{"id":79960,"date":"2025-05-29T05:00:08","date_gmt":"2025-05-29T12:00:08","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79960"},"modified":"2025-12-16T12:45:51","modified_gmt":"2025-12-16T20:45:51","slug":"sellers-vs-buyers-price-impact","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/sellers-vs-buyers-price-impact\/","title":{"rendered":"The U.S. Housing Market Has Nearly 500,000 More Sellers Than Buyers\u2014the Most on Record. That Will Likely Cause Home Prices to Fall"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>There are 34% more sellers in the market than buyers. At no other point in records dating back to 2013 have sellers outnumbered buyers this much. In other words, it\u2019s a buyer\u2019s market.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Redfin expects home prices to drop 1% by the end of the year as a result. Prospective buyers may see their purchasing power increase, and prospective sellers should consider selling sooner rather than later.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>31 of the top 50 metros are buyer\u2019s markets. The strongest buyer\u2019s market is Miami, where sellers outnumber buyers roughly 3 to 1. The strongest seller\u2019s market is Newark, and the most balanced market is St. Louis.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>The condo market heavily favors buyers; there are 83% more condo sellers than buyers. By comparison, there are 28% more sellers than buyers in the single-family-home market.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There are an estimated 1.9 million home sellers in the U.S. housing market and an estimated 1.5 million homebuyers. In other words, there are 33.7% more sellers than buyers (or 490,041 more, to be exact). At no other point in records dating back to 2013 have sellers outnumbered buyers by this large of a number or percentage. A year ago, sellers outnumbered buyers by just 6.5%, and two years ago, <\/span><i><span style=\"font-weight: 400;\">buyers <\/span><\/i><span style=\"font-weight: 400;\">outnumbered sellers.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-Q30QR\" style=\"border: none;\" title=\"There Are Nearly 500,000 More Sellers Than Buyers\" src=\"https:\/\/datawrapper.dwcdn.net\/Q30QR\/2\/\" width=\"600\" height=\"500\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">There haven\u2019t been this many home sellers since March 2020. There haven\u2019t been this few buyers at any point in records dating back to 2013 aside from April 2020, when the onset of the coronavirus pandemic brought the housing market to a halt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most recent data point in this analysis is April 2025. The estimated number of sellers in the market is simply the number of active listings in the MLS. To estimate the number of buyers, we created a model that uses data on pending sales and <\/span><span style=\"font-weight: 400;\">the typical time from a buyer\u2019s first tour to their purchase.<\/span><span style=\"font-weight: 400;\"> Scroll down for a full methodology and data on the 50 most populous U.S. metropolitan areas.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Redfin earlier this month <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-price-forecast-decline-2025\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">predicted<\/span><\/a><span style=\"font-weight: 400;\"> that home prices will drop 1% year over year by the end of 2025, and the growing imbalance between buyers and sellers is the basis for that prediction. When sellers are competing for a small pool of buyers, that indicates a <\/span><a href=\"https:\/\/www.redfin.com\/news\/buyers-market-february-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">buyer\u2019s market<\/span><\/a><span style=\"font-weight: 400;\">. And when it\u2019s a buyer\u2019s market, home prices can fall because buyers have negotiating power.\u00a0<\/span><\/p>\n<p><b>Sellers outnumber buyers for several reasons:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>It\u2019s expensive to buy a home:<\/b><span style=\"font-weight: 400;\"> High home prices and mortgage rates are scaring buyers off. The median home sale price rose 1.6% year over year to $431,931 in April. That\u2019s the slowest growth in nearly two years, but monthly housing payments still hit a <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-housing-costs-sales-decline\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">record<\/span><\/a> <a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-housing-costs-economic-uncertainty\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">high<\/span><\/a><span style=\"font-weight: 400;\"> last month because mortgage rates and prices remain elevated. The average 30-year-fixed mortgage rate was <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.73%<\/span><\/a><span style=\"font-weight: 400;\"> in April\u2014more than double the record low hit during the pandemic.