Let me start with this: something big just shifted in the housing market.
According to a brand-new report from Redfin, sellers now outnumber buyers by the widest margin on record going all the way back to 2013. That’s not just a stat—it’s a significant turning point. Put simply: we are now in a buyer’s market, and this shift isn’t just happening in a few select areas. It’s widespread.
In today’s article, we’ll unpack what’s causing this imbalance, what it means for you—whether you’re buying, selling, or just observing—and where prices could be heading next. Let’s dive in.
Sellers Are Flooding the Market
Redfin reports that there are an estimated 1.9 million sellers in the market right now, compared to just 1.45 million buyers. That’s a 33.7% imbalance—the largest seller-to-buyer gap since records began in 2013.
To put it in perspective: last year, that gap was only 6.5%. Two years ago, buyers actually outnumbered sellers. So, what’s changed? Simply put, more homeowners are listing their properties while buyers are stepping back.
This imbalance gives buyers more choices—and more negotiating power.
Why Are Buyers Holding Back?
Redfin points to three big reasons why buyers are pumping the brakes:
- Affordability Challenges: Home prices are still high—up 1.6% year-over-year to a median of $431,931. Mortgage rates are hovering around 6.73%, more than double the lows seen during the pandemic.
- Economic Uncertainty: Layoffs, shifting federal policies, and rising tariffs have many potential buyers feeling uneasy about making major financial moves.
- The Fading Lock-In Effect: During the pandemic, many homeowners locked in low 2-3% mortgage rates. Now, life changes like job relocations or divorces are forcing them to sell—even though new rates are much higher.
As Redfin’s senior economist Asjad Khan puts it, “The balance of power in the U.S. housing market has shifted toward buyers—but many sellers haven’t yet accepted the writing on the wall.”
Where Are Home Prices Heading?
With more homes on the market and buyers stepping back, Redfin is forecasting a 1% decline in home prices by the end of 2025. That might not sound huge, but here’s the key detail: over 40% of listings in April sat on the market for more than 60 days. That’s the highest percentage for April since 2020.
Homes that sit tend to see price reductions and bigger concessions. This is especially true for sellers who are still hanging on to price expectations from the boom years or those trying to break even after buying during the peak.
Top Buyer’s Markets
Let’s take a look at where the shift is most dramatic. These are the cities where sellers dramatically outnumber buyers:
- Miami, FL: Sellers outnumber buyers nearly 3 to 1, with around 22,000 sellers and only 7,000 buyers—a 197% imbalance.
- West Palm Beach, FL
- Fort Lauderdale, FL
- Austin, TX
- Jacksonville, FL
In Miami, Redfin agent Tim Harper says it’s not uncommon for buyers to score homes 5% below list price with up to $10,000 in concessions.
Where Sellers Still Hold the Edge
On the flip side, there are still some places where sellers have the upper hand. Notably:
- Newark, NJ: Buyers are outnumbering sellers by 2 to 1.
- Nassau County, NY
- Montgomery County, PA
- Cleveland, OH
Markets like St. Louis and Chicago are more balanced, but overall, 31 of the top 50 metros are now considered buyer’s markets.
Keep Reading: From the Golden State to Canada’s Ocean Playground: Why Californians Are Eyeing Nova Scotia for Their Next Chapter
The Condo Market Is Taking a Hit
Condos have taken a big hit in this shift. Nationwide, there are 83.5% more condo sellers than buyers. Why?
- Soaring HOA fees
- Rising insurance premiums
- Special assessments
This is particularly true in Florida, where post-pandemic condo inventory has exploded. While single-family homes are holding their value, condos are underperforming. In April, the median condo price rose just 0.4%—compared to a 1.5% increase for single-family homes.
What Does This Mean for You?
If You’re a Seller:
Time is not on your side. If your home has been sitting, it might be time to consider price cuts or property improvements. The longer you wait, the more leverage buyers will gain.
If You’re a Buyer:
This is your moment. Yes, affordability remains a challenge—but with prices expected to decline, wages slowly rising, and motivated sellers entering the market, you may find opportunities that didn’t exist six months ago.
As Redfin put it: “Homes that would have been out of reach six months ago have come into reach as sellers entertain lower offers and greater concessions.”
Final Thoughts
We haven’t seen this kind of buyer power in over a decade. The market is shifting—and it’s doing it fast. Whether you’re buying, selling, or just keeping a close eye, staying informed on these trends will help you make smarter decisions.
Read More: Is the Market About to Stall Out? Breaking Down Zillow, Bankrate & NAR Reports
