The inventory shortage has been a real challenge for buyers. The competition for 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 article written by Realtor.com, approximately 650,000 new construction homes will be sold in 2018—this will be an increase of 5.4% from 2017 numbers. Many of these new builds are what are 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 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.