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Economic uncertainty:<\/b> <span style=\"font-weight: 400;\">Tariff talks, layoffs, and federal policy changes are among the other <\/span><a href=\"https:\/\/www.nytimes.com\/2025\/02\/19\/business\/fed-meeting-minutes-interest-rates.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">factors<\/span><\/a><span style=\"font-weight: 400;\"> dampening homebuyer demand. A recent Redfin<\/span> <a href=\"https:\/\/www.redfin.com\/news\/survey-tariffs-major-purchase\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">survey<\/span><\/a> <span style=\"font-weight: 400;\">found that nearly 1 in 4 Americans is scrapping plans to make a major purchase due to tariffs.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The mortgage rate lock-in effect is easing:<\/b><span style=\"font-weight: 400;\"> Homeowners who have been sitting on ultra-low mortgage rates they scored during the pandemic are now <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rate-lock-in-effect-eases\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">giving up<\/span><\/a><span style=\"font-weight: 400;\"> those low rates and selling their homes. That\u2019s because for most people, it\u2019s not realistic to stay put forever; job changes, return to office mandates and divorce force people to move. The idea of taking on a higher mortgage rate also isn\u2019t as shocking as it was when rates first skyrocketed in 2022.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cThe balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall. Many are still holding out hope that their home is the exception and will fetch top dollar,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/asad-khan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Asad Khan<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut as sellers see their homes sit longer on the market and notice fewer buyers coming through on tour, more of them will realize that the market has adjusted and reset their expectations accordingly.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sellers are already gaining more data points on this front, and will likely face another reality\u00a0 check in the summer, when demand typically starts to slow. More than two of every five (44%) home listings in April had been on the market for 60 days or longer\u2014the highest April share since 2020. Stale inventory is piling up in part because many sellers are overpricing their homes, using sky-high comps from the recent seller\u2019s market that aren\u2019t realistic today. In some cases, sellers are pricing high because they bought at the peak of the market and are trying to recoup their investment.\u00a0<\/span><\/p>\n<p><b>The takeaway for sellers:<\/b><span style=\"font-weight: 400;\"> Time is not on your side. If you are considering selling, do it sooner rather than later because home prices in your area may fall. If your home is already on the market and has been sitting for over a month, you may want to consider an improvement to your property or a reduction in price.<\/span><\/p>\n<p><b>The takeaway for buyers: <\/b><span style=\"font-weight: 400;\">Many Americans have already been and will remain priced out of the housing market, even if prices decline. But for those who are still in the game, don\u2019t get discouraged. Your purchasing power will increase if home prices fall, <\/span><a href=\"https:\/\/www.atlantafed.org\/chcs\/wage-growth-tracker\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">wages<\/span><\/a><span style=\"font-weight: 400;\"> rise and mortgage rates remain steady as <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-price-forecast-decline-2025\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">expected<\/span><\/a><span style=\"font-weight: 400;\">. Homes that would have been out of reach six months ago may come into reach as sellers entertain lower offers and concessions.<\/span><\/p>\n<h3><b>History Shows That Home Prices Cool When Sellers Outnumber Buyers<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nA change in the balance of buyers and sellers is a signal of what\u2019s to come with home prices. Aside from the onset of the pandemic, the last time sellers significantly outnumbered buyers was around the time mortgage rates jumped in 2018.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In November 2018, the average 30-year-fixed mortgage rate peaked at 4.87%, which was the highest level in nearly eight years and almost a full percentage point higher than a year earlier. One month later, sellers outnumbered buyers by 9.4%\u2014the largest percentage since 2015 and a reversal from the prior year, when buyers outnumbered sellers. Three months later, home-price growth shrunk to the lowest level in at least six years, with prices rising 2% from a year earlier to $283,912.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We saw a similar dynamic take hold in 2013-2014. As shown in the chart below, swings in the ratio of buyers to sellers are typically followed by similar swings in home-price growth.