Your market may be a buyers market; it may not. Part of the reason to buy is economic and financial; the other reasons to buy are shelter, freedom of choice, and the fact that home is often the core of our memories and lifestyle. When you own, you can nail a shelf on the wall, paint any color you like, and have a furry friend as a pet (restricted in some condos). When you rent, some of these options are limited.
Your market may present excellent opptys for buyers. Nationwide we seem to be experiencing more buyer markets than seller markets. If there was not a recent run-up in prices in recent years, perhpas you will not see a decrease, either Interest rates remain historically low, and that make buying an attractive option.
Do you anticipate living in the same area for 3,4,5 years or more? Do you anticipate job and income stability?
These are issues to ponder and discuss with a mortgage broker and Realtor in your area.
Best of luck.