If you’ve considered buying a home over the past few years, you may have faced two significant challenges: rising asking prices and limited inventory.
This summer, both of those trends are beginning to shift in many markets. Buyers are seeing more homes come onto the market, while asking prices have eased from their recent highs. Together, these changes are creating a more balanced environment for those who are ready to begin—or restart—their home search.
Sellers Are Pricing More Strategically
According to Realtor.com, the national median asking price was $430,000 in June—nearly $11,000 lower than it was at the same time last year.
In fact, June marked the eighth consecutive month in which the typical asking price was below the previous year’s level.
While the word “lower” can sometimes sound concerning, this trend does not point to an impending housing market crash. It reflects a market that is adjusting to current conditions.
It’s also important to remember that asking prices are not the same as final sale prices. Today, many sellers are pricing their homes more strategically from the start, rather than listing high and waiting to reduce the price later.
As Realtor.com Chief Economist Danielle Hale explains:
“Sellers are reading market conditions and are pricing accordingly from the start rather than listing high and cutting later, and buyers are taking note and making bids. This is a welcome sign that we are in a functioning market.”
After several years of rapidly rising prices, the market is beginning to settle into a more sustainable rhythm. For buyers, that can mean more opportunities to find a home that fits both their needs and their budget.
More Homes Are Available for Buyers
For buyers who have spent the past few years watching homes go under contract before they could even schedule a showing, there is more encouraging news: inventory is growing.
According to Realtor.com, the number of homes listed for sale in June was the highest for that month in three years.
While inventory has not returned to pre-pandemic levels everywhere, the increase is giving buyers more options than they have had in recent years.
More inventory can provide buyers with:
- More homes to choose from
- More time to consider their options
- Less pressure to make an immediate offer
- A better chance of finding the right home—not simply the one that is available
- More opportunities to negotiate, depending on the property and local market conditions
Of course, every market is different. Here on Maryland’s Eastern Shore, factors such as location, property type, price range, and proximity to the water can all influence inventory and buyer demand. That’s why local market knowledge is so important when navigating your search.
Why This Could Be Encouraging for First-Time Buyers
These trends may be especially encouraging for first-time buyers, particularly those searching in more affordable price ranges.
Zillow Chief Economist Mischa Fisher notes that the lower price tiers are showing some softness in pricing while also experiencing increased listing activity—the first time that has happened since 2022.
For buyers who have felt priced out of the market, this could create a little more flexibility. More inventory and more moderate pricing may provide opportunities that were harder to find just a year or two ago.
That doesn’t mean every home is suddenly a bargain, and it doesn’t mean buyers should make a decision based solely on market headlines. The right time to buy depends on your individual financial situation, lifestyle, and long-term plans.
The Bottom Line
After several years of limited inventory and intense competition, buyers are beginning to see a more balanced housing market in many areas.
If a limited selection or high asking prices caused you to put your home search on hold, this summer may be a good time to take another look at what’s available.
At Benson & Mangold, we understand that buying a home is about more than simply watching national market trends. Our agents bring local knowledge and experience to help buyers understand current conditions, evaluate their options, and find the right opportunity here on Maryland’s Eastern Shore.
Ready to see what’s available? Connect with a Benson & Mangold agent today and let’s get started.
