There are millions of vacant homes in the U.S. right now.
Today we want to talk about the number of vacant homes in the US and what impact this has on the market. Even though we’re in a desperate housing shortage right now, there are 16 million vacant homes in the U.S. That seems like an astronomical stat considering the state of the market. The states with the highest vacancy rates are Vermont and Maine at 22%. Iowa’s is 10.7%.
There are a variety of reasons why homes are vacant. In the Des Moines market, a significant portion of the homes sold in 2021 were vacant. Often, homes are left unoccupied because the owners purchased a new house before putting their old home on the market. It could also be that the house is in foreclosure, is in a distressed state, or is a vacation home. Perhaps a couple had separate residences and then moved in together, leaving one property vacant.
There’s a lot of hidden inventory out there. With the market as hot as it is, there’s comfort in buying your next home first and then putting your old home on the market. That way, you don’t have to worry about bridging two loans or doing a delicate balancing act.
If you have any questions, don’t hesitate to reach out to us by phone or email. We look forward to hearing from you.