Nick, & Cindy Davis

Gap Widens

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Home buyers have found fewer homes for sale that are meeting their price expectations. 50 % of all home buyers say they’re trying to find a home priced under $288,000. But that’s 9.1% below-or $27,000 less–than the median list price of on the market homes, a new realtor.com® study finds. “The price difference between what buyers are searching for, closing on, and what’s available on the market demonstrates just how big the gap is for entry-level home buyers,” says Danielle Hale, realtor.com®’s chief economist. “Buying a first home has always been a challenge, but with such a slim number of entry-level homes available, it’s especially difficult now.”

 

Gap Widens Between

Gap Widens Between What Buyers Want, What’s for Sale

 

“The price difference between what buyers are searching for, closing on, and what’s available on the market demonstrates just how big the gap is for entry-level home buyers,” says Danielle Hale, realtor.com®’s chief economist. “Buying a first home has always been a challenge, but with such a slim number of entry-level homes available, it’s especially difficult now.”

The median sales price of homes purchased in April was $267,000, which happens to be about 15% or $48,000 under the price of the inventory currently on the market, as reported by National Association of REALTORS® data.

Realtor.com® researchers estimate that about 94,000 more homes priced between $100,000 to $340,000-or a 15% increase-are required to fulfill the imbalance between what buyers want and what is available. However, it’s homes priced above $750,000 that have seen quite possibly the most increase in inventory lately, as opposed to the lower end of the market, researchers note.

“Entry-level homes continue to be difficult to come by as the inventory composition shifts more and more toward higher-priced homes,” Hale says. “This is causing smaller and more affordable homes to appreciate rapidly, resulting in a mismatch between what buyers are able to spend and what sellers expect to receive.”

Smaller homes (those between 750 to 1,750 square feet) have appreciated 12.1%, or 3.5 times, quicker than mid- to large-sized homes (3,000 to 6,000 square feet), realtor.com®’s analysis finds.

Where Buyers Are Experiencing it Easiest, Most Challenging

Buyers are discovering the smallest imbalance in their search for homes for sale in a number of select markets. For example, realtor.com®’s analysis discovered that the markets where buyers are likely to locate what they need is Buffalo, N.Y., which has a median list price of $194,950, followed by Memphis, Tenn. ($219,950); Baltimore ($329,050); Pittsburgh ($189,950); and Philadelphia ($279,950).

On the flip side, the metros with the largest price imbalances are Cincinnati (which has a median list price of $275,045), followed by Houston ($324,950), Minneapolis ($370,050), Indianapolis ($284,950), and Atlanta ($339,050).

Ready to find your new home here in the Tampa Bay and Surrounding Areas? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you with all your Real Estate Needs. We are always available at 813-300-7116 to answer your questions or you can simply click here and we will be in touch with you shortly.

Need to get started with your mortgage process? You can contact Kyle Edwards with Iberia Bank at 813-495-5131, or simply click here to start your online application.

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