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-79963\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-1024x709.png\" alt=\"\" width=\"800\" height=\"554\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-1024x709.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-1536x1063.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-2048x1418.png 1733w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2025\/05\/FINAL-CHART-2-scaled.png 1734w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Today, the imbalance between buyers and sellers is even greater, meaning there\u2019s more pressure on prices. Annual price growth has already slowed to 1.6% from 6.2% last spring, and we expect this trajectory to continue, ultimately causing prices to fall. The last time home prices posted a year-over-year decline was 2023.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even as mortgage rates surged in 2022, buyers outnumbered sellers. Sellers most recently started outnumbering buyers in November 2023\u2014the month after mortgage rates hit the highest level in over two decades, peaking at almost 8%. Homebuyer demand has been sluggish ever since, and is likely to remain so given widespread economic uncertainty and recession fears. What<\/span><i><span style=\"font-weight: 400;\"> has<\/span><\/i><span style=\"font-weight: 400;\"> changed recently is more sellers have started entering the market.\u00a0<\/span><\/p>\n<h3><b>Miami and West Palm Beach Are the Strongest Buyer\u2019s Markets, With Nearly Three Times More Sellers Than Buyers<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn <\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\">, there are an estimated 21,672 home sellers and 7,280 homebuyers. That means there are 197.7% more sellers than buyers\u2014the largest imbalance among the 50 most populous U.S. metropolitan areas. It\u2019s followed by <\/span><a href=\"https:\/\/www.redfin.com\/city\/19373\/FL\/West-Palm-Beach\"><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/a><span style=\"font-weight: 400;\"> (182% more sellers than buyers), <\/span><a href=\"https:\/\/www.redfin.com\/city\/6173\/FL\/Fort-Lauderdale\"><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/a><span style=\"font-weight: 400;\"> (179.3%), <\/span><a href=\"https:\/\/www.redfin.com\/city\/30818\/TX\/Austin\"><span style=\"font-weight: 400;\">Austin, TX<\/span><\/a><span style=\"font-weight: 400;\"> (124.1%) and <\/span><a href=\"https:\/\/www.redfin.com\/city\/8907\/FL\/Jacksonville\"><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/a><span style=\"font-weight: 400;\"> (119.5%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this report, we define a market where there are over 10% more sellers than buyers as a buyer\u2019s market and a market where there are over 10% fewer sellers than buyers as a seller\u2019s market. A market where the gap is plus or minus 10% is considered a balanced market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, 31 of the 50 most populous metros are buyer\u2019s markets, 12 are balanced markets and seven are seller\u2019s markets. The buyer\u2019s markets are concentrated in the Sun Belt and on the West Coast, while balanced markets and seller\u2019s markets skew more toward the Midwest and East Coast. Scroll down for full metro-level data.<\/span><\/p>\n<p><b>Top 10 Buyer\u2019s Markets: April 2025\u00a0<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Sellers vs buyers: % difference<\/b><\/td>\n<td><b>Sellers<\/b><\/td>\n<td><b>Buyers<\/b><\/td>\n<td><b>Median home sale price<\/b><\/td>\n<td><b>Y\/Y change in median home sale price<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">197.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21,672<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,280<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$574,696<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">182.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18,075<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6,409<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$513,683<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">179.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21,018<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,525<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$451,709<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">124.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17,386<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,757<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$433,990<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">119.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14,479<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6,598<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$368,311<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">118.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26,917<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12,313<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$371,028<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">100.