There’s no doubt today’s housing market is very different than the frenzied one from the past couple of years. In the second half of 2022, there was a dramatic shift in real estate, and it caused many people to make comparisons to the 2008 housing crisis. While there may be a few similarities, when looking at key variables now compared to the last housing cycle, there are significant differences.
In the latest Real Estate Forecast Summit, Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), drew the comparisons below between today’s housing market and the previous cycle:
Looking at the facts, it’s clear: today is very different than the housing market of 15 years ago.
And in today’s market, with inventory rising and less competition from other buyers, there’s opportunity right now. According to David Stevens, former Assistant Secretary of Housing:
“So be advised…this may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long term homeowners should view this market…right now…as a unique buying opportunity.”
Today’s housing market is nothing like the real estate market 15 years ago. If you’re a buyer right now, this may be the chance you’ve been waiting for.
Stay up to date on the latest real estate trends.
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Thanks to recent home price appreciation, homeowners have near record amounts of equity – and you may too
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2 beds | 2 baths | 1,971 sq ft
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Let’s take a look at some historical data to show what’s happened in the housing market during each recession
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Some areas are still super competitive for buyers, while others are seeing more homes sit on the market
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Most homeowners today are in a much stronger equity position, even with rising costs.
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What’s holding you back from taking advantage of this sweet spot?
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There’s a much wider selection of homes for sale, with more fresh listings hitting the market each month.
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Real estate rewards those who get in the market, not those who try to time it perfectly
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Your equity isn’t just a number. It’s a tool.
You’ve got questions and we can’t wait to answer them.