For years, sellers had much of the leverage in the housing market. Buyers often had to move quickly, compete with other offers, and make concessions just to get a home.

Today, the picture is changing. Some markets are becoming more favorable to buyers, others still favor sellers, and many are somewhere in the middle.

That means there’s no single answer to who has the upper hand. Your local market matters most, and knowing where you stand can make a big difference in your strategy.

One of the clearest ways to understand the balance between buyers and sellers is months of housing supply. This measures how long it would take to sell the homes currently available if no new listings came onto the market.

Generally:

Less than 4 months: sellers usually have the advantage.
4 to 6 months: the market is more balanced.
More than 6 months: buyers typically have more negotiating power.

According to the National Association of Realtors, the national supply is currently 4.6 months, putting the overall market in balanced territory.

That’s a meaningful change after years when sellers held much more of the negotiating power.

National numbers provide useful context, but real estate is local. Conditions can vary significantly from one city or neighborhood to another. Redfin data shows that more markets are leaning toward buyers, making this the most buyer-friendly environment seen in nearly six years. But sellers still have an advantage in some areas.

In a buyer-friendly market, buyers may have more room to negotiate price or concessions. In a seller-friendly market, competition can still be strong, and buyers may need to make their strongest offer.

One national trend can create very different experiences depending on where you are.

The biggest mistake buyers and sellers can make right now is assuming they already know who has the advantage. A buyer in one market may be able to negotiate concessions, while another may be competing against multiple offers. Likewise, one seller may need to adjust their price, while another may still benefit from strong demand.

That’s why local market knowledge matters more than ever. Your pricing, offer, negotiations, and overall strategy should be based on what’s actually happening in your area.