If you’ve been holding off on buying a home, the final weeks of 2024 could be your golden opportunity. After years of skyrocketing prices, dwindling inventory, and relentless mortgage rate hikes, the tide is beginning to turn. For the first time since 2019, buyers are gaining the upper hand in a real estate market that has long favored sellers.

Why 2024’s Housing Market Stands Out

The housing market has been on a wild ride over the past five years. From the pandemic-fueled buying frenzy to a screeching halt caused by rising mortgage rates, buyers have faced limited options and fierce competition. But now, several key factors are making the market more buyer-friendly than it has been in years.

1. Housing Inventory Is Up

One of the most significant indicators of a buyer-friendly market is the availability of homes for sale. As of late 2024, the housing inventory has reached levels not seen since 2019, with 4.3 months of supply, according to the National Association of Realtors®.

“This is the longest stint of four-plus months of supply in five years,” says Hannah Jones, senior economic research analyst at Realtor.com®.

And while slower sales activity is partially responsible for this increase, new listings are also up by 4.9% year-over-year, giving buyers fresh options to explore.

2. More Choices, Fewer Compromises

A growing housing supply shifts the power dynamic in favor of buyers. For years, limited inventory forced many to settle for homes that didn’t meet their needs—or to bid far above the asking price just to compete.

“Those days are over,” says Bruce Ailion, a real estate professional and attorney with Re/Max Town & Country in Atlanta.

More homes on the market mean more opportunities to find the right property. Buyers can take their time, prioritize their wish lists, and even negotiate favorable terms.

Mike Wall, CEO of eXp Realty/EZ Sell Homebuyers, recently helped a family secure a home that ticked every box on their wishlist—including a large backyard, a home office, and a finished basement—all without exceeding their budget.

3. Price Reductions Are on the Rise

Increased inventory has put pressure on sellers to make their properties stand out. As a result, price cuts are becoming more common.

The median home price in October 2024 fell to $424,950, and 18.6% of homes on the market saw price reductions, according to Realtor.com senior economist Ralph McLaughlin.

Buyers now have the leverage to negotiate not just on price but also on other costs. Sellers are increasingly open to covering closing costs, providing credits for repairs or upgrades, and even agreeing to rent-back arrangements for buyers who need more time to move.

4. More Time to Make Decisions

Gone are the days of rushed offers and bidding wars. Homes are spending an average of 58 days on the market, marking the slowest seasonal market since 2019.

Andrew Fortune, a Colorado-based broker, shares the story of a buyer who was able to revisit a home multiple times, bring in a contractor to assess upgrades, and negotiate repairs—all without losing the property to another bidder.

The Market Is Shifting Toward Balance

While we’re not officially in a “buyer’s market” yet, the current conditions reflect a balanced environment where buyers have more negotiating power than they’ve had in years. If inventory continues to build and seller activity outpaces buyer demand, we could see the market tip even further in favor of buyers by 2025.

Why Act Now?

If you’re a homebuyer, the stars are aligning to make this one of the best times to buy in recent memory. With more inventory, lower prices, and fewer rushed decisions, you can find the right home on your terms.

What’s your take on the current market? Are you ready to make a move? Share your thoughts and experiences in the comments—we’d love to hear from you!