A situation with many higher-priced homes and few buyers is known as?

A situation characterized by many higher-priced homes and few buyers is referred to as a buyer's market. In a buyer's market, the supply of homes exceeds the demand from buyers, giving buyers the upper hand in negotiations. This often leads to lower prices as sellers may need to reduce their asking prices or offer incentives to attract buyers.

In this scenario, the imbalance between high-priced homes and a limited number of interested purchasers exemplifies the dynamics of a buyer's market. It can result from economic conditions where buyers are hesitant due to rising costs, interest rates, or other financial constraints.

Understanding market conditions is essential for real estate professionals, as it directly influences pricing strategies and marketing techniques. The other options describe different market dynamics that do not pertain to the situation presented in the question.