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Why Buyers and Sellers Face Very Different Conditions Today

There’s a new divide in housing right now. In some states, buyers are gaining ground. In others, sellers still have the upper hand. It all depends on where you live. Curious what’s happening in your state?

These 3 maps show how the split is playing out across the country. In each one:

  • Darker Shades of Blue = Buyer friendly
  • Lighter Shades of Blue = Seller strong

Inventory Sets the Stage

While the number of homes for sale has improved pretty much across the board, how much growth we’ve seen can look dramatically different based on where you live. And that impacts who has the leverage today.

This map uses data from Realtor.com to break it down:

  • The darker shades of blue show where inventory has risen more than in other areas of the country. Buyers here have more to choose from and should have an easier time finding a home and leveraging their negotiating power.
  • The lighter shades of blue are where inventory is still low. Sellers are more likely to sell quickly and make fewer concessions.

Prices Follow Inventory

The second map tracks how home prices are shifting by state. Just like above, you can see the divide taking shape. Many of the same areas are darker blue. That’s because there’s such a close tie between inventory and prices. When inventory rises, prices moderate.

  • The darker shades of blue are where prices are actually coming down slightly or flattening. Because, with more homes for sale, sellers may have to cut their price or throw in concessions to get a deal done. And that benefits budget-conscious buyers.
  • The lighter shades of blue show areas where prices are still climbing because inventory is low. Sellers may still see buyers competing for homes, and that pushes prices higher.

Time on Market Tells the Same Story

Finally, here’s how quickly homes are selling state by state. See the colors? For the most part, they follow the same general pattern with a lot of the darker blues being in the lower half of the country. And here’s why.

Generally speaking, as inventory grows, homes don’t sell as quickly. That’s why some of the same areas that have more inventory, see homes take more time to sell. 

  • The darker blues show where homes are staying on the market longer. That gives buyers more time and options, and signals sellers may need to adjust their expectations.
  • The lighter blues are where homes are still moving quickly. Sellers there may feel more confident, and buyers may need to act fast.

a map of the united statesThis explains why some sellers in these darker blue states are feeling frustrated when their listings linger, while others in tighter markets (like the lighter blue states) are still seeing their homes sell quickly.

Why an Agent’s Local Expertise Is the Key To Unlocking Today’s Market

Basically, the housing market is experiencing a divide. And conditions are going to vary a lot based on where you live, where you’re moving, and if you’re buying or selling. While the state-level information helps, what really matters is what’s happening in your town and your neighborhood. And only a local agent truly has the information you need.

Bottom Line

Want to know what conditions look like in your neighborhood?

If you want to understand which side of the market you’re on, connect with a local agent. They’ll walk you through the numbers and what they mean for your next move.

Condos Could Be a Win for Today’s Buyers

Not every homebuyer wants the biggest house on the block. Some want something simpler, more affordable, and easier to maintain, especially in a market where every dollar counts. That’s where condos come in.

For first-time buyers, they can be a smart way to get into homeownership without stretching your budget. For downsizers, they offer less space to maintain with the flexibility to stay in a great location.

And right now, condos are one of the most buyer-friendly parts of the market.

Condo Inventory Is Up, And That Means More Choice

According to the National Association of Realtors (NAR), there are 194,000 condos for sale right now. That’s the second highest amount we’ve seen in the last three years (see graph below):

a graph of blue lines with white text

Just remember, this is the national figure. The exact number is going to vary based on where you’re looking to buy. But, generally speaking, you have more options and less competition.

You’re not stuck waiting for something to pop up or rushing into an offer just to beat someone else to it. You’ve got plenty to choose from. And if you’re particular about layout, location, or amenities, this is your chance to be selective.

That’s a big shift from the market frenzy of just a few years ago. Compared to early 2022, we’ve got nearly double the condos available now. That gives you more breathing room to find the right fit.

Prices Are Cooling, and Buyers Hold More Negotiating Power

And since there are more for sale, many sellers are more open to negotiating right now. So, you may be able to get a better price. As Redfin explains:

“. . . condo buyers in many cities may be able to find sellers who are willing to give concessions and/or sell for less than their asking price.”

Condo prices are starting to ease in many markets. According to Intercontinental Exchange (ICE), condo prices dipped 1.3% in June compared to last year. And over half of the top 100 U.S. metros saw condo prices drop slightly year-over-year.

Data from Redfin shows what the recent dip in prices looks like (see graph below):

a graph showing the price of a sales increaseThat doesn’t just help with affordability, it also shifts the power dynamic. Condo buyers in many markets are now in a position to negotiate on price and ask for concessions, like help with closing costs.

Bottom Line

Condos aren’t just a fallback option. In today’s market, they’re one of the most strategic ways to buy. With more options, softening prices, and more room to negotiate, now could be the right time to make your move.

Could a condo check more boxes than you expected? Talk through your options with a local real estate agent and find out.

Why Selling Without an Agent Can Cost You More Than You Think

Cutting out the agent might seem like a smart way to save when you sell your house. But here’s the hard truth.

Last year, homes that sold with an agent went for almost 15% more than those that sold without one.

a graph of sales and salesThat gap is pretty hard to ignore. And with more homes on the market to compete with right now, selling on your own is a mistake that’s going to cost you.

