Today, I want to discuss the age old question — “are we in a buyer’s or seller’s market?” First, we’ll discuss what it really means to be in a buyer’s or seller’s market, and then we’ll look at the latest data from Zillow’s Market Heat Index to help answer this question.

Table of Contents

• Buyer vs. Seller’s Market

• National Housing Market

• What This Means for Utah

• Your Next Steps

• Let's Connect!

Buyer vs. Seller’s Market

Buyer’s market and seller’s market are terms we use to describe who has more power to negotiate things like price and other terms. Often times, we use a metric called “months of supply” to compare current housing inventory levels with current buyer demand. Right now, Utah is sitting at 3.7 months of supply. Meaning, if no more homes were listed starting today, we would completely sell out of homes in Utah within 3.7 months based off current demand.

Looking simply at the months of supply metric would lead us to believe we’re still in a seller’s market, which factually could be true. However, we’re also seeing in many cases builders and seller’s offering large incentives to buyers to help with affordability. To help further demonstrate this, lets take a look at a nationwide report Zillow put together and compare to what’s happening here in Utah.

National Housing Market

The latest data from Zillow's Market Heat Index helps answer this question by giving us a view of where buyers and sellers hold the most negotiating power nationwide. The national housing market currently sits at a rating of 54, placing it in what Zillow considers a "neutral market" - meaning neither buyers nor sellers have a decisive advantage.

Hot Markets (Seller's Advantage):
The Northeast region is showing remarkable strength, with Rochester, NY leading the pack with an astonishing 169 rating, followed by Buffalo (113) and major tech hubs like San Jose (112) and San Francisco (105). These markets strongly favor sellers, who can command premium prices and favorable terms.

Cold Markets (Buyer's Advantage)
On the flip side, several markets are offering significant opportunities for buyers, particularly around the Gulf Coast. Jackson, TN tops the list of buyer-friendly markets with a rating of just 9, followed by Gulfport, MS (18) and several Florida markets including Naples (28) and Panama City (30).

What This Means for Utah

Utah currently has a rating of 61, showing that while we’re certainly not in the same Seller’s market we experienced from 2020-2022, we’re closer to a neutral market, similar to what we experienced in 2018 and 2019. This often means homes are still selling for high prices with multiple offers, but it’s also not uncommon to receive offers from buyers asking for seller credits to go towards their closing costs or buying down interest rates to help with affordability challenges.

Your Next Steps

For Sellers: If you've been considering listing your property, now might be an opportune time before market conditions shift further. Seller’s are still getting plenty of offers on homes that are priced correctly. I would be happy to provide a complimentary market analysis to show you how your property compares in our local market.

For Buyers: While we're not seeing the extreme buyer's advantage that some Gulf Coast regions are experiencing, the more balanced market means better negotiating opportunities than we've seen in recent years. Now can be a great time to buy if you’ve been holding off because of higher interest rates.

Let's Connect!

I'd love to discuss how these market trends specifically affect your real estate goals. Call or text me this week to schedule a quick conversation so we can develop a strategy that takes advantage of current market conditions and help you achieve your goals.

Here to serve,

P.S. Do you know someone who might benefit from this information? Please feel free to forward this newsletter to friends or family who are considering a move in 2025!