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32,418<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16,159<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$452,290<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">92.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13,814<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,192<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$448,605<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">92.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19,555<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10,184<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$407,411<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">90.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14,935<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,859<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$467,178<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">\u201cIt has absolutely shifted to a buyer\u2019s market, which means house hunters have a lot more options\u2014and room to negotiate,\u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/tim-harper\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Tim Harper<\/span><\/a><span style=\"font-weight: 400;\">, a <\/span><a href=\"https:\/\/www.redfin.com\/premier\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Redfin Premier<\/span><\/a><span style=\"font-weight: 400;\"> real estate agent in <\/span><a href=\"https:\/\/www.redfin.com\/city\/4302\/FL\/Daytona-Beach\"><span style=\"font-weight: 400;\">Daytona Beach, FL<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIt\u2019s not uncommon for a buyer to get a home for 5% less than the list price and $10,000 in seller concessions. That\u2019s why it\u2019s important for sellers to make sure their home is in tip-top shape. <\/span><span style=\"font-weight: 400;\">We\u2019re frequently recommending sellers do a lot of cosmetic repairs and maintenance to get buyers\u2019 attention and stand out from the crowd. And of course, don\u2019t overprice.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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. To meet surging demand, homebuilders ramped up activity\u2014especially in Florida and Texas\u2014which is one reason there are now a lot more homes for sale than people who want to buy them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Six of the top 10 buyer\u2019s markets are in Florida and one is in Texas (there are many more Texas markets in the top 20). Redfin <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-homes-for-sale-record-high\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> in February that Florida saw housing inventory hit the highest level on record, in part because it has been<\/span> <a href=\"https:\/\/www.census.gov\/construction\/bps\/visualizations\/datatool\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a> <span style=\"font-weight: 400;\">more homes than any state but Texas. Florida is also grappling with intensifying natural disasters, which has caused home insurance costs to skyrocket and prompted some homeowners to leave the state. Plus, soaring HOA fees are prompting many Florida <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-condo-prices-rise-inland\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">condo<\/span><\/a><span style=\"font-weight: 400;\"> owners to sell.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Parts of Florida and Texas are already seeing home prices fall. The median sale price in Jacksonville fell 3.4% year over year in April\u2014the biggest decline in the country aside from <\/span><a href=\"https:\/\/www.redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/a><span style=\"font-weight: 400;\"> (also a buyer\u2019s market). Austin came in third place, with a 3% drop.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On average, home prices were roughly flat (+0.5%) from a year earlier across the top 10 buyer\u2019s markets in April. By comparison, prices rose an average of 4.5% in the 12 balanced markets and 6.9% in the seven seller\u2019s markets. These are weighted averages based on the number of homes sold by metro in April 2025.<\/span><\/p>\n<h3><b>St. Louis Is the Most Balanced Market; Newark Is the Strongest Seller\u2019s Market<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nIn St. Louis, there are an estimated 9,327 home sellers in the market and 9,447 buyers. That means there are 1.3% fewer sellers than buyers, making St. Louis the most balanced housing market among the 50 most populous metros.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next come Virginia Beach, VA (1.7% more sellers than buyers), Kansas City, MO (2.3% more sellers than buyers), Chicago (4.2% more sellers than buyers), and San Jose, CA (4.7% fewer sellers than buyers). The other balanced markets are Cincinnati, Boston, New York, Minneapolis, Philadelphia, Warren, MI and Washington, D.C.