This Isn’t the Market for DIY Selling

A few years ago, you might’ve gotten away with a “For Sale By Owner” (FSBO) sign in your yard, navigating the process on your own. That’s because homes were flying off the market and buyers were pulling out all the stops. But that’s just not the case anymore. With more inventory than we’ve seen in years, we’re not in a “list it and they will come” market anymore. You need professional expertise.

A yard sign and some photos you take on your own won’t cut it.

Right now, the housing market is getting back to what most would consider a more normal balance of buyers and sellers, and that really changes the game. According to Realtor.com, the latest number of listings for sale was the highest it’s been in any month of July since 2019 (see graph below):

a graph of blue bars with white textAnd while inventory growth is going to vary by local market, nationally, this graph shows the number of homes for sale is inching back toward normal.

With more listings available, that means buyers can be more selective. They’ll compare your home to others on price, condition, photos, location, and more. If yours doesn’t stand out, it will get skipped over.

More Inventory = More Competition for You

Selling today requires the latest pricing strategy, expert prep work, professional marketing, and strong negotiation skills. And if you’re not bringing all of that to the table, chances are, you’re going to feel it in your bottom line.

More Homeowners Are Turning To the Pros

That’s why even more home sellers are working with agents today. Data from the National Association of Realtors (NAR) shows a record-low percentage of homeowners sold without an agent last year. And the few sellers who tried to sell on their own realized their mistake pretty quickly.

According to Zillow, 21% of homeowners ended up hiring an agent anyway after struggling to sell on their own.

So, why take the risk? With a local pro, you’ll have:

  • Pricing precision to attract buyers and maximize your return
  • Expert staging and presentation advice to highlight your home’s best features
  • Pro-level marketing, including the best exposure and access to buyer networks you can’t reach on your own
  • Skilled negotiation to evaluate offers and navigate inspections, protecting your bottom line
  • Local market expertise that helps your listing stand out based on what inventory looks like in your area

An agent’s expertise isn’t optional anymore. It’s essential.

Bottom Line

In a market with more listings and pickier buyers, many sellers who try to sell on their own end up working with an agent anyway. So why not start there?

Connect with an agent so you have a pro who knows exactly what it takes to sell your house in today’s market, for the best possible price, without leaving money on the table.

Reach out to an agent if you want a professional assessment on what your house could sell for today.

 

Today’s Tale of Two Housing Markets

Depending on where you live, the housing market could feel red-hot or strangely quiet right now. The truth is, local markets are starting to move in different directions. In some places, buyers are calling the shots. In others, sellers still hold the power. It’s a tale of two markets.

What’s a Buyer’s Market vs. a Seller’s Market?

In a buyer’s market, there are more homes for sale and not as many buyers. That means homes sit longer, buyers have more negotiating power, and prices tend to soften as a result. It’s simple supply and demand.

On the flip side, a seller’s market happens when there aren’t enough homes available for the number of people looking to buy them. Because buyers have to compete with each other to get the house they want, that leads to faster sales, multiple offers, and rising prices.

Right now, both of these scenarios are playing out, depending on where you are. So, how do you know what kind of market you’re in? Lean on a local real estate agent. They’ll explain what’s really happening in your area based on these key drivers.

The Number of Buyers and Sellers by Region

One of the biggest factors impacting each market is the number of active buyers and sellers. According to Redfin, here’s what that looks like by region (see graph below):

a graph of salesToday, the Northeast and Midwest are more likely to be seller’s markets. Buyers still outnumber sellers there, and that keeps things tilted in favor of homeowners. Generally speaking, homes are selling faster and prices are rising in those areas.

But the South and West are leaning more toward buyer’s markets. There are more sellers than buyers, which means more listings to choose from and less competition among buyers.

That’s a major shift from a few years ago when sellers had the advantage almost everywhere. Today, your local conditions matter more than ever – and they can vary even from one neighborhood to the next.

Price Trends Mirror the Buyer/Seller Divide

When inventory and buyer activity shift, so do prices. In places where demand still outpaces supply, like much of the Northeast and Midwest, prices are continuing to climb.

But in parts of the South and West where inventory is up and demand has cooled, prices are softening. And that’s a plus for buyers looking to negotiate in those areas.

Here’s the latest price data from ResiClub to show how this divide is shaking out across the top metros in the country (see graph below):

a graph of different colored linesThis is why it’s the tale of two markets. Roughly half of the top 50 metros are up, and half are relatively flat or down.

That said, don’t panic if you own a home in a market where prices are dipping. Most homeowners have built up significant equity over the past few years, and chances are you have too. So, you’re likely still come out way ahead when you sell.

Why Local Insights Matter

Even in regions that lean more buyer-friendly right now, there will be cities, towns, and even neighborhoods that don’t follow the regional trends. That’s why an agent’s local market expertise is so important. They can help you understand what’s happening all the way down to a zip code level, including:

  • Whether your area is favoring buyers or sellers
  • How to set the right price or craft an offer strategy based on local trends
  • The best way to make your move happen, no matter what’s happening in the market

Bottom Line

In a market where conditions vary this much from place to place, success starts with understanding every aspect of your local area. Connect with a local agent so you’ve got an expert in your corner who knows exactly how to guide you through your market, wherever you are.

Stay informed