America’s Housing Market Favors Buyers—But Their Advantage Is Finally Starting to Shrink

Buyers Are Coming Back Faster Than Sellers, Helping to Close the Gap

There were an estimated 1 million homebuyers in the market in April, up 2% from March—the largest increase in 13 months. Meanwhile, there were an estimated 1.5 million sellers in the market, up 1.3% month over month. While that’s the largest increase in a year, it’s still smaller than the increase in buyers, which is why the gap between buyers and sellers is shrinking.

Redfin reported in March that many sellers who delisted their homes last year are now relisting in hopes of taking advantage of an uptick in spring demand, which may be one reason seller activity is ticking up.

Sellers Gained Ground in 19 Buyer’s Markets

The majority of U.S. housing markets—34 of the 49 major U.S. metropolitan areas Redfin analyzed—are still in buyer’s market territory. But many of them are becoming less strong buyer’s markets. 

Nineteen buyer’s markets saw the gap between buyers and sellers shrink in April, improving sellers’ negotiating power. 

In West Palm Beach, FL, there were 80.2% more sellers than buyers, down 10.2 percentage points from 90.4% in March—the biggest decline among those 19 metros. Next came Tampa, FL (-8.5 ppts), Indianapolis (-7.1 ppts), Anaheim, CA (-5.7 ppts) and Austin, TX (-5 ppts). 

Redfin recently reported that West Palm Beach’s luxury housing market, in particular, has been heating up amid an influx of out-of-state buyers. 

For this report, Redfin analyzed the 50 most populous metros, and excluded Fort Lauderdale, FL due to insufficient data.

There Are 7 Seller’s Markets—the Most in Nine Months

Seven of the major U.S. metro areas Redfin analyzed were seller’s markets in April, up from five in March and the highest number in nine months. 

Nassau County, NY was the strongest seller’s market, with 28.4% fewer sellers than buyers. The other six seller’s markets were Newark, NJ (-25.5%), Montgomery County, PA (-24.7%), New Brunswick, NJ (-16.5%), Providence, RI (-14.3%), San Francisco (-10.9%) and Milwaukee (-10.6%).

On average, home prices rose 3.9% year over year across the seven seller’s markets in April, compared with a 1.2% increase across the 34 buyer’s markets—an indication that seller’s markets offer sellers more leverage. 

The Strongest Buyer’s Markets Are in the Sun Belt

The strongest buyer’s market in April was Miami, which had an estimated 137% more sellers than buyers. Next came Nashville (125%), San Antonio (112%), Houston (108%) and Las Vegas (103%). 

The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country. 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. The buyer pool has also shrunk because soaring housing costs in recent years have priced many people out of the market.

New construction can have a significant influence on whether negotiating power lies with buyers or sellers because it impacts the balance of supply and demand. The South and the West have historically issued the most building permits, while the Northeast and the Midwest have issued the fewest.

Florida and Texas, in particular, build more homes than other states. Florida has also been grappling with intensifying natural disasters, soaring insurance premiums and rising condo HOA fees, which has prompted some homeowners to leave. Miami, specifically, frequently shows up as a buyer’s market because it has a lot of housing supply, which could be in part due to the high number of condos. 

Metro-Level Summary: 50* Most Populous Metros (April 2026)

*Fort Lauderdale, FL has been removed due to insufficient data.