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cDifferent markets are balanced for different reasons,\u201d Khan said. \u201cIn Cincinnati, homebuyer demand is stronger than the national average, perhaps due to the relatively low cost of housing. At the same time, listings are rising, mirroring the national trend. Together, these forces are creating a balanced market. In Chicago, demand is weak, mirroring the national trend. But inventory is also weak, which creates balance in another way.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are just seven seller\u2019s markets. Newark, NJ is the strongest seller\u2019s market, with an estimated 5,241 sellers and 9,899 buyers\u2014or 47.1% fewer sellers than buyers. This imbalance helped Newark home sellers fetch record-high prices last month; the metro\u2019s median sale price rose 12.2% from a year earlier\u2014the biggest gain among the top 50 metros.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The other seller\u2019s markets are Nassau County, NY (41.7% fewer sellers than buyers), Montgomery County, PA (38.4% fewer), Cleveland (24.8%), New Brunswick, NJ (18.6%), Providence, RI (16.1%) and Baltimore (11.8%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.census.gov\/construction\/bps\/current.html\"><span style=\"font-weight: 400;\">issues<\/span><\/a><span style=\"font-weight: 400;\"> the most single-unit building permits, followed by the West, the Midwest and the Northeast. As mentioned earlier, many of the nation\u2019s buyer\u2019s markets are in the South or on the West Coast, and many of the balanced markets and seller\u2019s markets are in the Midwest or on the East Coast.\u00a0<\/span><\/p>\n<p><b>The 7 Seller\u2019s Markets: April 2025\u00a0<\/b><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Sellers vs buyers: % difference<\/b><\/td>\n<td><b>Sellers<\/b><\/td>\n<td><b>Buyers<\/b><\/td>\n<td><b>Median home sale price<\/b><\/td>\n<td><b>Y\/Y change in median home sale price<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5,241<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9,899<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$622,545<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,440<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12,763<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$717,506<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4,632<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7,513<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$501,422<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-24.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6,659<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8,855<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$238,685<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-18.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8,628<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10,599<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$560,136<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-16.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4,357<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5,196<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$489,974<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-11.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9,251<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10,485<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$388,919<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><b>The Condo Market Is Tilted Strongly in Favor of Buyers<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThere are an estimated 259,137 condo sellers in the U.S. housing market and an estimated 141,223 condo buyers. In other words, there are 83.5% more condo sellers than buyers.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-DH2SM\" style=\"border: none;\" title=\"There are 83% More Condo Sellers Than Buyers\" src=\"https:\/\/datawrapper.dwcdn.net\/DH2SM\/5\/\" width=\"600\" height=\"500\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">By comparison, there are 27.8% more single-family-home sellers than single-family-home buyers, and 33% more townhouse sellers than buyers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many condo owners are trying to offload their properties because HOA fees and insurance costs have been soaring, and some homeowners associations are doling out hefty special assessments. Florida is the <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-condo-prices-rise-inland\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">epicenter<\/span><\/a><span style=\"font-weight: 400;\"> of the condo slowdown, but condo markets in many other parts of the U.S. have also been cooling.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><b>Sellers vs buyers: % difference<\/b><\/td>\n<td><b>Sellers<\/b><\/td>\n<td><b>Buyers<\/b><\/td>\n<td><b>Median home sale price<\/b><\/td>\n<td><b>Y\/Y change in median home sale price<\/b><\/td>\n<\/tr>\n<tr>\n<td><b>Condos<\/b><\/td>\n<td><span style=\"font-weight: 400;\">83.