It’s not always obvious when a housing market has tipped toward buyers, but a new report from Realtor.com® suggests that it's the most buyer-friendly market that it's been since at least 2018.
Across the country, 70% of markets favor buyers or are trending in that direction, according to the latest Market Clock Report—up sharply from 52% at the same time last year and nearly double the pre-pandemic share of 37%.
But calling this a buyer’s market comes with an important caveat: The shift is happening in degrees. Some markets are only beginning to tilt toward buyers, while others may already be moving past their most buyer-friendly point. And even within the same city, buyers can have tremendous leverage in one corner of the market and almost none in another.
That makes knowing what a buyer’s market actually looks like—and which signals show that one is taking shape—especially important right now.
What does a buyer's market mean?
In the simplest terms, a buyer’s market is when the number of homes for sale exceeds the number of active buyers. This shift in supply and demand gives buyers more leverage as sellers compete to outshine one another.
That means more choices, more room to negotiate, and often, more time to decide for buyers.
It's a notable contrast from the seller-dominated market that’s defined much of the last decade. Since the aftermath of the 2008 financial crisis, new-home construction lagged far behind demand, and buyers competed fiercely over limited inventory.
Even when conditions begin shifting in buyers’ favor, the change is not always immediate or obvious. Instead, it unfolds in phases.
First, inventory rises and sellers start lowering prices. At the peak, homes linger on the market and buyers have maximum leverage. And in the late stage, buyers still have the upper hand, but that window begins to close as demand starts to return.
Indicators of a buyer’s market
It's those cycles that the new Market Clock from Realtor.com helps capture. When the clock reaches 6, buyers have the most leverage, while a reading of 4 or 5 signals shifting momentum away from buyers or toward sellers, respectively.
And while housing data offers plenty of signals—like those explained below—what matters most is how those indicators come together. The Market Clock synthesizes those shifts into a clearer, more intuitive view of where local market conditions stand and where they may be heading.
High inventory
"The best single indicator for this is months' supply," explains Danielle Hale, chief economist at Realtor.com. "Typically, months' supply above six months is the hallmark of a buyer's market."
To her point, active listings have climbed 3.6% compared to a year ago, according to the August Monthly Housing Report from Realtor.com. That helps give buyers more options, which generally give them more power.
And yet, it's not that simple—inventory is still down 11.1% compared to pre-pandemic levels. And in some markets, inventory actually fell. In Jacksonville, FL, new listings were down almost 17% compared to a year prior.
That's part of the complication the Market Clock helps address. Its latest reading shows that while 19 of the 100 largest metros are in buyers' territory, none has reached peak buyer power.
Instead, six sit at the 5 o’clock position, signaling an early buyer’s market, while the rest have moved to 7 o’clock, indicating a later-stage buyer’s market. Nearly all are in the South, with Colorado Springs, CO—the lone Western market—bucking the trend.
Slower sales
Homes are taking longer to sell across nearly every region. In August, the typical listing spent 60 days on the market—unchanged from a year ago.
At the regional level, the Midwest saw a modest increase of one day on market compared with a year ago, while the South saw a one-day decline. Among major metros, homes took notably longer to sell in Boston (+6 days), Baltimore (+5), and Cincinnati (+5), while the biggest declines came in Jacksonville (-9 days), San Francisco (-7), and Miami (-5).
While largely unchanged from a year ago, days on market has almost doubled from the pandemic fervor when it dropped to just 37 days. That's good news for buyers.
"In a buyer's market, sellers can typically expect it to take longer to sell a home, and they may have to reduce their home price—either directly in the listing or by accepting a below-asking-price offer—to ultimately make a sale," Hale explains.
This is advantageous for buyers, Hale notes.
"Buyers can expect that they will not only have more options to choose from, but also have more time to consider their choices," she says.
Price drops
Price cuts remain common across the country, but less common than a year ago, according to data from Realtor.com. Nationally, 20.4% of listings had a price cut in August, which is flat from a year ago.
That doesn't necessarily mean sellers suddenly have more power. Instead, it may reflect that many sellers learned from 2025's "cruel summer" of delistings and price cuts, and they've adjusted by pricing more realistically from the start.
Concessions
More motivated sellers can also show up in concessions. Mortgage broker Carlos Scarpero saw a growing number of sellers offer financial perks to seal the deal last summer.
“Even within cities and price points, trends can vary,” he explains. “I’ve closed several deals in 2025 with $10,000 or more in seller concessions. This is certainly higher than I have seen in years past.”
Is it a buyer’s market right now?
It depends on where you are.
While buyers may have more leverage in many cities, real estate experts warn that it won't be felt evenly across all segments of the market. Miami is a strong example.
While demand for condos priced below $500,000 has plummeted, single-family homes remain nearly impossible to find. On the off chance one hits the market, you're likely to get burned treating it like a condo.
In other words, "know your segment," Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, told Realtor.com earlier this month.
The same can be said of the national housing market, which is in perfect balance right now. That means more buyer-friendly conditions than there have been in years.
“We’re continuing to see the market shift in favor of buyers,” says Matt Ryan of Bozeman Real Estate Group. “In Bozeman, MT, inventory has finally returned to pre-COVID levels, giving buyers more choices and negotiating power. I expect this trend to continue.”
That buyer-friendliness is showing up at the local level, too.
“It’s definitely been tipping in the direction of buyers lately,” says Brooke Nelson, a ReeceNichols agent in Kansas City, MO. “Showings have really slowed down.”
And in some markets, the shift is already playing out in negotiations.
“Every buyer I’m working with that makes an offer is getting a contract accepted,” notes Mason Whitehead, a branch manager at Churchill Mortgage.
Local and regional variations matter most
While national headlines might suggest a buyer’s market is taking hold, the reality on the ground depends heavily on where and what you’re trying to buy. Local trends can diverge sharply from national averages, especially when you factor in price range, property type, and post-pandemic market dynamics.
In some high-demand pockets, homes are still moving quickly, especially if they’re priced right and well-prepared.
“Buyers have the most negotiating power in the condo market,” explains Aaron Buchbinder, a broker with Compass in South Florida. “On the flip side, single-family homes in prime locations are still seeing strong interest and less flexibility.”
That kind of split isn’t unique to Florida. In many metro areas, buyers might find leverage in one segment while still facing competition in others.
While national stats offer a useful snapshot, the real leverage is local. Buyers and sellers alike should compare today’s conditions with their market’s own history, not just the national narrative. What seems like a cooling market in one city might still be red-hot in another.
