Home sales have been more than brisk for the last few years. As interest rates reached historic lows, more first-time homebuyers entered the market. More buyers in the market has meant more competition for the existing home inventory. As per the universal law of supply and demand, it also has meant that housing prices were on the rise. Often prospective buyers found themselves making above-listing offers in hopes of securing a successful bid.

But is that true in the housing market today?

Per data from the Memphis Area Association of Realtors (MAAR), in July 2022 there were 2,839 local active listings. That number marks the highest total of houses available in the local market since September 2020 (2,863). A more important comparison is that the number in July 2022 is an increase of 459 houses more than the number reported in June 2022. 

So what does that mean for potential buyers?

1).  More inventory means buyers have more options to choose from when looking for housing.

2).  Also, more inventory translates to less competition among buyers.

3).  With decreased competition among buyers, housing prices may actually decrease.

Overall, these changes may move the market from being a “seller’s market” to a “buyer’s market” — so NOW is a great time to consider buying.