Panic is rippling through the housing market following the release of a striking new map, which shows that only five metropolitan areas across the United States still favor sellers.
Currently, there are 46.3 percent more sellers than buyers nationwide. This is the largest gap ever recorded, indicating a substantial shift towards a buyer’s market.
This imbalance has already begun to grant buyers more leverage in most cities, compelling sellers to reduce prices, offer concessions, or even remove their listings from the market entirely.
A buyer’s market occurs when the number of homes for sale surpasses the number of interested buyers. In such a scenario, buyers are empowered to negotiate lower prices, request concessions, and take their time to find the ideal property.
Conversely, in a seller’s market, the scarcity of homes combined with fierce competition drives prices above asking, leaving buyers with limited bargaining power.
The last time conditions were this favorable to buyers was during the 2008 housing crash, when demand collapsed and inventory flooded the market.
Now, while the causes are different, the effect is similar: too many homes, not enough buyers – and growing pressure on prices.
On a local level, the imbalance is even starker. Just five metro areas remain seller’s markets – all of which are located in the Midwest and East.
Nationwide there are 46.3 percent more sellers than buyers – placing the country as a whole firmly in buyer’s market territory (pictured: suburbs in Fort Lauderdale)
Buyers have the upper hand in most cities, which is forcing sellers to cut prices, accept concessions or pull listings altogether (pictured: modern building of Miami beach – which is a buyer’s market)
Redin senior economist Asad Khan
Newark, NJ, is the strongest seller’s market, with buyers outnumbering sellers by around 31 percent.
New Brunswick, NJ, Nassau County, NY, Montgomery County, PA, and Milwaukee, WI have also managed to cling to seller-friendly conditions.
These areas share several key traits: they have stable, diverse job markets and a very limited housing supply, which keeps demand strong even as the broader market cools.
Many are more affordable communities near major cities, attracting buyers priced out of urban cores. Since they haven’t been heavily influenced by investor activity, inventory remains low and sellers continue to hold the upper hand.
Milwaukee realtor Ben Ambroch previously told the Daily Mail that, even though the city favors sellers according to housing data: ‘I’d call it more of a balanced market than a sellers market.’
Ambroch said that pricing is key – sellers usually won’t sell unless they get the amount they need for a comfortable monthly payment.
With rates expected to remain stable in the new year, Ambroch anticipates that Milwaukee’s market will stay fairly balanced.
‘Overall, we still have affordable homes, low risk from climate events, and are attractive to buyers relocating from other markets, keeping us slightly favorable to sellers compared to national trends.’
In contrast, many Sun Belt markets have cooled, with rising inventory, slower price growth, and increased negotiating power shifting to buyers due to overbuilding and weakening demand.
A buyer’s market happens when homes for sale outnumber buyers, who are then in a strong position to negotiate lower prices, demand concessions, and take their time choosing the right property
Nassau County, NY, is the strongest seller’s market (pictured: homes in Nassau County)
Sun Belt cities, such as San Antonio (pictured), have pushed into buyer’s market territory due to the overdevelopment of properties
In places like Florida and Texas, buyers now hold a clear advantage. These states experienced a surge in homebuying during the pandemic, as low mortgage rates and the appeal of more space drew people in.
But that surge has since tapered off. Because builders ramped up construction to meet what turned out to be temporary demand, there are now more homes on the market than there are buyers.
When supply outpaces demand, prices tend to fall, homeowners can lose equity, and recent buyers may even find themselves underwater – owing more on their mortgage than their home is worth.
Miami, Nashville, Austin, West Palm Beach, San Antonio, and Houston all have over 100 percent more sellers than buyers – an extremely concerning sign for the state of the housing market and the economy.
In July, Redfin senior economist Asad Khan said that the last time the housing market was this buyer-friendly was during the 2008 financial crisis: ‘Back then, inventory piled up as foreclosures surged, and demand was weak, meaning buyers had negotiating power.’
Based on the latest Redfin housing report, Khan has a more optimistic outlook for 2026: ‘A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers.’
‘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,’ Khan said.
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