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">259,137<\/span><\/td>\n<td><span style=\"font-weight: 400;\">141,223<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$357,287<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Single-family homes<\/b><\/td>\n<td><span style=\"font-weight: 400;\">27.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,442,867<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1,128,645<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$449,684<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Townhouses<\/b><\/td>\n<td><span style=\"font-weight: 400;\">33.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">195,745<\/span><\/td>\n<td><span style=\"font-weight: 400;\">147,192<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$376,213<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400;\">Because there are so many more condo sellers than buyers, condo prices have been underperforming single-family home prices, and in some markets, falling or even plummeting (think <\/span><a href=\"https:\/\/www.redfin.com\/news\/florida-condo-prices-rise-inland\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Florida<\/span><\/a><span style=\"font-weight: 400;\">). The median U.S. condo sale price rose 0.4% year over year in April, compared with a 1.5% gain in single-family-home prices.\u00a0<\/span><\/p>\n<h3><b>Metro-Level Summary: 50 Most Populous Metros (April 2025)<\/b><\/h3>\n\n<table id=\"tablepress-460\" class=\"tablepress tablepress-id-460\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Balance of power<\/strong><\/th><th class=\"column-3\"><strong>Sellers<\/strong><\/th><th class=\"column-4\"><strong>Buyers<\/strong><\/th><th class=\"column-5\"><strong>% difference: sellers vs buyers<\/strong><\/th><th class=\"column-6\"><strong>Median sale price<\/strong><\/th><th class=\"column-7\"><strong>Median sale price: Y\/Y change<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">6,685<\/td><td class=\"column-4\">4,821<\/td><td class=\"column-5\">38.7%<\/td><td class=\"column-6\">$1,182,683 <\/td><td class=\"column-7\">0.8%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">36,862<\/td><td class=\"column-4\">22,651<\/td><td class=\"column-5\">62.7%<\/td><td class=\"column-6\">$396,150 <\/td><td class=\"column-7\">0.3%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">17,386<\/td><td class=\"column-4\">7,757<\/td><td class=\"column-5\">124.1%<\/td><td class=\"column-6\">$433,990 <\/td><td class=\"column-7\">-3.0%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">9,251<\/td><td class=\"column-4\">10,485<\/td><td class=\"column-5\">-11.8%<\/td><td class=\"column-6\">$388,919 <\/td><td class=\"column-7\">4.0%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">10,922<\/td><td class=\"column-4\">11,725<\/td><td class=\"column-5\">-6.9%<\/td><td class=\"column-6\">$742,377 <\/td><td class=\"column-7\">5.2%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">15,557<\/td><td class=\"column-4\">9,709<\/td><td class=\"column-5\">60.2%<\/td><td class=\"column-6\">$405,322 <\/td><td class=\"column-7\">2.1%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">25,128<\/td><td class=\"column-4\">24,104<\/td><td class=\"column-5\">4.2%<\/td><td class=\"column-6\">$359,348 <\/td><td class=\"column-7\">6.2%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">7,743<\/td><td class=\"column-4\">8,176<\/td><td class=\"column-5\">-5.3%<\/td><td class=\"column-6\">$294,351 <\/td><td class=\"column-7\">5.2%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">6,659<\/td><td class=\"column-4\">8,855<\/td><td class=\"column-5\">-24.8%<\/td><td class=\"column-6\">$238,685 <\/td><td class=\"column-7\">11.6%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">8,308<\/td><td class=\"column-4\">7,147<\/td><td class=\"column-5\">16.2%<\/td><td class=\"column-6\">$333,968 <\/td><td class=\"column-7\">-0.7%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">32,020<\/td><td class=\"column-4\">17,774<\/td><td class=\"column-5\">80.2%<\/td><td class=\"column-6\">$416,539 <\/td><td class=\"column-7\">-0.8%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">16,357<\/td><td class=\"column-4\">11,525<\/td><td class=\"column-5\">41.9%<\/td><td class=\"column-6\">$585,046 <\/td><td class=\"column-7\">-0.1%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">6,526<\/td><td class=\"column-4\">5,580<\/td><td class=\"column-5\">16.9%<\/td><td class=\"column-6\">$195,920 <\/td><td class=\"column-7\">2.6%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">21,018<\/td><td class=\"column-4\">7,525<\/td><td class=\"column-5\">179.3%<\/td><td class=\"column-6\">$451,709 <\/td><td class=\"column-7\">1.2%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">13,646<\/td><td class=\"column-4\">8,507<\/td><td class=\"column-5\">60.4%<\/td><td class=\"column-6\">$356,430 <\/td><td class=\"column-7\">-0.4%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">44,743<\/td><td class=\"column-4\">25,327<\/td><td class=\"column-5\">76.7%<\/td><td class=\"column-6\">$337,077 <\/td><td