Buyer’s Market Incoming? What You Need to Know!

September 3, 2024

As we heard toward the Fourth Quarter of 2024, many are wondering, has the housing market shifted in 2024? Let’s take a closer look at what the experts are saying about the national housing market.

According to Lawrence Yun, Chief Economist at the National Association of Realtors, “The housing market is experiencing a gradual shift from a seller’s market to a buyer’s market. Homes are staying on the market a bit longer, and sellers are receiving fewer offers.” This change is becoming more noticeable as we see buyers taking their time and ensuring all contingencies are in place—no more waiving them just to get an offer accepted.

Nationwide, unsold inventory has increased to a four-month supply, up from a three-month supply in the spring. The last time we saw this level of inventory was in Spring 2020, marking the highest supply in over four years. Additionally, properties are now sitting on the market for an average of 22 days, slightly up from 18 days this time last year.

However, it’s important to note that this is still a very slight shift. We’re moving toward a more balanced market where supply and demand are leveling out. Homes that are priced correctly are still moving quickly, while those that aren’t will likely sit longer. As we all know, the real estate market can be unpredictable. If mortgage rates decrease further this year as projected, we could see another shift with increased buyer competition.

Remember, real estate is highly local. What’s happening nationally may not reflect what’s going on in your neighborhood. For a detailed analysis of the current inventory, pricing trends, and mortgage rates in your area of San Luis Obispo County, reach out to me. I’m here to provide you with the insights you need to make informed decisions in this evolving market.