It’s been a long run for sellers. Years, in fact. But this spring, something subtle yet significant is happening. The market’s energy is shifting. Not in a crash. Not in a panic. But in a recalibration that’s already starting to shake things up.
Across the Puget Sound region, listing inventory is rising. The pace of sales is slowing. And while some homes are still moving quickly, they’re no longer pulling in frenzied bidding wars across the board. Instead, buyers are taking their time, weighing their options, and, in many cases, negotiating from a stronger position than we’ve seen in years.
This isn’t just a local phenomenon. Nationally, sellers have begun to outnumber buyers in a meaningful way — a reversal that would have seemed impossible not long ago. According to a recent analysis, the U.S. housing market had nearly 34% more sellers than buyers in April. A year ago, the gap was just 6.5%. Two years ago, buyers outnumbered sellers by 5.3%.
Excluding the early days of the pandemic, the market hasn’t seen this few buyers since records began in 2013. So what’s causing the shift?
Mortgage rates hovering in the 6–7% range have become the new normal, and for many would-be buyers, that changes things. Even without the dramatic price increases, monthly payments remain high. Buyers who remain in the market are more cautious, more selective, and often more willing to ask for repairs, concessions, or simply more time to make a decision.
At the same time, lifestyle-driven moves are replacing speculative ones. Homeowners who locked in 3% rates during the pandemic are staying put unless they absolutely need to move. That’s keeping resale inventory from coming into play.
All of this adds up to our current reality: we’re no longer in the “just list it and wait for the flood of offers” era. Sellers will need to think like marketers, not just homeowners. That means strategic pricing, thoughtful presentation, and being open to the idea that a slower sale isn’t a failed one. Buyers, after all, are still out there. They’re just moving with more intention, and they have more choices.
Inventory still remains well below pre-pandemic levels. And affordability continues to be a major challenge, particularly for first-time buyers. But for the first time in a long time, buyers are no longer at a complete disadvantage — and that evolving balance is quietly changing how deals are made.
This post was based on information found on The Seattle Times and Puget Sound Business Journal.
