It’s no secret that the warmer months (June, July, and August, specifically) are most popular amongst homebuyers. For starters, buying over summer break means you won’t have to uproot your kids or otherwise disturb their school schedule. It also means a move won’t interfere with any winter holiday plans. And come on, who in their right mind would want to carry heavy boxes up and down a set of icy steps?
And now that spring has sprung, a clearer picture of the warm-weather housing market is starting to emerge. The stats and trends we’re seeing right now will directly influence the real estate market this summer—which is now just a few short weeks away.
So, whether you’re planning to buy immediately or wait until the dog days of summer, you’ll definitely want to be in the know. That’s why we’ve compiled your comprehensive spring housing market report.
Some of the top trends the pros are seeing this spring include:
Let’s take a more in-depth look at each trend and explore what they might mean for spring and summer buyers.
Seasonality: Predictable changes, or trends, that take place over the course of a year. Think of retail sales spiking in the weeks leading up to Christmas and then dropping after the holiday.
When it comes to seasonality in real estate, there tend to be more homebuyers during the warmer months. Then, demand tapers off more and more as the weather gets colder. That’s true in a typical year, at least.
The global COVID-19 pandemic sparked a mad dash for homeownership over the past few years, though. That meant no more predictable on- and off-seasons for real estate. Homebuyers were scooping up homes in record numbers, even in the fall and winter months.
But we’re finally starting to see some normalization. That includes a return to seasonality. It’s looking like 2024 will fit this mold, with a peak in June.
What does this mean for summer? Well, if you’re planning to buy, you may want to be ahead of the curve. Start building your dream homebuying team now, so you can hit the ground running.
It’s safe to say that home prices have climbed quite a bit over the last few years. Unfortunately, we’re still not seeing many price drops. At least, not on a national scale.
The good news is that more huge jumps don’t appear to be on the agenda. Instead, we’re seeing slow, gradual climbs that will probably continue through the end of this year and even into the next.
What does this mean for summer? Well, you might need to explore a less expensive neighborhood you may have initially written off, get creative with financing, or otherwise work closely with an experienced mortgage professional.
Rising prices don’t have to bar you from homeownership. But they are a reality we’ll all need to work around.
Housing inventory is also on the rise this year, which is great news for hopeful buyers.
Housing inventory: The number of properties marked as “active” on the market plus the number of properties that are pending sales.
Higher inventory essentially means more supply or more homes for buyers to scoop up. You’ll enjoy more choices, more opportunities, and more options overall.
Inventory rose a whopping 23.5% year-over-year in March. That means that there were more than 23% more homes on the market in March 2024 than there were in March 2023. It also marked the fifth month of continual increases—up, up, up!
What does this mean for summer? Well, that there’s more supply. If you’re planning to house hunt this summer, you might have more houses to choose from though you might also have more competition. If you lose out on one you liked, don’t worry. There could be plenty of others on the market.
Summer is coming! Are you ready?
Despite ever-increasing home prices, more homes are hitting the market and a more typical homebuying season is back. As a result, a growing number of homebuyers just like you may be coming off the sidelines and hitting the pavement.
If you’re heading into the market this spring or summer, it’s never a bad idea to study up. And, if you’re serious about achieving homeownership before the fall, speaking with an experienced real estate agent and a top-tier mortgage professional might be a must.
Best of luck!