More Homes For Sale are Hitting the Market Across the U.S.

For prospective homebuyers who’ve been waiting for more options, now could be a good time to enter the housing market.

According to the latest RE/MAX National Housing Report, new listings rose 20.9% from February 2024 to March 2024. Market activity increased as well, with closed home sales in March rising 21.6% from February.

The monthly RE/MAX report explores housing trends across the U.S. The March 2024 report surveyed 50 metro areas for a comprehensive look at the country’s current real estate landscape.

“As we move into what is normally the prime homebuying months, the increased inventory should give buyers more options and a better chance at securing a home that fits their needs,” said RE/MAX President Amy Lessinger. “It’s still a seller’s market in many parts of the country, but having a greater volume of available listings is a good step toward a more balanced market.”

For the third month in a row, home prices increased slightly across the country. In March, the median sales price was $415,000, up 1.5% from February. There was also a 5.1% increase in median sales price from the same time last year.

In March, homes were also spending an average of 40 days on the market, which is four days shorter than in February. This 40-day timeframe is the same as it was in March 2023.

What this means for homebuyers

A helpful way to navigate the homebuying process this spring? Working with an experienced – and trusted – real estate professional. They can help with nearly every aspect of the transaction. A few examples:

• Determining wants, needs, and priorities in the home-search process • Finding properties to consider • Helping visualize your life in a new space – or the hidden potential in fixer-uppers • Negotiating with other parties in the deal, coordinating inspections, and additional facets that go into buying a home • Suggesting adjacent service providers, like mortgage lenders and moving companies • Plus so much more!

And that holds true whether you’re buying in a partnership or buying solo.

“Even with mortgage rates no longer at historic lows, homeownership for solo buyers can still offer financial advantages compared to renting. With a fixed-rate mortgage, buyers can secure predictable monthly payments, avoiding potential rental increases,” said Josh Jarboe, Broker/Owner of Louisville, Kentucky-based RE/MAX Empire and Co-Founder of Motto Mortgage A2Z, in a recent RE/MAX News article that explored the growing trend of single female homeownership, and how all solo homebuyers can best navigate their real estate purchases.

“Homeownership also builds equity over time, providing long-term financial stability and potential tax benefits. Overall, despite higher rates, buying a home can still be a financially savvy choice for solo buyers.”

For anyone looking to purchase a house, it can also be helpful to understand local market conditions (in addition to national insights). After all, each locale is unique. For example, according to the RE/MAX report, the median sales price in March spiked in places like Manchester, New Hampshire, and New York City from March 2023, whereas the median sales price in places like San Antonio, Texas, and Burlington, Vermont, decreased in the same time frame.

With a deep understanding for the communities in which they live and work, real estate agents are knowledgeable sources of local housing intel.

Ready to enter the market this spring, either as a homebuyer or seller? Connect with a local RE/MAX agent today.

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