The last few years have been tough for homebuyers, with high home prices and mortgage rates creating a lot of challenges. It’s easy to feel like finding something within your budget is impossible.

But here's the good news: the number of homes for sale has significantly increased, and this includes both previously owned homes and new construction. Let’s dive into these two factors that are making it a bit easier to find the right home.

1. A 22% Increase in Existing Homes for Sale

According to Realtor.com, the number of existing homes for sale has jumped by 22% in 2024. Experts predict that inventory will continue to rise, with an additional 11-15% growth by the end of the year. This means more homes to choose from, giving you a better shot at finding a home that meets your needs. As Ralph McLaughlin, Senior Economist at Realtor.com, points out:

“It’s a great time to get out into the market… you’re going to have more options, which is something buyers haven’t had much of over the past few years.”

2. More Newly Built Homes Available

Data from the Census Bureau and the National Association of Realtors (NAR) shows that about 31.1% of the homes currently on the market are newly built, which is higher than usual. Builders are catching up after years of underbuilding, and the best part is, many of these new homes are more affordable than you might expect.

While new builds are often seen as expensive, recent trends show that new homes could actually be priced similarly, or even lower, than pre-owned homes in some areas. As CNET explains:

“If you live in an area with a lot of new construction, you may be able to buy a new home for a price similar to or even lower than a used one.”

If you’ve been struggling to find a home within your budget, now’s the time to consider new construction. You could be missing out on a large portion of options if you’re not looking at newly built homes.

Bottom Line

More options could be the key to achieving your homebuying goals in 2025. Reach out if you want to see what’s available in our area.

What are you looking for in your next home? Let me know, and I’ll find a list of homes you’ll love!