What type of real estate market occurs when supply is high and demand is low?

A buyer's market occurs when supply exceeds demand for real estate. In such conditions, there are more properties available than there are buyers looking to purchase, which can lead to lower prices and increased negotiation power for buyers. Sellers may need to lower prices or offer incentives to attract buyers, as the choices available to buyers give them leverage in negotiations.

In contrast to a seller's market, where demand outstrips supply and prices typically rise, a buyer's market presents opportunities for individuals looking to purchase homes or investment properties at more favorable terms. Understanding this concept is crucial for real estate professionals as it informs their strategies and advice to clients based on the current market dynamics. The other options reflect different market conditions that do not match the high supply and low demand scenario described in the question.