The past few years have been challenging for homebuyers, especially with higher home prices and mortgage rates. And if you’re trying to buy a home, it’s easy to worry you won’t be able to find something in your budget.
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But here’s what you need to know. The number of homes for sale has grown a whole lot lately and that’s true for both existing (previously lived-in) and newly built homes. Here’s a look at those two bright spots for buyers right now and why they may make it a bit easier to find the home you’re been looking for.
1. There Are 22% More Existing Homes for Sale
Nationally, data from Realtor.com says the number of existing homes for sale improved by an impressive 22% in 2024. In Cape May County, 2024 saw new listings increase by 4.5%. And experts say your pool of options is expected to get even better this year. National forecasts show inventory is projected to grow another 11-15% by the end of this year (see graph below):
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