You may have heard that “the housing market is cooling” — that “buyers now have more leverage.” And in many parts of the U.S., that’s true. But whether it’s really a buyer’s market depends heavily on where you are. Regional differences, local inventory levels, and how quickly supply recovered from pandemic lows are creating a patchwork: some metros are now favoring buyers, while others remain tight seller’s markets.

Here’s a breakdown of why that unevenness exists — and what it means for buyers and sellers right now.

What Changed — And What’s Recovering

• Inventory Is Rebounding — But Unevenly

After years of extremely low supply, the overall U.S. housing stock is finally rising again. National data show:

• By July 2025, the total inventory of existing homes for sale rose by ~36% from late 2024, and months-of-supply increased from just 3.2 to around 4.6–5 months.

• As of mid-2025, roughly 1.36 million homes were actively for sale — the most since November 2019. That marks the broadest buyer-seller balance in years.

That said, “recovery from shortage” does not mean “return to normal everywhere.” Markets vary widely based on local demand, geography, and inventory recovery speed.

• Regional Differences Are Sharp

• Some metros — especially in the South and West — have seen inventory rebound to or even above pre-pandemic levels.

• Meanwhile, in many Northeast and Midwest metros, supply remains constrained: inventories are still well below 2019 norms.

• Home-listing activity has accelerated most in metros like Durham (NC), Las Vegas (NV), Seattle (WA), and several Sun Belt areas — giving buyers more options and stronger negotiation power there.

• Buyer Leverage Is Growing — But Not Everywhere

A recent national review found that as of August 2025, there were about 506,000 more sellers than buyers — giving buyers a measurable edge.
This shift has translated into reality: in many markets, sellers are now offering concessions, closing-cost help, price adjustments, or rate buydowns to attract buyers.

But markets that remain supply-constrained — especially in parts of the Northeast — still favor sellers.

What This Means: Buyer’s Market — Only in Some Places

Based on current data, here’s a rough way to think about how markets are shaping up:

Likely Buyer-Friendly Markets (High Inventory, Loose Demand)

• Cities where inventory has rebounded to pre-COVID levels or higher.

• Regions with slower population growth or fewer job-driven buyers (e.g., parts of the South, Sun Belt, and some West Coast metros).

• In markets where listings linger, price reductions are common, and sellers offer concessions.

Still Seller-Dominant Markets (Low Inventory, High Demand)

• Northeast & Midwest metros where inventory remains far below 2019 levels.

• Towns with good schools, strong local economies, or limited new construction.

• Areas where buyers must compete for a limited supply — often with strong cash or high-rate offers.

In other words, whether it feels like a buyer’s market really depends on where “market” is.

Why the Unevenness?

Several factors explain why some markets recovered faster than others:

• Regional building and construction trends — builders have been more active in some states than others.

• Population shifts — some regions saw out-migration or slower growth, reducing demand pressure.

• Economic conditions & local job markets — stronger job growth tends to keep demand high even as supply rises.

• Historical underbuilding — in many places, decades of underbuilding created structural shortages that don’t even out quickly.

What Buyers & Sellers Should Do, Region by Region

- If You’re a Buyer:

• Check local inventory levels — call local agents or check recent listings. A 5–6 month “months of supply” often signals more buying power.

• Shop wider or more patiently — in tight markets, a broader search radius can pay off.

• Negotiate wisely — in inventory-heavy areas: ask for concessions, repairs, or lower prices.

• Get pre-approved before falling in love — you’ll have stronger negotiating power if you’re ready to move fast.

- If You’re a Seller:

• Price based on recent comps, not the national average. What sold last year may overstate value.

• Stage and market homes aggressively — make your listing stand out even in a more competitive field.

• Be prepared for scrutiny and flexibility — buyers may expect inspections, contingencies, or concessions.

• Use equity wisely — favorable inventory could still allow you to trade up, downsize, or leverage cash-out for investments.

It Really Does Depend Where You Look

The notion of “the market” has never been one-size-fits-all — but in 2025, that truth is clearer than ever.
Some regions are shifting decisively toward buyers, with growing inventory and softening prices. Others are simply still catching up.

The difference between a buyer’s market or seller’s market may now come down not to national headlines — but to your ZIP code.

If you're thinking of buying or selling, you’ll get far better outcomes by focusing on local data, local trends, and local timing than by relying on broad national judgments.

Matt Witte strives to be the best realtor in North Andover, MA.

Any questions about real estate, reach out to Matt Witte, North Andover Realtor, MA