For the first time in years, homebuyers are finding themselves in the driver’s seat.
New housing data shows that more than half of homes sold in May went for less than the asking price, with the typical sale closing about $45,000 under list. Homes are also sitting on the market longer—an average of 58 days—giving buyers more time to shop and negotiate.
Inventory is building in many markets across the country, some seeing triple-digit percentage increases in homes for sale compared to last year. That shift is cooling the frenzy that defined the housing market since just before the pandemic.
“We’ve been in a firm sellers’ market for years,” says Scott Saxton of Just For Buyers Realty. “Many buyers have been sitting on the sidelines, waiting for the right moment. That moment is now—but don’t wait too long. The market could shift again before you know it.”
While interest rates and rising insurance costs still pose challenges for some, today’s buyers are finding opportunities for price reductions, seller-paid closing costs, and even mortgage rate buydowns—concessions that were almost unheard of a couple of years ago.
Experts caution that this window may not last. If mortgage rates drop or demand spikes, sellers could regain their advantage. But for now, the balance has tipped, giving buyers a rare opportunity to make a move on their terms.