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Well, for starters.. let's look at the difference between a Seller's Market & a Buyer's Market.

Buyer's market definition: A buyer's market occurs when the properties for sale outnumber the amount of buyers actually shopping for a home... thus giving buyers the upper hand. In this circumstance, listings/homes will be on the market for awhile (months), before a buyer comes along and when they do, the seller is more inclined to give in to the buyers requests in order to get them to the closing table. (Just think > Buyers market = sellers crying).

Seller's market definition: A seller's market occurs when the buyers outnumber the properties available. This creates huge competition among buyers leading to bidding wars, offers placed on properties unseen and even buyers going over listing price to get the attention of the seller before the property is gone. (Sellers market = Buyers crying).

LOCAL VS. NATIONAL HOUSING MARKET:
As a highly localized industry, real estate has laws & economic statuses that differ state to state as well as wide variations among property values. For example, the housing market in Manhattan functions very differently from the market in Greensboro, NC....which is exactly why it is crucial to pay attention to factors that will make the biggest impact on your real estate deal according to YOUR local housing market.

When looking at the national housing market, you will definitely always see common or underlying trends taking place all over the U.S. as well as commonalities among more popular parts of the country. However, if you are just focussing on understanding relative value of your home, you should focus more on researching your local market. 

>>  Check out this link for more super helpful info on North Carolina's Market Trends!!!  <<