For a while, the housing market really favored sellers—homes were selling fast, and buyers had to jump through hoops to compete. But lately, things have been changing. Some spots are still red-hot and competitive, but in other areas, homes are sitting on the market a little longer, which means buyers are finally getting some room to breathe.

 

Put simply, it’s like there are two different markets out there—and knowing which one you're dealing with can make a big difference when it’s time to make a move.

 

In a buyer’s market, there are more homes up for grabs than there are people looking to buy. That means houses tend to stay on the market longer, sellers might not get top dollar, and buyers usually have a bit more wiggle room to negotiate.

 

On the flip side, in a seller’s market, there just aren’t enough homes to go around. That means houses sell quickly, sellers often get multiple offers, and prices tend to climb because buyers are doing what they can to come out on top

 

For years, just about every market across the country leaned heavily in favor of sellers, which made things pretty tough—especially for first-time buyers. But that’s starting to change. According to Zillow, the national housing market is beginning to even out (check out the graph below):

 

 

This graph shows an index that tracks whether the national housing market is leaning toward sellers, buyers, or staying pretty neutral. It’s measured on a scale from 0 to 100 each month—the closer it gets to 100, the more the advantage shifts to sellers.

 

The orange bars in the middle of the graph highlight when sellers had the upper hand—mainly between 2020 and early 2022. But over time, things have started to even out. The market has moved from being super seller-friendly to something a bit more balanced. These days, it’s mostly neutral (that’s what the gray bars on the right show), which means buyers are starting to get some of their negotiating power back.

 

In a more balanced or neutral market, homes usually take a bit longer to sell, bidding wars aren’t as common, and sellers might have to offer more—like lowering the price or covering some closing costs. That shift means today’s buyers have more chances and a lot less competition than they did just a couple of years back.

 

Inventory has a big impact on the market. When there are more homes for sale, buyers have more choices—and that helps slow down how fast home prices rise. But as the data from Realtor.com shows, the number of homes for sale isn’t increasing at the same pace everywhere (check out the graph below):

 

 

This graph breaks down how the number of homes for sale has changed—both compared to last year (that’s the blue bars) and to the pre-pandemic years from 2017 to 2019 (the red bars)—across different parts of the country.

The South and West U.S. have seen a big increase in housing inventory over the past year (you can see that with the blue bars on the right). Both regions are nearly back to the levels we saw before the pandemic, which is why we're starting to see more buyer’s markets pop up in those areas.

 
In the Northeast and Midwest, inventory is still way lower than it was before the pandemic (you can see that with the big red bars). Because of that, these areas are likely to stay in seller’s market territory for the time being.

 

Every local market is unique. Even if the national headlines are saying one thing, your town—or even just your neighborhood—could have a completely different situation going on.

 

 

As Zillow says:

 

“Agents are experts on their local markets and can craft buying or selling strategies tailored to local market conditions.”

Agents know the ins and outs of your local market and can help you make the best decisions, whether you're buying or selling. With their expertise, they can guide you no matter how the market’s trending. They understand how to handle different levels of buyer competition, find hidden gems in the area, price your home just right, negotiate based on who has the upper hand, and more.

 

If you're ready to make a move—or even just considering it—let’s chat. That way, you'll have someone on your side to help you understand the local market and come up with a plan that works for you.

Is there anything specific you're curious about when it comes to the market in our area?