What are your market trends right now? Seller's or Buyer's Market?

Question

I am a licensed realtor in PA and Nj and I serve the greater Philadelphia area. For the most part, the market near me is a huge Seller's market. Especially in the suburbs of Philadelphia and Northern NJ. Those markets are just nuts. Every home has an immense level of competition and very likely due to: major zoning restriction, not enough homes for sale, no major developments of new construction (most homes are built before 1990 and way before - in NJ this is more like 1940 and before), MULTI FAMILY market is just ridiculous with month over month appreciation (no major construction of 2-4 units since the mid 80s) and still large population density.

I have been seeing trends across the US (and especailly FL) of a major shift in the market to a Buyer's market besides the NE region. How is your local market? Historically, the NE markets have been more stable and likely due to the factors listed above.

Would love to hear many diverse responses!

I have been seeing trends across the US (and especailly FL) of a major shift in the market to a Buyer's market besides the NE region. How is your local market? Historically, the NE markets have been more stable and likely due to the factors listed above.

Would love to hear many diverse responses!

Becca F. · Answer

I'm not an agent but these are my observations and also from attending open houses and talking to agents. Combination of both.

In San Francisco and anywhere near Silicon Valley (Santa Clara, San Jose, San Mateo), I'd say it's a seller's market for single family homes.

East of San Francisco which has more affordable homes, a nicely done renovation can get multiple offers if it's under a $1 million and in at least a decent school district. I walked a home that was $700k and knew that it would get an offer quickly, sold for $730k. Prices are not anywhere close to the 2018 to spring 2022 prices seller's market days.

Anywhere near the hills and fire zones have become more buyer's markets - very difficult to find insurance or it's very expensive to insure. Some of these are in excellent school districts but now are harder to sell. Especially after the LA fires, I don't think buyers want to buy in fire zones now.

Townhomes and condos are difficult to sell and values have dropped, could probably find deals but the high HOA fees make it unattractive. I think most people would rather keep renting if they can't buy a single family home.

Nick Perret Efferson · Answer

Here in Milwaukee County, we are in a seller's market. SFH are averaging 20 DOM with Sold/List ratio of 101.65%. Two Families are in a seller's market as well, but less competitive at 27 dOM and 99% Sold/List. Multifamilies are 33 DOM and selling at 92% of list price.

There is an up and coming zip code that is currently in a buyer's market. Duplexes, under 200k, C+ to B-, rents $900-1400 for 2- 3bed. Possible BRRRR neighborhood or long term appreciation play.

Alex Broder · Answer

Hey Alan,

Definitely with you on suburbs of PA being a seller's market. I'm an agent in the Philly area as well and counties like Bucks, Montgomery, Chester, Delaware have seen significant home value increases the past year.

Drew Sygit · Answer

Areas that went up the fastest, seem to now be struggling appreciation wise.

Most of the Midwest, which didn't increase as fast as other areas of the country, is doing fairly well.

Megan McClung · Answer

in detroit, our condo resale market is def a buyer's market. we're seeing "price-sticking" in sellers, where they basically are stuck on the prices they paid for their condos in 2020-2022. so these sellers are less willing to cut prices and negotiate with buyers. therefore, our condo resale market has long DOM and has very much slowed as buyers have less buying power. many owners are renting their condos instead of selling rn.

however, on the new construction front (condo or sfh), those go very fast. still a seller's market for new builds. probably due to limited supply, so demand eats up every phase of development when they hit the market.

there's demand for sub-$200k homes (lots of fha buyers), and we see closing costs concessions for buyers added on top of the list price, rather than eating into seller's net. so still a seller's market for that asset class.

and it's a buyer's market for value-add, but i feel like prices were higher in q4 than i was expecting for value add sfh. so for sfh, our prices are still appreciating. we also had our first population growth in 2024 since detroit's bankruptcy, so that is helping sustain demand in our value-add and sfh market.

Kiernan LaFaver · Answer

I'm an agent in Syracuse NY! Definitely a seller's market with residential market. Investment properties, at least with what I'm seeing, tend to sit a little bit longer due to sellers still requesting top dollar for a mid tier product, whether it be SFH or MFH. Alot of this is due to Micron coming, and the 40-50,000 jobs that come with it, in addition to Syraucse being one of the more affordable cities in the country

Alan Asriants · Answer

I guess Syracuse is more affordable than most of NE market but still part of it. Makes sense that it is still a sellers market. Our MF market is nuts. People are getting whatever they are asking for - no inventory

Taoli Zhen · Answer

Hey Alan! I can't agree more, the market in the suburbs Philly is insane. I've been renting a 1b1b at Berwyn right next to KOP for $2150/mo for the past year. I can't stand the rent no more and bought a TH from Lennar in Bridgeport. At the meanwhile am thinking about taking out HELOC for BRRRR. So please let me know if you have those "wholesale" BRRRR opportunities am happy to go through them to see if we can leverage to take on a assignment in a good neighbourhood.

I have a lot going on now even taking on line of credit from my boss (corporate line) to do a new SFH construction in Upper Chichester. While zoning isn't allowed for multi-family there so SFH is the only option. But finding GC for building at a reasonable price/sf is super tough here since most builders are doing those 1M+ custom homes no builder would want to take on entry level home projects. Please hit me up if you have reliable GCs who are willing to take on entry level projects. By any chance you have any ideas on what the potential rent could be for 4b/3b in that area.

On top of all this, my boss is looking for those first level commercial & upper level residential properties. Let me know also if you have any off MLS opportunities!

Thanks a lot.

Alan Asriants · Answer

Interesting, here we have higher competition and super low inventory for Mulit family

Alan Asriants · Answer

Thank you all for sharing from my observation it looks like markets with normal rates of appreciation are still in a sellers market as well as those that don't have insurance challenges. Markets like the NE where you have tougher zoning regulations continue to make it a less affordable market - sellers market

What are your market trends right now? Seller's or Buyer's Market?

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