The tide could be turning for America’s housing market, as Redfin has revealed that there were 37 percent more home sellers than buyers in November.
Typically, a market with more than 10 percent more sellers than buyers is considered a buyer’s market. According to Redfin, the country has been experiencing a buyer’s market since May 2024.
Although a buyer’s market usually provides more leverage for home seekers to negotiate, the report also states that because of elevated prices nationwide, many potential buyers have still been priced out of several markets.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” Redfin senior economist Asad Khan said in the report.
“But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
Meanwhile, the number of homebuyers fell by 2.5 percent month over month in November to an estimated 1.43 million—the biggest decline since April and the lowest level on record, except for April 2020, when the COVID-19 pandemic brought the housing market to a halt. Year over year, the number of buyers dropped by 9.4 percent.
The high costs of housing and economic uncertainty are being blamed for the buyer backoff. In addition, the report states that some sellers are also following that lead by delisting their homes because of dwindling demand or hesitation to negotiate far below asking prices.
The number of sellers fell by 1.4 percent month over month in November to 1.95 million, representing the biggest drop since June 2023 and the lowest level since February. However, the number of sellers saw a 6.2 percent year-over-year increase.
Redfin’s analysis found that Austin, Texas, was the strongest buyer’s market, while Nassau County, New York, was the strongest seller’s market.
Data indicates that Austin had nearly 114 percent more sellers than buyers in November—the largest gap in the nation. San Antonio and Nashville, as well as Fort Lauderdale, Florida, and West Palm Beach, Florida, all had close to or more than 100 percent more sellers than buyers.
“The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country, driving up housing costs and pricing many locals out of the market,” the report states.
“To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them.”
As of November, 36 of the 50 most populated U.S. metro areas were reported to be buyer’s markets. Most were concentrated in the South and West, while more balanced markets were found in the Midwest and East.
Nassau County, New York, recorded 39.1 percent fewer sellers than buyers. Other notable seller’s markets included: Montgomery County, Pennsylvania; Newark and New Brunswick, New Jersey; Milwaukee; Cleveland; and San Francisco.
The report shows that home prices rose by an average of nearly 5 percent year over year across those seller’s markets in November, compared with a 3.2 percent increase in balanced markets and just a 1.1 percent uptick in buyer’s markets.
