The U.S. Housing Market Has Nearly 500,000 More Sellers Than Buyers—the Most on Record.

A recent Redfin article has outlined there are an estimated 1.9 million home sellers in the U.S. housing market and an estimated 1.5 million homebuyers. In other words, there are 33.7% more sellers than buyers (or 490,041 more, to be exact). At no other point in records dating back to 2013 have sellers outnumbered buyers by this large of a number or percentage. A year ago, sellers outnumbered buyers by just 6.5%, and two years ago, buyers outnumbered sellers.

What does this all mean for buyers and sellers?

The takeaway for sellers: Time is not on your side. If you are considering selling, do it sooner rather than later because home prices in your area may fall. If your home is already on the market and has been sitting for over a month, you may want to consider an improvement to your property or a reduction in price.

The takeaway for buyers: Many Americans have already been and will remain priced out of the housing market, even if prices decline. But for those who are still in the game, don’t get discouraged. Your purchasing power will increase if home prices fall, wages rise and mortgage rates remain steady as expected. Homes that would have been out of reach six months ago may come into reach as sellers entertain lower offers and concessions.

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