VIDEO: Why We Have Low Housing Inventory Across the Country
Housing Inventory Update
February 21, 2022
Do you know why the majority of the country is experiencing a housing inventory shortage? Want to know how we got here?
Well it all started in 2008 when a lot of developers and builders went bankrupt during the recession causing there to be less homes being built year over year. Fast forward to 2020 when there was a major migration from cities to suburbia and all of a sudden we realize we have a housing shortage. Although it took a few years for us to see the effects of 2008, it is clear we've been under building. The shutdown didn't help either. It caused disruption in supply chain, made raw materials scarce and prices shot up everywhere. Since we lost a year of building in 2020 we are still behind on new housing inventory.
I think we will start to see a more balanced market in 2024 but not before.
If you are looking to buy or sell in NYC or Greenwich contact me!
Stephanie Betancourt is a real estate licensee affiliated with William Raveis Real Estate. William Raveis Real Estate is real estate broker and abides by equal housing opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
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