For the first time in a long time, the market power shift we’ve all been whispering about is showing up loud and clear in the numbers. The bidding wars? Over. The frantic “offer in 24 hours” rush? Not so much.

According to new data from real estate analytics firm Cotality, more than half of all U.S. homes sold in May closed below their asking price. The typical sale? A full $45,000 under list. That’s right — 56% of deals landed in the “below ask” column.

What This Means for Buyers

This cooling market is giving buyers something they haven’t had much of in years — negotiating power. We’re talking:

• Price reductions

• Closing cost assistance

• Mortgage rate buydowns

In other words, the tools to craft a deal that works for you. But let’s be real — this is only good news for buyers who can actually afford to move right now. Rates are still hovering around 7%, insurance costs are climbing, and affordability is a bigger hurdle than ever.

The Numbers Behind the Shift

Nationally:

• Sales are down 15% year-over-year

• Median list price is holding at $495,000

• Homes are lingering on the market for an average of 58 days — a week longer than last year

• Inventory has topped 1.1 million homes for the third month in a row

Some cities are seeing inventory spike dramatically: Toledo is up 128%, Savannah up 108%, and here in the West, places like Boise are holding steady on prices while listings pile up.

Sellers Aren’t Exactly Rolling Over

Despite the numbers, many sellers are still holding on to pandemic-era price expectations. Delistings in June jumped 48% from last year, as owners decided they’d rather wait than cut.

It’s a bit of a dance — buyers finally have more choice and leverage, but sellers aren’t rushing to meet them halfway. That push-pull dynamic is keeping things… interesting.

The Las Vegas Layer

Here in Vegas, we’ve been seeing similar patterns: longer days on market, more price adjustments, and buyers asking for — and getting — concessions. With our own inventory building and tourism numbers softening this summer, it feels like this buyer’s market moment could stick around a little longer.

But — and it’s a big but — in a city that thrives on reinvention, shifts can happen fast. A change in rates, a jolt to the economy, or an unexpected surge in demand could tighten things again before the year is out.

Your Move: If you’re a buyer, this is the time to get clear on your must-haves and start making offers — smartly. If you’re a seller, pricing strategy is everything right now.

What do you think — is this the start of a sustained buyer’s market, or just a temporary breather? Drop your thoughts in the comments.

Want my free guide on navigating the Las Vegas market in 2025? Whether you’re buying or selling, it’s your insider’s playbook to making your best move. Download it here

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In the meantime, if you're wondering how these changes affect your plans—whether you’re buying, selling, or just trying to time the market—I'm here to talk strategy. Let’s have a conversation that actually makes sense for you.

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