Where Have All the Buyers Gone?
If your home has been sitting on the market longer than expected, or you’ve noticed more listings with “price reduced” tags online, you’re not imagining it. Across the country, we’re seeing a noticeable slowdown in buyer activity, and the data backs it up.
According to recent national reports, roughly 20% of homes listed for sale are undergoing price cuts. That’s a clear indicator that buyers are hesitating, and that sellers are having to rethink their expectations.
In Chicago, Price Cuts Are Becoming the Norm
Here in Chicago, sellers are seeing an average price reduction of about 4% before accepting an offer. While that might seem modest on the surface, it reflects a larger shift in how today’s market is moving: homes that might have sparked bidding wars a year or two ago are now sitting longer, attracting fewer showings, and often seeing sparse turnout at open houses.
This doesn’t mean your home won’t sell, but it does mean it’s less likely to sell immediately or for top dollar unless it’s priced, presented, and marketed strategically from day one.
Millennial Buyers Are Hitting Pause
A recent national survey found that nearly half of millennials - a major home-buying demographic - have stepped back from the market entirely, citing high prices and interest rates as the biggest barriers. With affordability stretched thin, many potential buyers are simply waiting it out.
That’s had a ripple effect on inventory and competition: sellers are listing, but the pool of ready buyers has shrunk. That imbalance is creating pressure to lower prices and stay competitive.
What This Means for Sellers
If you’re listing your home now or considering doing so this fall, it’s important to approach the process with clear-eyed expectations. Sellers should be prepared for:
Less foot traffic and fewer showings
Longer days on market, especially if priced aggressively
More selective buyers, often submitting lower offers or asking for concessions
The potential for a price reduction if momentum stalls
Working with a team that understands current market behavior—and how to position your home within it—is key to standing out.
What This Means for Buyers
While this moment might feel uncertain for sellers, buyers could see real opportunity.
Price cuts are becoming more common. Competition has cooled. And in many neighborhoods, sellers are more willing to negotiate. If you’ve been waiting on the sidelines, this market might offer more flexibility, less urgency, and better overall value than what we’ve seen in recent years.
Whether you’re a first-time buyer, a move-up buyer, or an investor looking for your next deal, now might be the time to make your move while others are hesitating.
Bottom Line
The market is in transition. We’re no longer in the ultra-competitive frenzy of 2021—but we’re not in a crash either. Instead, we’re in a space where strategy, timing, and expert guidance matter more than ever.
Thinking of selling this fall? Or wondering if it’s time to start your home search while others are holding back? Let’s talk. We’ll help you navigate today’s market with confidence—whichever side of the transaction you’re on.
