there have been nearly twice as many homes for sale than there were in early 2022.”

Does This Mean Finding a Home is Easier? 

The simple answer is both yes and no, and it depends upon where you want to live. According to Realtor.com, in February 2024 there were 15% more homes for sale in the U.S. than there were in February 2023. “This uptick could shake up the housing market, particularly here in New Jersey, especially if we keep seeing more and more ‘For Sale’ signs,” says Jennifer Darby Metzger, Broker/Owner at ERA Justin, “This increased inventory is great, but nationwide there is still a shortage and competition remains high.” 

“It’s important to be informed and realistic about the real estate market,” adds Zembryski, “The housing deficit accumulated over the pandemic years. It won’t disappear overnight. But this upward trend is certainly a step in the right direction.”

What Does This Mean for Potential Buyers?

While you may have more homes to choose from than in previous years, don’t expect an abundance of choices. Real estate is inherently local, and an experienced agent can offer invaluable insights into the specific inventory situation in your desired location. This is why it’s so important to partner with a trusted local agent. “We have relationships with other real estate agents across New Jersey and in other states,” says Metzger, “This helps us keep tabs on new inventory and hop on houses for our clients as soon as they hit the market.”

Bottom Line

If you’re contemplating buying a home in the current market, it’s essential to stay informed and prepared. Rosemarie Zembryski or any of the knowledgeable agents at ERA Justin can help you find the home of your dreams, no matter the number of homes on the market. Give us a call at (201) 939-7500.