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. Buyers and seller activity dropped in July, as economic worries and historic unaffordability keep many 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 one of the strongest buyer’s markets on record . Following the pandemic-fueled seller’s market in 2021, sellers now outnumber buyers by over 51%—a near-record share. In numeric terms, there are an estimated 1.46 million sellers and 966,000 buyers in the market today. Generally, the greater the seller surplus, the stronger the buyer’s market. However, at the core of the housing market is a historic affordability crisis, making it feel anything but buyer-friendly. Most consumers ...