Is It a Buyer’s or Seller’s Market?

Key takeaways It’s a buyer’s market in a majority of U.S. housing markets, meaning homebuyers have the upper hand. Sellers came back in August, but buyers held off as economic worries and historic unaffordability kept them on the sidelines. The Sun Belt is home to the strongest buyer’s markets; the Midwest, Northeast, and Bay Area are home to the remaining seller’s markets. Housing markets vary widely, so take into account local market dynamics and talk with an agent to get the full picture. The U.S. is in the strongest buyer’s market on record. Following the pandemic-fueled seller’s market in 2021, sellers now outnumber buyers by nearly 58% – a historic share. In numeric terms, there are an estimated 1.53 million sellers and 972,000 buyers in the market today. Generally, the greater the seller surplus, the stronger the buyer’s market and the more leverage they have. However, at the core of the housing market is a historic affordability crisis, making conditions feel anything but buyer-friendly. Most consumers are holding off, giving those who can afford to buy more leverage. At the same time, more sellers are choosing to list as they adjust to the slower market, widening the gap a...