Definition
A market where buyer demand exceeds available inventory, giving sellers pricing power and favorable negotiating terms. In seller's markets, prices rise and homes sell quickly.
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Seller's markets occur when demand exceeds supply, resulting in higher prices and less favorable terms for buyers. In these conditions, multiple offers are common and buyers often make competing bids. Seller's markets are characterized by fast sale times, strong prices, and limited contingencies.
Pro Tip
In a seller's market, get pre-qualified early and be prepared to act quickly when you find the right property.
Example
The hot seller's market had only 2.5 months of inventory and the listing received four offers within 48 hours, all above the asking price.