Is today’s housing market better for buyers or sellers?

The answer isn't as simple as it used to be.

In some markets, buyers have more negotiating power. In others, sellers still have the advantage. And in many places, buyers and sellers are finally meeting somewhere in the middle.

That’s because the housing market has become increasingly local.

What’s happening nationally doesn't necessarily tell you what’s happening in your neighborhood.

So before you assume you're in a buyer’s market or a seller’s market, there’s one important number to understand: months of housing supply.

Months of Supply Can Tell You Who Has More Leverage

Months of supply measures how long it would take to sell the homes currently available if no new homes came onto the market, based on the current pace of sales.

It’s one of the clearest ways to understand the balance between buyers and sellers.

Generally:

• Less than 4 months of supply: Sellers typically have more leverage.
• 4 to 6 months: The market is generally considered balanced.
• More than 6 months: Buyers typically have more negotiating power.

According to the National Association of Realtors (NAR), the national housing market is currently around 4.6 months of supply.

That puts the overall market in balanced territory.

Source: National Association of Realtors (NAR)

That’s a meaningful shift from the extreme seller-friendly conditions many buyers experienced over the past several years.

But here's the important part:

A balanced national market doesn't mean every local market is balanced.

The Housing Market Is Becoming a Tale of Two...or Many.... Markets

Look at the differences across metropolitan areas and the picture becomes much more interesting.

Redfin data shows that some markets have a significant number of homes where sellers outnumber buyers, creating more buyer-friendly conditions.

Other markets remain competitive, with sellers still holding more leverage.

And some markets are somewhere in between.

Source: Redfin, June 2026

In fact, the data shows that the housing market is now the most buyer-friendly it has been in nearly six years.

That doesn't mean buyers have the upper hand everywhere.

It means buyers are getting more opportunities in many markets than they've had in recent years.

For buyers, that can mean more time to make a decision, greater negotiating power, and potentially more opportunities to ask for concessions or repairs.

For sellers, it means pricing and preparation matter more than simply putting a home on the market and expecting multiple offers.

Why Your Local Market Matters More Than the National Headlines

This is where things get interesting for homeowners and buyers.

Imagine two completely different scenarios.

In one market, a buyer may be able to negotiate the price, request repairs, or ask the seller to contribute toward closing costs.

In another, buyers may still need to move quickly, submit a strong offer, and compete against multiple buyers.

The seller's experience can be just as different.

One homeowner may need to adjust their price or offer concessions to attract serious buyers.

Another may still be benefiting from strong demand and limited inventory.

Same national housing market. Completely different local experience.

That’s why national headlines can sometimes be misleading.

The housing market isn't one giant market moving in one direction.

It’s a collection of thousands of local markets—and even neighborhoods within the same city can behave differently.

What This Means If You’re Buying a Home

If you're a buyer, today's more balanced conditions may give you something you haven't had much of in recent years:

Options.

You may have more time to evaluate a property instead of feeling pressured to make an offer immediately.

You may also have more room to negotiate depending on the property, its condition, how long it has been on the market, and the level of competition.

But don't assume every home is negotiable simply because the national market has become more balanced.

The best opportunities are often found by understanding which properties are actually sitting longer and where sellers have more flexibility.

What This Means If You’re Selling a Home

For sellers, a more balanced market doesn't mean you can't get a strong price.

It means strategy matters more.

Pricing too aggressively can cause a home to sit on the market.

And once a listing becomes stale, buyers may begin wondering what's wrong with it—even if there's nothing wrong at all.

Today's sellers need to pay close attention to:

• Current neighborhood inventory
• Recent comparable sales
• Buyer demand
• Days on market
• Property condition
• Pricing strategy
• Competing listings
• Potential buyer concessions

In a market that's no longer uniformly seller-friendly, getting these details right can make a meaningful difference.

The Biggest Mistake You Can Make Right Now

The biggest mistake isn't assuming it's a buyer's market.

And it isn't assuming it's still a seller's market.

It's assuming you know which one you're in without looking at the local data.

A buyer in one Los Angeles neighborhood could have considerably more negotiating power than a buyer just a few miles away.

Likewise, one homeowner may need to price strategically to attract buyers, while another may still benefit from strong demand for a particular type of property.

That's why local market knowledge matters so much right now.

If you're buying or selling in Los Angeles County, the question shouldn't simply be:

“Is it a buyer's market or a seller's market?”

The better questions are:

How much inventory is available in my specific area?

How quickly are comparable homes selling?

How much negotiating power do buyers actually have?

And what does the current data suggest I should do next?

Bottom Line

Today's housing market is becoming more balanced nationally, but real estate is local.

Some markets favor buyers.

Some still favor sellers.

And many are somewhere in between.

That creates opportunities on both sides of the transaction, but the right strategy depends on what's happening where you actually want to buy or sell.

If you're thinking about making a move in Los Angeles County, don't rely on a national headline to tell you who has the upper hand.

Look at the local numbers first.

That's where the real story is.