The results we've got so far suggest a very strong showing for the ruling Democratic Party of Korea.
Time for us to break down the numbers as they come in.
Also, look beyond the digits to uncover what these results could mean for the parties and the government.
To help us do that and much more, our political correspondent Kim Min-ji is once again joins us in the Studio.
Thanks for staying with us through the wee hours.
As we just heard from Bo-bin the ballot counting is well underway now.
With some regions having between __ and ___ percent of votes counted so far.
Now, as it's the first nationwide election under the Moon Jae-in administration, the outcome will be seen, somewhat, as a barometer of public sentiment toward the government.
Let's take a closer look at the ballot counting -- now these are the figures as of 11:50 PM:
( CG: / )
We'll have to wait for the exact results
Already though, in some regions, the winner has been determined given the insurmountable lead over rivals.
What's the contrasting atmosphere like in the two main parties.
Well rival parties have set up situation rooms in either their party compounds, or within the National Assembly.
For the ruling party, it's a celebratory mood.
The party's leadership and lawmakers are watching the ballots being counted together on television and are cheering as it shows their candidates in a comfortable lead.
The party's chair Choo Mi-ae held a press conference about two hours ago, thanking voters for showing their support and that they will work harder for peace on the peninsula, and bettering people's lives.
Ruling party candidates in overwhelming lead are also making victory speeches to their respective camps.
But, it's obviously a very different atmosphere over at the Liberty Korea Party.
The party's leadership and lawmakers probably have heavy hearts. as they weren't able to turn things around.
The party had claimed that opinion polls were inaccurate and not to be trusted -- but results so far show, they indeed fall in line.
Hong Joon-pyo, the chair of the party said that he will take responsibility for the results -- so we will have to see if he steps down.
Other minor parties also are very disappointed. With none of them able to win any mayor or governor posts, nor add new parliamentary seats.
Let's look at the big picture.
The implications are huge, in terms of the results could alter the political landscape?
A dozen top posts seem set to be going to the ruling party and almost as many seats in the National Assembly.
Well, if it's a landslide for the ruling party, it also means a devastating loss for the main opposition.
That might lead to some serious political reshuffling -- which could come in the form of a change in party leadership, the formation of a coalition, or defections to other parties, so some parties could change quite a bit from how they look right now.
Such a result would be good for the ruling party in that it will be easier to get President Moon Jae-in's policy agendas rolling across all four corners of the country should his party take up most of the regions.
But some experts also say that it's important to keep a balance between the progressive and conservative bloc, in order to keep the ruling party in check.
But experts say that, the results of the local elections don't necessarily mean that the people are happy with everything the ruling party is doing.
Rather, it's the positive developments on the peninsula regarding North Korea that's made the environment favorable for them and that they will have to work extra hard before the next elections.
At the same time, the main opposition party hasn't been able to position itself very well as an alternative, especially due to its connections with the an impeached former president, and always being critical of the government.
Pundits say the outcome of this year's election will be a good opportunity for it to revamp its image.
Well, I'm afraid that's all the time we have at the moment. Thanks for keeping us updated.