What typically happens to the speed of home sales in a buyer’s market?

In a buyer's market, there is an oversupply of homes for sale compared to the number of interested buyers. This imbalance generally leads to homes remaining on the market for longer periods before they are sold. Buyers have the advantage of choice, which often results in them taking their time to find the right property that meets their needs without feeling rushed. Consequently, sellers may have to lower their asking prices or make concessions to attract buyers, which can further slow down the sales process.

This behavior contrasts with a seller’s market, where demand outstrips supply, typically resulting in faster sales due to increased competition among buyers. Therefore, in a buyer's market, the tendency is for homes to sell more slowly due to these market dynamics.