Who Has the Upper Hand in Today’s Housing Market—Buyers or Sellers?

Lately, buyers have been asking, “Can I negotiate the price more now?” while sellers are asking, “Can I still sell for a good price?”

Interestingly, the answer to both questions can be yes.

That’s because the U.S. housing market is no longer moving in one direction nationwide. Some markets favor buyers, others still give sellers strong negotiating power, and many are moving toward a more balanced market.

According to a August 13, 2026, Keeping Current Matters article, one of the most important numbers to look at when determining who has the upper hand is Months’ Supply of Inventory.

Months’ Supply measures how long it would take to sell all the homes currently on the market at the current pace of sales, assuming no new listings came onto the market.

Generally:

• Less than 4 months: Seller’s market

• 4–6 months: Balanced market

• More than 6 months: Buyer’s market

According to National Association of Realtors data, the current U.S. existing-home market has approximately 4.6 months of inventory.

On a national level, that means the market has moved much closer to balance after years of being heavily tilted toward sellers.

But the national average doesn’t tell the whole story

In some markets, increased inventory is giving buyers more opportunities to negotiate:

• Price reductions

• Closing-cost assistance

• Repairs

• Seller credits

Sellers may have a harder time holding firm to their original asking price and may need to adjust based on market response.

But in areas where demand remains strong and inventory is limited, sellers can still have the upper hand. Multiple-offer situations can still happen, and buyers may need to submit competitive pricing and terms to win the home.

A recent analysis based on Redfin data also indicates that more U.S. markets have become buyer-friendly, making the overall market the most favorable for buyers in nearly six years.

That does not, however, mean the entire country has suddenly become a buyer’s market.

Even within the Chicago area, the market can be very different

Chicago and its suburbs vary significantly by neighborhood, school district, price range, and property type.

A well-maintained single-family home in a highly desirable school district may still have limited inventory and attract multiple offers.

Meanwhile, homes in areas with more inventory, properties that need updates, condos and townhomes with high HOA fees, or homes priced above market value may give buyers more room to negotiate.

Even within the same neighborhood, the market can differ by price point. More affordable homes may attract strong competition, while higher-priced properties may sit longer and offer more room for price and terms negotiations.

That’s why relying on headlines like “It’s a buyer’s market” or “It’s still a seller’s market” can be misleading.

What buyers should do

Buyers do have more opportunities than they did in recent years—but that doesn't mean every home can be purchased at a discount.

If a property has been on the market for a while or has already had a price reduction, you may have more room to negotiate:

• Purchase price

• Closing credits

• Repairs

• Seller concessions

But if a desirable home has just hit the market in a high-demand area, you may need to submit a competitive offer from the beginning.

The key is understanding the competition for that specific property, not simply the overall market.

What sellers should do

Sellers can no longer always rely on the strategy of listing high and waiting to see what happens.

When buyers have more choices, accurate pricing, professional photography, staging, necessary repairs, and effective marketing become even more important.

An overpriced home can sit on the market, lose buyer attention, and eventually require multiple price reductions—potentially resulting in a lower final sales price than if it had been priced correctly from the beginning.

However, in areas with strong demand and limited inventory, sellers can still achieve strong prices and favorable terms. The right pricing strategy is what helps create that competition.

The biggest mistake is assuming you know which market you're in

The biggest mistake today isn't assuming buyers have the advantage or assuming sellers do.

It's making a decision without looking at the actual data for the neighborhood and price range where you're buying or selling.

Listing prices, offer strategies, repair and credit negotiations, and closing terms should all reflect the local supply-and-demand conditions.

The Bottom Line

The U.S. housing market is moving from a strongly seller-dominated market toward a more balanced market.

Buyers have more choices and negotiating opportunities than they did in the past, while sellers need to be much more strategic about pricing and preparation.

But ultimately, the real balance of power is determined by local inventory and competition—not the national average.

If you're planning to buy or sell, don't simply wait for the market to “get better.” Start by looking at the current listings, recent sales, and competition in your specific area.

For an analysis of the Chicago and suburban housing market, including pricing and transaction strategy, contact Chicago Bokdeokbang.

ChicagoBDB LLC | Chicago Bokdeokbang

Sang Han | IL Licensed Realtor®

License #475.179051

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