A market condition where buyer demand exceeds the supply of available homes, giving sellers the upper hand. Properties sell quickly, often above asking price and with multiple offers. Buyers face fierce competition and may need to waive conditions, increase deposits, or make pre-emptive offers to win. Typically characterized by an MOI below 4 months and an SNLR above 60%.
Why It Matters
In a seller's market, emotions run high and it's easy to overpay. Buyers need to be strategic, pre-approved, and prepared to act fast. Sellers benefit from strong demand but still need to price correctly -- overpricing in any market is a mistake.
Related Guides
Need Guidance?
Get a second opinion on your real estate situation. No pressure, no obligation.
The RAZZ Report
Market insights and practical advice delivered to your inbox.