For several years, the housing market has been defined by heavy buyer competition and low inventory, but this appears to be slowly changing as inventory heads back toward pre-pandemic levels. According to housing market platform Zillow’s June 2024 Market Report, home listings are increasing as buyers withdraw faster than usual from peak shopping season, leading sellers to cut prices to attract those struggling to find homes that are affordable. Inventory also increased by 23% from last year but is still 33% below pre-pandemic levels. More inventory coupled with reduced prices could help attract some buyers, but the current state of the market is continues to deter those seeking affordability.
Well-priced and marketed listings are still selling relatively quickly. But buyers are enjoying a few more days to weigh their choices than they had last summer. Homes sold in June were typically on the market for 15 days before the seller accepted an offer. That’s five days shorter than pre-pandemic norms, the smallest difference since June 2020.
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