With demand high for homes nationwide, the market has been hard pressed to keep up its supply. In fact, the number of homes for sale is teetering on record-low territory, but some cities are serving up more listings than others. Before making an offer, know what you're up against in your local market.
Where Inventory Is Decreasing
In San Antonio, Texas, the number of homes for sale has dropped 21% year-over-year in July---one of the largest decreases among the 50 most populous U.S. cities. Other cities who followed this trend and experienced significant inventory drops include Baltimore, Maryland which was also down 21%, followed by Frederick, Maryland, Newark, New Jersey, and Chicago, Illinois who all fell 20 percentage points.
Where Inventory Is Increasing
Buyers in some of the country's priciest markets are seeing the opposite trend occur. Housing inventories have increased in the San Francisco metro area by 51% year-over-year in July, after having dropped 2% in February, and San Jose, California's listings rose 7%. On the East Coast, New York saw the second-largest increase in inventory, increasing 13 percentage points. These notable shifts are fueled in part by the increased ability to work remotely, allowing more employees to choose where they want to live, instead of living where their job is located.
When COVID-19 swept across the U.S. in the spring, it cast a wave of uncertainty on the housing market. With jobs and the economy up in the air, many homeowners took their homes off the market, while others are still waiting to see how the pandemic shakes out before listing their home.
For families who are comfortable staying put in their current house, many are looking to invest in home improvements that will add to their quality of life in lieu of moving. These additions include installing pools, outfitting home offices, and enhancing the backyard to accommodate indoor/outdoor living.
The pandemic has made homebuying more competitive in some U.S. markets, while making it more attainable in other large cities. Know what to expect before shopping around and putting in an offer.
Source: Realtor MagazineShare:
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