For anyone trying to buy or sell a home right now, the same question keeps coming up: Who holds the power in today’s market?
After years of sellers calling the shots, the tide is turning. Listings are staying on the market longer. Price cuts are more common. Sellers are offering incentives that would’ve been unthinkable just two years ago.
Still, don’t expect a full reversal. In many places, sellers remain in control, just not with the same leverage they once had.
“We’re in a weird limbo—certain price points favor buyers, others still lean sellers. But make no mistake: Leverage is shifting,” explains Josh Jarboe, principal broker-owner with Re/Max Empire.
So, is it a buyer’s market? Not everywhere, and not for everyone. But the signs are pointing to a more buyer-friendly market. Here’s how to read the market and how to navigate it, whether you’re buying, selling, or just watching and waiting.
What is a buyer’s market?
In the simplest terms, a buyer’s market happens when the number of homes for sale exceeds the number of active buyers. This shift in supply and demand gives buyers more leverage as sellers compete to outshine one another.
That means more choices, more room to negotiate, and often, more time to decide for buyers.
This is a notable contrast from the seller-dominated market that’s defined much of the past decade. Since the aftermath of the 2008 financial crisis, new-home construction lagged far behind demand, and buyers competed fiercely over limited inventory.
But in today’s slowly shifting market, the balance of power is beginning to tilt, even if it hasn’t fully flipped.
Indicators of a buyer’s market
How do you know when the housing market is tipping toward buyers? There are several key signals that buyers and sellers can look to:
High inventory
“The best single indicator for this is months supply,” explains Danielle Hale, chief economist of Realtor.com®. “Typically, months supply above six months is the hallmark of a buyer’s market.”
Nationally, inventory falls just short of that benchmark, but it’s climbing. In May, active listings topped 1 million for the first time since winter 2019, according to Realtor.com data.
“Homebuyers and sellers can also look for other clues that go hand in hand with a buyer-friendly shift,” says Hale.
Slower sales
One of those signs is slower sales.
“In a buyer’s market, sellers can typically expect it to take longer to sell a home, and they may have to reduce their home price—either directly in the listing or by accepting a below-asking-price offer—to ultimately make a sale,” explains Hale.
Listings are sitting longer. Homes now spend a median of 51 days on the market, six days more than a year ago, and in some local markets, median days on the market have already passed pre-pandemic levels.
This is advantageous for buyers: “Buyers can expect that they will not only have more options to choose from, but also have more time to consider their choices,” says Hale.
Price drops
With more competition and slower sales, sellers are starting to cut prices to stay in the game. Nearly 1 in 5 homes had a price reduction in May, the highest share for any May since at least 2016.
Concessions
More motivated sellers can also show up in concessions. Mortgage broker Carlos Scarpero has seen a growing number of sellers offer financial perks to seal the deal.
“Even within cities and price points, trends can vary,” he explains. “I’ve closed several deals in 2025 with $10,000 or more in seller concessions. This is certainly higher than I have seen in years past.”
While these indicators vary by region and price tier, the pattern is becoming clear: Sellers are no longer in complete control, and buyers are starting to regain ground.
Is it a buyer’s market right now?
Not quite, but it’s getting there.
While we’re not in a textbook buyer’s market nationally (inventory is still under the six-month benchmark for balance, and mortgage rates have yet to come back down), conditions are becoming significantly more buyer-friendly than they’ve been in years. The signs are stacking up: more homes on the market, slower sales, more price reductions, and a growing number of seller concessions.
“We’re continuing to see the market shift in favor of buyers,” says Matt Ryan of Bozeman Real Estate Group. “In Bozeman, inventory has finally returned to pre-COVID levels, giving buyers more choices and negotiating power. I expect this trend to continue.”
That buyer-friendliness is showing up at the local level, too.
“It’s definitely been tipping in the direction of buyers lately,” says Brooke Nelson, a ReeceNichols agent in Kansas City, MO. “Showings have really slowed down.”
And in some markets, the shift is already playing out in negotiations.
“Every buyer I’m working with that makes an offer is getting a contract accepted,” notes Mason Whitehead, a branch manager at Churchill Mortgage.
So, is it a buyer’s market?
Technically, no. But it’s a buyer-friendly one, especially for those who are patient, strategic, and ready to negotiate.
Local and regional variations matter most
While national headlines might suggest a buyer’s market is taking hold, the reality on the ground depends heavily on where and what you’re trying to buy. Local trends can diverge sharply from national averages, especially when you factor in price range, property type, and post-pandemic market dynamics.
