Even though there are more homes for sale than at this time last year, the demand remains high, and inventory is still tight. For sellers in Ohio, this means that today’s market can give your home the attention it deserves—especially if it’s been on the market for a while. With buyers actively looking and not enough homes available, your property could be the one they’re waiting for.
In today’s market, understanding why this shortage persists can make all the difference when you’re ready to sell.
What’s Driving the Housing Shortage?
Underproduction of Homes
For years, home construction hasn’t kept up with the growth in households. According to industry insights, while 1.4 million homes were built in 2022, the U.S. added 1.8 million households. The gap between demand and supply has only grown, especially here in Ohio, where demand for homes continues to rise as more people move in, forming new households faster than new homes can be built. This imbalance makes today’s market a seller’s advantage.
Rising Costs and Supply Chain Challenges
Rising building costs and supply chain issues that intensified during the pandemic have slowed new home construction. High material prices, labor shortages, and logistical delays have made it more difficult for builders to keep up, meaning fewer homes are being added to the market. Ohio homebuyers are feeling this impact as new construction remains limited, making existing homes even more desirable.
Regional Imbalances in Demand
Some areas are seeing more demand than others, especially Ohio cities with job growth and desirable amenities. However, the number of new building permits often lags behind the pace of this growth. This regional disparity means that the most popular areas remain tightly competitive, with many buyers vying for the same properties.
How Big Is the Housing Shortage?
The U.S. is estimated to be short by about 3.3 million homes. Experts predict that over the next decade, the country will need nearly 18 million new homes to meet future demand. In Ohio, this shortage offers a unique selling point for homeowners who are ready to list. With not enough homes to meet current or projected demand, today’s market creates an opportunity for sellers to shine.
Why This Market Is a Win for Sellers
For those thinking about selling, this shortage can work in your favor. Fewer homes mean that buyers have limited choices, and they’re willing to act quickly on the right property. If your home has been on the market for a while, know that the extended inventory gap will continue to bring motivated buyers to your door, often competing with each other and putting upward pressure on prices.
What Buyers Are Facing in Today’s Market
In today’s market, buyers face unique challenges due to the lack of inventory. With limited options, buyers are often competing for the same properties, which can lead to quicker offers, higher prices, and an urgency to act fast. For homeowners looking to sell, this competitive environment can result in higher offers and more favorable terms.
How Sell for 1 Percent Realtors Can Help You Sell in Today’s Market
As a seller, you want an experienced real estate agent who understands local trends, pricing, and how to best showcase your home. At Sell for 1 Percent Realtors, we’re a full-service brokerage that leverages today’s technology to save you thousands of dollars by selling your home for just 1% commission. With our expert knowledge of the Ohio market, we help you take advantage of today’s market, giving your home the competitive edge it deserves.
Bottom Line
Even though there are more homes for sale than there were last year, the market is still in your favor. With a shortage of homes, demand is high, and buyers are ready. If you’re considering a move, call Sell for 1 Percent Realtors today. We’ll help you make the most of today’s market, saving you money and ensuring a successful sale.