class=\"column-7\">0.3%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">8,538<\/td><td class=\"column-4\">7,070<\/td><td class=\"column-5\">20.8%<\/td><td class=\"column-6\">$309,734 <\/td><td class=\"column-7\">3.5%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">14,479<\/td><td class=\"column-4\">6,598<\/td><td class=\"column-5\">119.5%<\/td><td class=\"column-6\">$368,311 <\/td><td class=\"column-7\">-3.4%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">8,152<\/td><td class=\"column-4\">7,968<\/td><td class=\"column-5\">2.3%<\/td><td class=\"column-6\">$326,474 <\/td><td class=\"column-7\">0.8%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">13,814<\/td><td class=\"column-4\">7,192<\/td><td class=\"column-5\">92.1%<\/td><td class=\"column-6\">$448,605 <\/td><td class=\"column-7\">2.4%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">20,189<\/td><td class=\"column-4\">13,941<\/td><td class=\"column-5\">44.8%<\/td><td class=\"column-6\">$899,032 <\/td><td class=\"column-7\">0.7%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">21,672<\/td><td class=\"column-4\">7,280<\/td><td class=\"column-5\">197.7%<\/td><td class=\"column-6\">$574,696 <\/td><td class=\"column-7\">5.6%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">4,600<\/td><td class=\"column-4\">4,171<\/td><td class=\"column-5\">10.3%<\/td><td class=\"column-6\">$342,322 <\/td><td class=\"column-7\">10.0%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">12,842<\/td><td class=\"column-4\">13,994<\/td><td class=\"column-5\">-8.2%<\/td><td class=\"column-6\">$390,029 <\/td><td class=\"column-7\">3.2%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">4,632<\/td><td class=\"column-4\">7,513<\/td><td class=\"column-5\">-38.4%<\/td><td class=\"column-6\">$501,422 <\/td><td class=\"column-7\">5.4%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">14,935<\/td><td class=\"column-4\">7,859<\/td><td class=\"column-5\">90.0%<\/td><td class=\"column-6\">$467,178 <\/td><td class=\"column-7\">0.0%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">7,440<\/td><td class=\"column-4\">12,763<\/td><td class=\"column-5\">-41.7%<\/td><td class=\"column-6\">$717,506 <\/td><td class=\"column-7\">7.0%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">8,628<\/td><td class=\"column-4\">10,599<\/td><td class=\"column-5\">-18.6%<\/td><td class=\"column-6\">$560,136 <\/td><td class=\"column-7\">5.7%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">27,564<\/td><td class=\"column-4\">29,854<\/td><td class=\"column-5\">-7.7%<\/td><td class=\"column-6\">$765,736 <\/td><td class=\"column-7\">4.9%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">5,241<\/td><td class=\"column-4\">9,899<\/td><td class=\"column-5\">-47.1%<\/td><td class=\"column-6\">$622,545 <\/td><td class=\"column-7\">12.2%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">6,565<\/td><td class=\"column-4\">4,820<\/td><td class=\"column-5\">36.2%<\/td><td class=\"column-6\">$904,023 <\/td><td class=\"column-7\">-5.6%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">19,555<\/td><td class=\"column-4\">10,184<\/td><td class=\"column-5\">92.0%<\/td><td class=\"column-6\">$407,411 <\/td><td class=\"column-7\">0.8%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">8,077<\/td><td class=\"column-4\">7,439<\/td><td class=\"column-5\">8.6%<\/td><td class=\"column-6\">$285,456 <\/td><td class=\"column-7\">4.9%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">32,418<\/td><td class=\"column-4\">16,159<\/td><td class=\"column-5\">100.6%<\/td><td class=\"column-6\">$452,290 <\/td><td class=\"column-7\">-2.1%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">9,116<\/td><td class=\"column-4\">8,072<\/td><td class=\"column-5\">12.9%<\/td><td class=\"column-6\">$249,303 <\/td><td class=\"column-7\">8.7%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">9,963<\/td><td class=\"column-4\">7,526<\/td><td class=\"column-5\">32.4%<\/td><td class=\"column-6\">$552,734 <\/td><td class=\"column-7\">0.4%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI\u00a0<\/td><td class=\"column-2\">Seller's market<\/td><td class=\"column-3\">4,357<\/td><td class=\"column-4\">5,196<\/td><td class=\"column-5\">-16.1%<\/td><td class=\"column-6\">$489,974 <\/td><td class=\"column-7\">3.2%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">17,991<\/td><td class=\"column-4\">11,151<\/td><td class=\"column-5\">61.3%<\/td><td class=\"column-6\">$590,354 <\/td><td class=\"column-7\">1.5%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">7,014<\/td><td class=\"column-4\">4,841<\/td><td class=\"column-5\">44.9%<\/td><td class=\"column-6\">$590,619 <\/td><td class=\"column-7\">0.5%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">17,915<\/td><td class=\"column-4\">9,687<\/td><td class=\"column-5\">84.9%<\/td><td class=\"column-6\">$309,290 <\/td><td class=\"column-7\">0.0%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">7,728<\/td><td class=\"column-4\">6,772<\/td><td class=\"column-5\">14.1%<\/td><td class=\"column-6\">$901,022 <\/td><td