Buyers Back in Control as U.S. Market Cools

For the first time in years, American buyers are taking back control. New data shows a sharp reversal in market dynamics: 56% of homes sold in May closed below asking price, with the average discount around $45,000.

The frenzy of 2021–22, when sellers fielded multiple offers within days, is gone. Homes are now sitting on the market for an average of 58 days—a full week longer than this time last year—and patience no longer guarantees a premium result.

Inventory Surge Redefines the Landscape

Supply is driving the change. Nationally, listings are up nearly 25% year-over-year, pushing active inventory past 1 million homes—the highest level since the pandemic boom. Some markets are seeing massive spikes:

• Toledo, Ohio (+128%)

• Savannah, Georgia (+108%)

• Naples, Florida (+58%)

  
  

Naples leads the nation for price corrections, with values down 15% and sales volumes falling 29%.

By contrast, Miami tells a different story. Sales are down 37%, yet median prices are still climbing, up 7% to $580,000. It’s a reminder that not all metros move in unison—lifestyle and global gateway cities continue to defy broader trends.

Sellers Are Stuck on Yesterday’s Prices

Even as buyers gain leverage, many sellers remain unwilling to budge. Delistings jumped 48% in June, signaling that a large share of owners would rather pull their property than meet the market.

That reluctance could extend the cooling period.

As one New York broker told Real Estate Today, “This market isn’t collapsing, but it is shifting. Sellers who adapt quickly win. Those who cling to yesterday’s highs risk chasing the market down.”

What This Means for Professionals

• Buyers: Negotiating power is back. Concessions such as closing cost credits, mortgage buydowns, and flexible settlement terms are increasingly common.

• Sellers: Overpricing is deadly. Homes priced to market still move; unrealistic listings are sitting.

• Agents: Client education is critical. Resetting seller expectations is now the difference between a closed deal and a property that lingers.

  
  

The Market to Watch

With mortgage rates holding close to 7%, affordability remains a pressing issue, even as discounts grow. Redfin reports that in 14 of the 50 largest metros, prices are falling, led by Oakland (–6.8%), West Palm Beach, and Austin.

For real estate professionals, this isn’t a collapse—it’s a recalibration.

And in that recalibration lies opportunity: for buyers to capture value, for sellers willing to meet the market, and for agents who can guide both sides through uncertainty.