In some high-demand pockets, homes are still moving quickly, especially if they’re priced right and well-prepared.
“Buyers have the most negotiating power in the condo market,” explains Aaron Buchbinder, a broker with Compass in South Florida. “On the flip side, single-family homes in prime locations are still seeing strong interest and less flexibility.”
That kind of split isn’t unique to Florida. In many metro areas, buyers might find leverage in one segment while still facing competition in others.
While national stats offer a useful snapshot, the real leverage is local. Buyers and sellers alike should compare today’s conditions with their market’s own history, not just the national narrative. What seems like a cooling market in one city might still be red hot in another.
What to do if you’re a buyer
With market conditions starting to tilt in buyers’ favor, now might be the time to act, but strategy still matters. After all, competition hasn’t disappeared entirely. Here’s how to make the most of your position:
Get pre-approved
Even in a cooling market, speed can make or break your offer, especially in competitive neighborhoods or price tiers. A pre-approval letter shows sellers you’re serious and ready to move.
Watch days on the market
Homes that have lingered on the market are increasingly ripe for negotiation.
“Buyers should not be concerned with higher days on market,” says Melissa Bailey, a top agent with the Jason Mitchell Group. “Go see the home that has been listed for 62 days. It could be your home!”
Use contingencies and timing strategically
In a more flexible market, buyers can regain tools they were often forced to waive, like inspection or appraisal contingencies.
“Right now, the biggest advantage is the ability to buy and sell at the same time—sellers are more open to contingent offers and willing to negotiate,” explains Ryan.
Being flexible with closing dates or offering quicker timelines can also help you stand out without raising your offer price.
Stay up to date
Understanding local inventory trends, median days on the market, and pricing patterns can help you recognize when a listing is overreaching and when it’s genuinely a deal.
In today’s market, knowledge is leverage, and a well-informed buyer can often win without overpaying.
What to do if you’re a seller
While the market might be softening, it’s still a solid time to sell if you adjust your approach to today’s more selective buyers. Here’s how to stay competitive and avoid sitting on a stale listing.
Price realistically
Gone are the days of aggressive overpricing and instant bidding wars. Today’s buyers are more cautious and cost-conscious.
“Sellers who were unrealistic in Q1 are adjusting to today’s buyer expectations,” says Darin Tansey, director of luxury sales at Douglas Elliman.
Listing high in hopes of negotiation room could backfire, especially with inventory rising. A well-priced home will attract more attention and better offers upfront.
Prepare your home well
Buyers are still drawn to clean, move-in-ready homes, and the basics still matter. Invest in staging, photography, and curb appeal. A strong first impression can make the difference between a quick offer and weeks of radio silence.
Know your market
In some areas, homes are still moving fast. In others, they’re lingering. The more your agent understands local demand, the more they can guide pricing, marketing, and timing strategies.
Don’t panic
Yes, buyers are gaining leverage, but that doesn’t mean you’re at a disadvantage.
Adjusting to this new reality doesn’t mean giving up value; it means staying nimble. Well-prepared, fairly priced homes are still selling, and in many areas, sellers remain in the driver’s seat, just with a lighter grip on the wheel.
A shift, not a flip
While it might seem like the market is suddenly favoring buyers, the reality is more nuanced.
“We’ve been in a seller’s market pretty consistently since 2016, when months supply averaged 4.4 months across the year. Since then, it’s averaged four or lower, signaling a tough market for buyers. Given the persistence of under-building relative to housing demand over the last decade, it’s not surprising that we have been through a really persistent seller’s market,” says Hale.
After years of seller dominance, conditions are gradually becoming more favorable to buyers. Inventory is up, price cuts are more common, and homes are taking longer to sell. But in many markets, especially in desirable neighborhoods or lower price tiers, sellers still hold meaningful leverage.
“While some are calling this housing market a buyer’s market, I would say that it’s more of a market in transition,” says Hale.
That means that while sellers won’t need to sacrifice all their power, they will need to adjust expectations.
“It is not realistic to expect multiple offers pushing home prices over market value,” says Missy Derr, a real estate adviser with Engel & Völkers in Atlanta. “Buyers finally have more than a fair shake at securing a home.”
Whether you’re buying or selling, this isn’t the time to rely on headlines alone. The national market might be cooling, but the story varies neighborhood to neighborhood. That’s why it’s more important than ever to watch local trends, compare current conditions to pre-pandemic norms, and work with an agent who understands the intricacies of your area.
Allaire Conte, realtor.com