Redfin reports it’s the strongest buyer’s market in over a decade
The U.S. housing market has reached a historic imbalance, with the number of buyers dropping to the second-lowest level ever recorded—due largely to high home prices, elevated mortgage rates and economic uncertainty. In October, there were an estimated 36.8% more sellers than buyers, the widest gap since tracking began in 2013. This has created a clear buyer’s market in much of the country, especially in Texas and Florida, where an oversupply of homes and shifting migration trends have weakened demand. While sellers are also pulling back, many are still listing out of necessity, often finding they must negotiate as buyers have more choices and stronger leverage.
Market conditions vary widely across regions. The Tri-State area remains the strongest seller’s market, with areas like Nassau County and Newark showing significantly more buyers than available homes. Meanwhile, 35 of the 50 largest metros are firmly in buyer’s market territory, with San Antonio, Austin and Miami showing the biggest imbalances. San Francisco, after months as a buyer’s market, has now stabilized into a balanced market. Overall, areas with high levels of new construction, especially in the South and West, are seeing softening prices, while markets with limited building activity in the Northeast and Midwest continue to favor sellers.
