Navigating a Changing Housing Market: What You Need To Know Now
Not long ago, it felt like homes were practically selling themselves. Bidding wars, waived inspections, and skyrocketing prices were the norm. Sellers held all the power—and buyers had to move fast and bid high just to compete.
But things are changing.
Today, the real estate landscape looks a little different depending on where you are. In some areas, homes are still moving quickly and commanding top dollar. In others, buyers are getting more breathing room, with more homes on the market and fewer bidding wars.
We’re no longer in a one-size-fits-all market. Instead, it’s a tale of two markets—and understanding which one you’re in can make all the difference.
What’s the Difference Between a Buyer’s Market and a Seller’s Market?
Let’s break it down:
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Buyer’s Market: There are more homes for sale than there are buyers. That means homes sit longer, prices might soften, and buyers have more negotiating power. This is when buyers can often ask for repairs, price reductions, or seller-paid closing costs.
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Seller’s Market: There are more buyers than homes available. This puts sellers in control. Homes sell fast, often with multiple offers, and buyers have to move quickly and may need to offer more than the asking price.
The real estate market typically leans one way or the other—but it can also hit a middle ground.
We’re Entering a More Balanced Market
According to Zillow, the national housing market has gradually shifted from an extreme seller’s market to something more neutral.
From 2020 to early 2022, sellers had the biggest advantage in recent history. But as mortgage rates rose and the frenzy slowed, the market began to even out. Now, in many places, homes are sitting a bit longer, and buyers aren’t facing the same intense competition they once did.
What does a balanced market look like?
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Buyers can take more time to make decisions.
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Sellers may need to be more flexible on price or repairs.
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Bidding wars are less common.
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Both parties have room to negotiate fairly.
This is good news—especially for buyers who were priced out or overwhelmed during the peak of the pandemic market.
Inventory Is Driving the Shift
One of the biggest factors influencing today’s market? Inventory levels—or how many homes are available for sale.
According to Realtor.com, the South and West regions of the U.S. have seen a significant increase in listings. In fact, they’re approaching pre-2020 levels again. That increase in supply is helping balance the market in those areas and giving buyers more options.
But in the Northeast and Midwest, inventory is still tight—well below what we saw before the pandemic. That’s why many of these areas are still considered strong seller’s markets.
So, if you’re wondering why your cousin in Texas can negotiate $10K off a house while your neighbor’s home in Chicago just sold with 5 offers—you now know why.
Why Your Local Market Matters Most
While national data gives us the big picture, real estate is always local.
Two homes, just a few zip codes apart, could experience totally different market dynamics. That’s why understanding your specific local market is crucial—especially if you’re planning to buy or sell soon.
A trusted local real estate agent is your best asset right now. They can help you:
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Understand whether your area is favoring buyers or sellers
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Set realistic expectations for timelines and prices
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Build a smart strategy based on current local trends
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Navigate offers, inspections, negotiations, and more
As Zillow puts it, “Agents are experts on their local markets and can craft buying or selling strategies tailored to local market conditions.”
In other words, the right agent knows how to play the hand you’re dealt—and win.
Bottom Line
Whether you’re thinking about buying your first home, upgrading, or selling to downsize, the market you’re in can shape everything from your price point to your closing timeline.
Don’t rely on national headlines to guide your decisions. Connect with a local real estate agent who can give you a clear picture of your area’s conditions and help you craft a plan that works for you.
Because in today’s shifting housing market, knowledge truly is power.