bidding war – Realtor.com says the long sellers’ market is ending as homes that don’t sell quickly start losing leverage and price. New data show four-week closings can outperform asking price, while listings that drag beyond 18 weeks often sell below it—signaling a shift t
For years, the housing market rewarded sellers who pushed prices hard and waited for buyers to chase them. Now, that rhythm is breaking—fast.
In an analysis published June 11. Realtor.com declared that “the bidding war era is over. ” arguing that sellers for too long had a “free pass” to set prices without the same urgency the market used to demand. Senior economist Joel Berner said the market’s verdict is already showing up in how quickly homes move and how much leverage sellers have once buyers stop panicking.
“Today. an overpriced home doesn’t just sit – it gets stale. loses leverage. and sells for less than it would have if it had been priced right from the start. ” Berner said in the report. He added: “Price it right and buyers come to you,” and “Price it wrong and you’re chasing them. Four weeks in. the market has already delivered its verdict – you’ve either got competing offers or you’re about to cut your price.”.
The report’s comparison uses home sales data alongside Realtor.com listing histories. It found that homes closing at the four-week mark fetch 1.8% more relative to asking price than most homes did during the same period. After 18 weeks, the listings still on the market wind up selling for 1.3% less.
Even with that shift, Berner acknowledged that housing remains unaffordable for far too many Americans. Still, he wrote that buyers now have more leverage than they’ve had in years, and that change shows up clearly in the data.
That reality is landing differently depending on price range. Realtor.com’s analysis found that buyers in the $750,000 to $2 million range may have the most leverage. After seeing a greater number of bidding wars than average during 2022—the height of the pandemic rush—the final sales numbers for homes in those price points land further below asking.
Condominiums are another clear lagging segment. Realtor.com reported that the average single-family home sells for 99.2% of ask, while condos fetch 97.9% on average. Condo list prices are also lower: 6% below March 2022, even as single-family list prices are up 7.5% since then.
The pressure on condos has been partly economic, not just market sentiment. Rising costs tied to ownership—such as HOA dues and homeowners insurance—have weighed on demand. After the deadly collapse of a condo building in Surfside. Florida. many condo buildings moved to shore up financial reserves and guard against increasing risk. steps that can translate into higher common-charge assessments.
On the ground. real estate agent Steve Reese. owner of Sold on Shawnee in metropolitan Oklahoma City. put the shift in practical terms. “Homes that are presented well and priced right will sell,” he said. He also pointed to a lingering challenge for sellers: “there are still agents out there who do a very average job” even as buyers have more options and are “taking their time making the right decision.”.
The basic message from the data and from everyday showings isn’t subtle. A market that once rewarded speed and urgency now punishes mispricing sooner than sellers expect.
As Reese summed it up, “real estate is fiercely local.” The nationwide numbers may be shifting, but what happens next is likely to depend on neighborhoods—especially the ones where timing and pricing have to be right the first time.
US housing market Realtor.com Joel Berner home prices bidding wars buyers leverage mortgage affordability condos HOA dues homeowners insurance Surfside collapse metropolitan Oklahoma City Steve Reese Sold on Shawnee