US EditionIs It a Buyer’s or Seller’s Market?
- In late 2023, the U.S. housing market transitioned to a buyer's market as the number of homes for sale surpassed the demand from buyers nationwide.
- This shift came after mortgage rates increased steadily over a couple of years, following a pandemic-driven surge that transformed a balanced housing market into an intensely competitive seller’s market.
- Consequently, housing inventory increased, exemplified by Florida reaching its highest record level this year, while many homes now take over 40 days to sell due to high prices.
- Prices still rose in some areas like Newark, where the median sale price hit $635,000 in April, marking a 12.2% year-over-year increase, though Redfin predicts national prices will fall by year-end.
- As sellers accept they no longer control the market, many offer concessions, and serious buyers with budgets may act now given low competition and worsening affordability.
33 Articles
33 Articles
Is it a buyer’s or seller’s market? | News Channel 3-12
Is it a buyer’s or seller’s market? The U.S. housing market finally favors homebuyers, but few can afford it. The spring buying season is well underway, and it’s a weird one. There are more homes for sale than there have been in years, but few are selling due to high prices. Sellers are realizing they’re no longer in charge, with many offering concessions. It’s a sharp reversal from the pandemic-era boom. Back then, remote work and ultra-low mor…
• Follow the advice of experts to make the most of your investment.
Customers have plenty to choose from. The primary market offers apartments at various stages of construction. Prices are not skyrocketing. Second-hand sellers are willing to make concessions.
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