Definition
A seller's market means inventory is scarce and demand is strong. You can negotiate higher prices, fewer concessions, and quick sales. It's the opposite of a buyer's market.
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In a seller's market, fewer properties are available than buyers want to purchase, giving sellers significant negotiating power. Buyers compete for limited inventory, often bidding above asking prices. Properties sell quickly with minimal concessions. Seller's markets typically feature rising prices as demand outpaces supply. However, even in seller's markets, well-priced properties sell faster and for more than overpriced competition.
Pro Tip
In seller's markets, price confidently but not greedily. Over-pricing even in seller's markets creates challenges.
Example
A market with 2 months of supply, multiple offers above asking price, and homes selling in 10 days or less is a strong seller's market favoring property sellers.