Limited selection in the housing market will impact buyers in more ways than one.Though mortgage rates have fluctuated a bit in January, they're still sitting near record lows, making it
Housing Inventory Hits a Record Low: What It Means for Buyers
Dated: March 31 2021
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Limited selection in the housing market will impact buyers in more ways than one.
Though mortgage rates have fluctuated a bit in January, they're still sitting near record lows, making it an appealing time to buy a home. There's just one problem -- there aren't a whole lot of homes on the market.
As of the end of December, housing inventory stood at just 1.07 million homes for sale on a national level, according to the National Association of Realtors. That's the lowest number of available homes since 1982. It also means housing inventory is sitting at a 1.9-month supply, and that gives sellers a true upper hand, as it takes a four- or five-month supply to create a more equalized housing market.
Why today's buyers might really struggle
Limited housing inventory has a number of implications. First, there's cost. When a commodity, no matter what it is, is in short supply, demand for it tends to rise, thereby increasing its price tag. That's the case for homes today. The median price of a home sold in December was $309,800. That represents a whopping 12.9% increase from the previous year, and it's also the highest December median home price on record.
Jeff Lowery
I am an expert real estate agent with United Real Estate in Lexington, KY and the nearby area, providing home-buyers and sellers with professional, responsive and attentive real estate services. Want ....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program. Real estate listings held by IDX Brokerage firms other than United Real Estate Lexington KY are marked with the Internet Data Exchange logo or the Internet Data Exchange thumbnail logo and detailed information about them includes the name of the listing IDX Brokers. This information is provided exclusively for personal, non-commercial use and may not be used for any purpose other than
REALTOR® Association of Southern Kentucky All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
Heart of Kentucky Association of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
