What's Happening?
The U.S. housing market is experiencing a significant shortage of homes for sale, with inventory levels remaining below pre-pandemic figures. This scarcity has kept home prices high, even as sales have slowed over the past year. As a result, online house
hunting has become an essential tool for prospective buyers. According to a 2021 report by the National Association of Realtors, 97% of homebuyers utilized online websites to search for homes. Recent data from Realtor.com highlights cross-market demand, showing that people from various metropolitan areas, including Los Angeles, New York, and Chicago, are looking to purchase homes in cities like Memphis and Jackson, Tennessee.
Why It's Important?
The ongoing shortage of available homes and the reliance on online platforms for house hunting reflect broader trends in the U.S. real estate market. High home prices and limited inventory can have significant economic implications, affecting affordability and accessibility for potential buyers. This situation may lead to increased competition in certain markets, driving prices even higher and potentially pricing out first-time buyers. The shift towards online searches also underscores the growing importance of digital tools in the real estate industry, influencing how real estate agents and companies market properties and engage with clients.
