NEW YORK, NY — A new Realtor.com report says the U.S. housing market is now the most buyer-friendly it has been since at least 2018. The company’s Market Clock shows 70% of markets favor buyers or are moving in that direction, up from 52% a year ago and nearly double the pre-pandemic level of 37%.
Even so, the shift is not uniform. Some places are only starting to move toward buyers, while others may already be past their most favorable stretch. Local conditions can also differ sharply within the same metro area, depending on price point and property type.
That makes the current market harder to read than a simple national label suggests. Realtor.com’s analysis says the broad direction is toward buyers, but the amount of leverage still depends on where and what people are trying to buy.
How Realtor.com Defines a Buyer’s Market
In plain terms, a buyer’s market exists when homes for sale outnumber active buyers. That imbalance gives shoppers more leverage and pushes sellers to compete more directly on price, timing, and terms.
For buyers, that usually means more listings to choose from, more time to compare options, and more room to negotiate. For sellers, it often means having to work harder to make a property stand out.
Realtor.com says the shift typically happens in stages. Inventory rises first, then prices begin to soften, and later homes stay on the market longer as buyers gain more leverage. Eventually, demand can start to return and close that window again.
The company says its Market Clock is designed to capture those phases more clearly than a single metric can on its own. A reading of 6 marks the point of greatest buyer leverage, while 4 or 5 signals momentum turning away from buyers or back toward sellers.
Inventory Is Up, But Not Everywhere
One of the clearest signs of a cooling market is more inventory, and Realtor.com says active listings rose 3.6% from a year earlier in August. Chief economist Danielle Hale said months of supply above six is usually the clearest sign of a buyer’s market.
But the picture is still incomplete. Inventory remains 11.1% below pre-pandemic levels, which means supply has not fully recovered. Some places are still seeing tighter conditions as well. In Jacksonville, Florida, new listings were down almost 17% from a year earlier.
According to the Market Clock, 19 of the 100 largest metro areas are now in buyer territory. None has reached peak buyer power, though. Six are at the 5 o’clock position, which Realtor.com describes as an early buyer’s market, while the rest are at 7 o’clock, a later-stage buyer’s market. Most of those metros are in the South, with Colorado Springs, Colorado, the only Western market in that group.
Homes Are Taking Longer to Sell Across Most Regions
Another sign of softer demand is the amount of time homes spend on the market. In August, the typical listing took 60 days to sell, unchanged from a year earlier. That is still far longer than the 37-day pace seen during the pandemic boom.
Regional trends were mixed. The Midwest saw a one-day increase in days on market compared with a year ago, while the South saw a one-day decline. Among major metros, homes took longer to sell in Boston, Baltimore, and Cincinnati, while the biggest drops came in Jacksonville, San Francisco, and Miami.
Realtor.com says longer market times usually give buyers more breathing room and can force sellers to adjust. Danielle Hale said sellers may need to lower asking prices or accept offers below list price to get a deal done, while buyers gain more time to weigh their options.
Price Cuts and Concessions Show Sellers Are Adjusting
Price reductions remain common, though Realtor.com says they are not quite as widespread as last year. In August, 20.4% of listings had a price cut, which was flat from a year earlier.
That does not automatically mean sellers have regained the upper hand. Instead, it may show that many owners learned from the heavy delistings and price cuts seen in 2025 and are pricing more carefully from the start.
Motivated sellers are also showing up in concessions. Mortgage broker Carlos Scarpero said he saw more sellers offering financial incentives last summer, and that he has closed several 2025 deals with $10,000 or more in concessions. He said that kind of number is higher than what he had seen in previous years.
Those incentives can help close a sale without a formal price cut, especially when sellers want to keep a listing moving in a slower market.
Why the Answer Depends on the Neighborhood and Property Type
Real estate professionals say the biggest mistake buyers can make is treating every market the same. Miami is one example: demand for condos priced below $500,000 has fallen sharply, while single-family homes remain hard to find.
Ana Bozovic, a Miami-based agent and founder of Analytics Miami, has said buyers need to know their segment. The difference between condos and single-family homes can be large enough to change how much negotiating power a buyer really has.
That pattern appears in other markets, too. Realtor.com says national numbers show a stronger buyer-friendly environment than in recent years, but the local reality still depends on price range, inventory, and recent demand trends.
Matt Ryan of Bozeman Real Estate Group said inventory in Bozeman, Montana, has returned to pre-COVID levels, giving buyers more choice and bargaining power. In Kansas City, Missouri, agent Brooke Nelson said showings have slowed, while mortgage branch manager Mason Whitehead said many buyers he works with are getting their offers accepted.
What Buyers and Sellers Should Watch Next
Realtor.com’s message is that the broad market is tilting toward buyers, but that does not mean every deal is easy or every seller is losing. The practical takeaway is to watch the local market closely and compare current conditions with a community’s own history.
Buyers looking for leverage should pay attention to inventory, days on market, and price cuts, but also to the specific neighborhood and property type they want. A cooling condo market may offer more room to negotiate even if nearby single-family homes still draw strong interest.
Sellers, meanwhile, may need to price more realistically, prepare for longer marketing periods, and consider concessions if they want to stay competitive. The report suggests the power balance is changing, but in gradual steps rather than all at once.
That is why Realtor.com’s Market Clock matters most as a local guide. National headlines point in one direction, but the best deal for any buyer or seller still depends on the exact market in front of them.
More on what homes, rents and new builds are doing near you, on RHS Commoner.
