🏡 Is This a Buyer’s Market? Not Quite — It’s a Transitional Market

One of the most common questions people are asking right now:“Is this a buyer’s market?”

After several years of a seller-dominated market, signs are starting to emerge that the scales are slowly tipping toward buyers.But it’s still too early to call this a true buyer’s market.Instead, we’re in a period of transition — where subtle shifts matter and strategy is everything.

🧭 What Is a Buyer’s Market — and Where Are We Now?

A buyer’s market happens when inventory exceeds demand — meaning buyers have more leverage, more options, and more room to negotiate.Sellers, in turn, may need to lower prices or offer incentives to close a deal.

Since the 2008 financial crisis, housing supply has struggled to keep up with demand, resulting in a prolonged seller’s market.But today, that tide is slowly turning:

• Inventory is increasing

• Homes are sitting longer on the market

• Price reductions and seller incentives are becoming more common

📈 Signals That the Market Is Shifting

1. Inventory is risingAs of May 2024, Realtor.com reports that U.S. active listings surpassed 1 million for the first time in years —a sign that we’re returning to pre-pandemic levels.

2. Homes are taking longer to sellThe average days on market is now 51 days, up 6 days from last year, and even higher in some regions.

3. More listings are cutting pricesIn May 2024, 19.1% of all listings had price reductions — the highest share for a May since 2016.

4. Seller incentives are risingFrom covering closing costs and repair credits to offering $10,000+ incentives, sellers are getting creative to attract offers.

⚖️ What Does This Mean? It’s a Transitional Market

While we’re seeing buyer-friendly trends, this isn’t a full-blown buyer’s market yet.Inventory still hasn’t reached the 6-month supply benchmark considered "balanced,"and mortgage rates are still posing affordability challenges.

That said:

• Buyers now have more room to negotiate and use contingencies

• Sellers need to adjust expectations and stay flexible to stay competitive

🧠 If You’re a Buyer: What to Do Now

✅ Get pre-approved→ In competitive areas, quick action still matters

✅ Watch properties with longer Days on Market→ These homes may have more room for negotiation

✅ Use contingencies wisely→ You can now include inspection and appraisal contingencies more often than before

✅ Rely on local data→ Conditions vary dramatically by neighborhood — don’t rely only on national averages

🏠 If You’re a Seller: How to Stay Competitive

✅ Price realistically→ Overpricing turns off buyers fast in this market

✅ Make your home move-in ready→ Clean, updated, and staged homes still move quickly

✅ Understand your local market→ Are homes in your area selling fast or sitting?

✅ Stay calm and be strategic→ Well-prepared listings still sell — and flexibility in negotiations goes a long way

✅ In Summary

Today’s real estate market is not a buyer’s market —but it’s no longer the pure seller’s market we saw in recent years either.

Instead, we’re entering a period of adjustment,where balance is returning and both buyers and sellers need to be informed, flexible, and well-prepared.

Above all, don’t rely on national headlines.The most important insights come from understanding your local market.

📞 Navigating a transitional market? Let’s talk.Call Hansang Chul of Chicago Bokdeokbang at 773-717-2227 or email ChicagoBDB@gmail.com