The inventory shortage has been a real challenge for buyers. The competition for homes—especially starter homes—has made it difficult for potential buyers to successfully find and purchase property.
But it looks like that’s going to be changing in 2018.
According to a recent Realtor.com article, approximately 653,000 newly built homes will be sold in 2018—an increase of 5.4% over 2017. And many of these new builds are what’s considered “lower-priced offerings,” which experts define as costing less than $350,000. While that’s still higher than the US median home value (which, according to a recent press release from the National Association of Realtors, is $247,800), it’s still significantly lower than many other homes on the market, including the majority of new construction.
With new construction growth, including more affordable options, we can expect to start seeing inventory growth, which will lower competition and make homeownership more attainable for potential buyers.
What does this mean for you? If you’ve been thinking about buying a home, it looks like 2018 is going to be a much more buyer-friendly market than we’ve seen in years.