An excess of demand over supply, leading to abnormally high prices; a market condition favoring the seller
Pay any price you have to. We're in a seller's market right now.
When there is a seller's market for a particular product, there are fewer of the products for sale than people who want to buy them, so buyers have little choice and prices go up. a situation in which there is not much of a particular thing available, such as houses, so prices are high buyer's market