A sellers' market is a situation in which demand for a particular product or service exceeds its supply, leading to higher prices and greater competition among buyers. In other words, sellers have the upper hand and often set the terms of a transaction. Several synonyms that describe this type of market include a bull market, a strong market, a prosperous market, and a thriving market. Additionally, some may use the terms booming market, hot market, or active market to describe a sellers' market. Regardless of the term used, a sellers' market typically favors those who are selling a product or service rather than those who are buying.