Are There Actually More Homes for Sale Right Now?




If you’re looking to make a move, you want to be sure you have the latest information on the housing market. To help make that possible, here’s an update on the supply of homes for sale today. Whether you’re looking to buy or sell, the number of homes available in your local market matters to you. Take a look below.  

What’s the Truth About Today’s Housing Inventory?

While the story for the past few years has been how few homes are on the market, recent national data may leave you feeling a bit confused. That’s because Realtor.com shows inventory is actually growing a bit month-over-month in many parts of the country (see the blue states in the map below):

 

As the map shows, nationally, housing supply increased just over 5% last month.

Does That Mean the Days of Limited Inventory Are Over?

That might make you wonder: are the days of tight housing supply behind us? The short answer is no. Context is important. While you may see headlines saying inventory is up, data also shows there are still significantly fewer homes for sale than there would usually be in a more normal market.

The graph below compares the latest active listing counts (homes currently available for sale) with the most recent normal years in the housing market (2017-2019):

 

As Lance Lambert, Founder, ResiClub Analyticsexplains:

Housing market inventory is so far below pre-pandemic levels that October's big jump is still just a drop in the bucket.”

What does that mean for you? Remember, real estate is hyper-local. Partnering with Realtor John Foster, a trusted real estate agent, will help you gain a better understanding of the inventory situation in your specific market.

Number of Homes for sale in Atlanta is growing.

The number of homes for sale in Atlanta is up this year compared to the same month last year and the year before.  The 6.1% increase is a good start and Atlanta needs considerably more homes for sale to get back to a "healthier market".  It is still a strong sellers market.  

  Number of homes for sale in Atlanta in October 2023 compared to 2022 & 2021

My thought is once there are more homes for sale Sellers will begin listing their homes once they know they can find a place to buy.  Over the past 5 years, here are the number of homes for sale in Atlanta.  This graph shows we have bounced off what appears to be the lowest inventory numbers and the number of homes for sale in Atlanta continues to grow.  

Homes for sale in Atlanta Ga by Month

In Metro Atlanta the months supply of homes at the end of October was about 2.8 months supply of homes for sale.  A healthy market has about a 6 month supply of homes so our number of homes for sale can double and we would still have an excellent market.

Number of Homes for sale in Alpharetta, Cumming, Milton & Suwanee is shrinking.

The number of homes for sale in North Atlanta, including Alpharetta, Cumming, Milton & Suwanee Ga, are down in the past year (October to October).  This continues to restrict the number of homes sold.  There needs to be more inventory on the market before the number of sales rises. 

Number of homes for sale in Alpharetta, Cumming, Milton & Suwanee Ga

The graph below show the number of homes for sale in North Atlanta since January 2018.  I will tell you 2018 was a great year in real estate and I thought in 2018 we had a shortage of inventory.  Today we are still way down.  

Homes for sale since  2018 for Alpharetta, Cumming, Milton & Suwanee Ga

 

If you’re looking to buy, you may have slightly more or less options than you did in recent months depending on what part of Atlanta you are looking in.  You need to brace for low inventory in some areas.  I would like to share my expertise and key strategies that have helped other buyers navigate today’s ongoing low housing supply.  Click here to search for homes for sale.Buyers are still buying homes - todays closing

And, if you’re trying to sell, rest assured you haven’t missed your window of opportunity to potentially get multiple offers or see your house sell quickly. While inventory has ticked up some nationally, overall, it’s still low and may be down even more in your area. 

Bottom Line

Atlanta is still a strong sellers market so if you are considering selling your home the best time to sell is when there is no competition.  If you’re looking to buy more homes are coming on the market.  Let’s connect so you can make sure you’re up to date on all the latest trends that could impact your move, including today’s housing supply. Call or text or email me - 770 722-7010 or John.Foster@kw.com