Is it a buyer’s market or seller’s market right now? My student John asked me that in class last week, and it’s one of the best questions a buyer or seller can ask. You don’t have to guess or trust a national headline. You can check it yourself with one number.
The one number: months of supply
Months of supply answers a simple question: if no new homes came on the market, how long would it take to sell every home that’s for sale today? Here’s the math:
Homes for sale ÷ homes sold last month = months of supply
Think of it like a restaurant. When there’s a line out the door, you take any table they give you. When the dining room is half empty, you ask for the booth by the window. Months of supply tells you how long the line is.
Buyer’s market or seller’s market: the rule of thumb
Here’s the rule of thumb I teach:
- Under 4 months: usually favors sellers. Fewer choices, more competition, less room to negotiate.
- 4 to 6 months: pretty balanced. Well-priced homes sell; overpriced ones sit.
- Over 6 months: usually favors buyers. More choices, more price cuts, more leverage.
It’s a guide, not a law. Price range and neighborhood matter, and a starter townhome and a large move-up home in the same town can live in very different markets.
What our MLS says this week
I pulled the numbers from Doorify MLS on October 25, 2026 (residential, by city):
| City | Active listings | Closed in September | Months of supply |
|---|---|---|---|
| Cary | 426 | 144 | About 3 |
| Raleigh | 2,166 | 477 | About 4.5 |
Using the last 30 days of sales instead gives about the same picture: roughly 3.5 months in Cary and 4.6 in Raleigh. So Cary still leans toward sellers, and Raleigh is pretty balanced. Same Triangle, two different markets.
That’s why “is it a buyer’s market or seller’s market?” doesn’t have one answer for the whole region. It depends on the town, the price range and sometimes the street.
Two more clues to check
Months of supply is the headline. Two other numbers fill in the story:
- Days on market. When homes take longer to sell, buyers have more time to think and more room to negotiate.
- Price cuts. When lots of sellers are reducing, the market is telling them their first price was too high. If you’re selling, my guide on how to price your home to sell in Cary shows how to avoid that.
Buyer’s market or seller’s market: what it means for you
If you’re buying: in a balanced market like Raleigh, you can often ask for repairs or closing-cost help and still be competitive. In a tighter market like Cary, be ready to move quickly on the right house. Either way, know your budget first; my Cary affordability guide is a good place to start.
If you’re selling: a seller-leaning market doesn’t mean any price works. Buyers still compare, and the first two weeks matter most. See the best time to sell in Cary and what it costs to sell.
Find out where your home stands
The citywide number is a start. The number that matters is the one for homes like yours. I’ll pull actual recent sales near you and give you a free broker’s opinion of value from First Flight Realty, not a Zestimate. Thanks to John for the question, and keep them coming.
General information, not legal, tax or lending advice. A broker’s opinion of value is not an appraisal.
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Mike Hall, The Triangle Real Estate Professor, is a broker with First Flight Realty in Cary, NC, and an NCREC-approved real estate instructor.
