In layman’s terms, a ‘buyers market’ is when the housing market favors buyers. However, there is a bit more to it than that. A buyer's market is one in which there are more sellers and homes for sale than buyers. Since supply is greater than demand, homes will be lower priced, making them more attractive to buyers. A ‘buyers market’ tends to occur when houses take more than six months to sell.
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Inventory is high as compared to previous months / years.
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There is More than six months of inventory is on the market.
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Comparable sale prices are higher than active listing prices.
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Fewer buyers are purchasing, resulting in lower closed sale numbers.
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Median sales prices is dropping.
