According to recent data from Realtor.com, the national housing inventory has grown by 36.6% compared to this time last year. This expansion offers potential buyers significantly more choices than they had just a year ago. With more homes on the market, buyers are also gaining back some negotiation power, which is great news for those who may have felt discouraged by the tight inventory in recent years.
San Diego, like many areas, is experiencing this shift in the market. Although the housing inventory has improved, it’s important to understand that we’re not facing an oversupply of homes. The increase in available properties provides more opportunities for buyers, but it’s still far from pre-pandemic levels. In fact, current inventory is about 29% lower than it was during the more typical years of 2017-2019.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), aptly points out:
“Increased housing supply spells good news for consumers who want to see more properties before making purchasing decisions.”
So, if you’ve been considering buying a home in San Diego but were discouraged by the limited options in the past, this market shift is a positive sign. However, keep in mind that while supply is improving, the market remains competitive, and home prices are not expected to plummet.
How Inventory Growth Impacts Your Neighborhood
Even though housing inventory has risen nearly 37% compared to last year, we’re still not at the levels seen in a balanced market. According to Bill McBride, a housing analyst for Calculated Risk:
“ . . . currently inventory is increasing year-over-year but is still well below pre-pandemic levels.”
Nationwide, it will take time to return to the typical number of homes for sale available. However, there is encouraging news for buyers—some regions are seeing inventory levels approach pre-pandemic norms.
In San Diego, for example, the housing market remains competitive, but certain neighborhoods are beginning to see more listings pop up. This shift can offer more opportunities for buyers to find their ideal home, especially in metro areas like North Park and South Park.
Since real estate conditions vary greatly by location, it’s essential to stay informed about your specific area. If you’re curious about the current inventory in your neighborhood, connect with a local agent. They can provide insights on how your market compares to the national trends and help you spot potential opportunities to buy or sell in San Diego.
Bottom Line on More Homes for Sale in San Diego
The housing market is seeing a noticeable increase in available homes nationwide. For buyers, this means more choices and a greater opportunity to find a home that fits your needs.
In San Diego, where the market can be competitive, this uptick in supply could be just the break you’ve been waiting for. More homes on the market mean a better chance of discovering the perfect fit for your lifestyle and budget.
So, what’s on your wish list for your next home? And what’s your price range? Let’s discuss your options with the McT Real Estate Group and explore the possibilities that San Diego’s current market has to offer.