For the first time in years, house hunters in parts of the country are seeing something they almost forgot existed: options.
According to recent data from Realtor.com and Zillow, active listings are up double digits year over year in a dozen major metros, with some markets seeing 30% or more new homes hitting the market compared to last spring.
The shift isn't happening everywhere, and it's not dramatic enough to call it a crash.
But in places like Austin, Denver, Nashville, Phoenix, and Tampa, buyers who spent 2021 and 2022 losing bidding war after bidding war are suddenly getting second showings — and in some cases, sellers are the ones making concessions.
Mortgage rates hovering in the 6% to 7% range have cooled demand from both buyers and the move-up sellers who didn't want to trade a 3% loan for a 7% one.
At the same time, builders have been finishing homes they started two years ago, and investors who bought during the frenzy are listing properties they can no longer cash-flow.
The result is a market that looks different depending on where you stand.
In the Midwest and Northeast, inventory is still tight enough that well-priced homes move in days.
But in Sun Belt cities that saw the biggest pandemic-era run-ups, the pendulum has swung the other way.
Austin, for example, now has more than four months of supply — a level that traditionally signals a buyer's market.
For anyone thinking about buying this year, the practical playbook looks like this.
First, get pre-approved before you shop, not after — sellers in slower markets are still favoring clean, fast offers.
Second, ask for things you wouldn't have dared request in 2022: closing cost credits, rate buydowns, or repairs the seller previously would have laughed at.
Third, don't assume the list price is the real price.
In higher-inventory metros, homes are increasingly selling below asking.
More housing supply eventually filters into the rental market, but that lag can take a year or more.
In the meantime, rent growth has slowed in most of these same cities, which gives tenants more room to negotiate at renewal — especially if they've been reliable payers.
One caution: inventory rising isn't the same as prices falling everywhere.
In many markets, it just means homes sit on the market for 30 days instead of 10, and sellers accept slightly less than they hoped.
That's a normal, healthy market — not a bust.
Our take: if you've been waiting on the sidelines, this is the first year in a while where the math might actually work in your favor.
Final Thoughts
Do your homework, know your budget ceiling, and don't let a slightly higher rate scare you off a home you can genuinely afford.