class=\"column-7\">-0.5%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">3,188<\/td><td class=\"column-4\">2,432<\/td><td class=\"column-5\">31.1%<\/td><td class=\"column-6\">$1,494,441 <\/td><td class=\"column-7\">-0.7%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">3,030<\/td><td class=\"column-4\">3,180<\/td><td class=\"column-5\">-4.7%<\/td><td class=\"column-6\">$1,601,398 <\/td><td class=\"column-7\">3.0%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">9,052<\/td><td class=\"column-4\">8,170<\/td><td class=\"column-5\">10.8%<\/td><td class=\"column-6\">$821,991 <\/td><td class=\"column-7\">0.2%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">9,327<\/td><td class=\"column-4\">9,447<\/td><td class=\"column-5\">-1.3%<\/td><td class=\"column-6\">$272,314 <\/td><td class=\"column-7\">6.8%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">26,917<\/td><td class=\"column-4\">12,313<\/td><td class=\"column-5\">118.6%<\/td><td class=\"column-6\">$371,028 <\/td><td class=\"column-7\">-1.3%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">7,077<\/td><td class=\"column-4\">6,961<\/td><td class=\"column-5\">1.7%<\/td><td class=\"column-6\">$351,589 <\/td><td class=\"column-7\">1.2%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">8,333<\/td><td class=\"column-4\">9,133<\/td><td class=\"column-5\">-8.8%<\/td><td class=\"column-6\">$317,350 <\/td><td class=\"column-7\">6.2%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, DC\u00a0<\/td><td class=\"column-2\">Balanced market<\/td><td class=\"column-3\">16,881<\/td><td class=\"column-4\">15,405<\/td><td class=\"column-5\">9.6%<\/td><td class=\"column-6\">$574,913 <\/td><td class=\"column-7\">3.6%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL\u00a0<\/td><td class=\"column-2\">Buyer's market<\/td><td class=\"column-3\">18,075<\/td><td class=\"column-4\">6,409<\/td><td class=\"column-5\">182.0%<\/td><td class=\"column-6\">$513,683 <\/td><td class=\"column-7\">2.7%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>Buyer\u2019s market<\/strong><\/td><td class=\"column-3\"><strong>1,943,669<\/strong><\/td><td class=\"column-4\"><strong>1,453,628<\/strong><\/td><td class=\"column-5\"><strong>33.7%<\/strong><\/td><td class=\"column-6\"><strong>$431,931 <\/strong><\/td><td class=\"column-7\"><strong>1.6%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-460 from cache -->\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\"><br \/>\nThe number of sellers in the market is simply active listings, or the total number of homes actively for sale at any point during a given month. Active listings data come from the MLS.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because there is not a similar metric measuring how many buyers are actively in the market, we developed one. <\/span><span style=\"font-weight: 400;\">We took active listings and pending sales from the MLS to estimate what fraction of homes on the market will sell within a given month. Analogously, we estimated what fraction of buyers on the market will find a home within a given month using Redfin data on the typical time from first tour to purchase. The ratio of these two data points approximates the ratio of buyers to sellers in the market. We then multiplied that ratio by the number of active listings to get the estimated total number of buyers in the market. Note that our estimate of buyers is not based on Redfin traffic or customer acquisition data, and the purpose of this analysis is to measure the number of buyers and sellers in the housing market as a whole. All metrics that go into our calculation of the number of buyers and sellers in the market are seasonally adjusted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">References:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Anenberg, Elliot and Daniel Ringo, \u201cVolatility in home sales and prices: supply or demand?\u201d Journal of Urban Economics, Vol. 139, January 2024, 103610.<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Genesove, David and Lu Han, \u201cSearch and matching in the housing market,\u201d Journal of Urban Economics, Vol. 72, Issue 1, July 2012, pp. 21-45.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are 34% more sellers in the market than buyers. At no other point in records dating back to 2013 have sellers outnumbered buyers this much. In other words, it\u2019s a buyer\u2019s market. Redfin expects home prices to drop 1% by the end of the year as a result. Prospective buyers may see their purchasing [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78844,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[755,20,623],"dashboard":[],"coauthors":[125,710],"class_list":["post-79960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-buyers-vs-sellers","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Housing Market Has Nearly 500,000 More Sellers Than Buyers<\/title>\n<meta name=\"description\" content=\"At no other point on record have sellers outnumbered buyers this much. 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