Buyer’s Market Gaining Momentum as Sellers Lose the Upper Hand
A shift is quietly unfolding across the U.S. housing landscape: the balance of power is tilting toward buyers. According to new data, only about 28.5% of homes are now selling above asking price down from 32% this time last year, and the lowest share for this period since the early days of the pandemic in 2020.
While still a challenging environment for many would-be homeowners, this trend suggests a growing opportunity for buyers who’ve been priced out or waiting on the sidelines. Just two years ago, during the height of the pandemic housing frenzy, more than half of homes were selling above list price.
Today, that frenzy has cooled. Out of the largest metro areas in the country, only five have seen an increase in homes sold over asking. Markets like San Jose, Anaheim, and Oakland have recorded the steepest drops, even though more than half of homes in San Jose and Oakland are still closing above list price.
Room for Negotiation Returns
Buyers are finally regaining leverage. “Affordability is still a major barrier, but sellers are increasingly open to negotiating,” said Chen Zhao, Head of Economics Research at Redfin. “In today’s market, flexibility on timing, location, or even considering a fixer-upper can help buyers score a better deal. And if one seller won’t budge, there’s likely another who will.”
Pending sales, which track homes that have gone under contract, fell 1.1% year-over-year the lowest pace for this time of year in Redfin’s records. Just 37.6% of homes are going under contract within two weeks, down from 41% in 2024 and well below the heated pace of prior years.
Price gaps are also widening. The median U.S. sale price now stands at $397,000, nearly 7% below the median list price of $425,950. That $28,950 difference is a clear indicator of the cooling market, especially compared to the seller-driven conditions of 2021 and early 2022, when sale prices often exceeded list prices.
Affordability Still Weighs on Buyers
Although more homes are being listed, affordability remains a hurdle. The average monthly mortgage payment sits at $2,854 just shy of the all-time high with rates hovering around 6.85%. Sale prices have inched up 1.6% from last year, but most are still closing below list price.
There are positive signs, however. New listings have grown by 5.2% year-over-year, and mortgage purchase applications recently jumped 10% week-over-week hinting that more buyers may soon reenter the market.
U.S. Housing Market Metrics – 4 Weeks Ending June 8, 2025
| Metric | Value | YoY Change |
|---|---|---|
| Median Sale Price | $397,000 | +1.6% |
| Median Asking Price | $425,950 | +4.9% |
| Median Monthly Mortgage Payment | $2,854 (at 6.85%) | +4.1% |
| Pending Sales | 87,720 | -1.1% |
| New Listings | 104,594 | +5.2% |
| Active Listings | 1,141,367 | +13.9% |
| Months of Supply | 3.9 | +0.7 pts |
| Share Off Market in Two Weeks | 37.6% | Down from 41% |
| Median Days on Market | 36 | +5 days |
| Share Sold Above List Price | 28.5% | Down from 32% |
| Sale-to-List Price Ratio | 99.1% | Down from 99.6% |
Mortgage Rates and Market Impact
As of June 11, the daily average for a 30-year fixed mortgage was 6.89%, slightly down from 6.97% a week prior. Although down from 7.17% year-over-year, rates remain near their highest levels since February.
Still, activity varies dramatically across regions. Pending sales have jumped in metros like Cincinnati (+10%), Chicago (+6.6%), and Indianapolis (+6.3%). Conversely, Miami (-21.7%), San Jose (-18.8%), and Las Vegas (-15.3%) have seen sharp declines.
Top 5 Metros: YoY Increase in Pending Sales
- Cincinnati: +10%
- Chicago: +6.6%
- Indianapolis: +6.3%
- Montgomery County, PA: +4.1%
- Cleveland: +3.5%
Top 5 Metros: YoY Decrease in Pending Sales
- Miami: -21.7%
- San Jose: -18.8%
- Las Vegas: -15.3%
- Fort Lauderdale: -14.4%
- Fort Worth: -14%
New Listings on the Rise
Markets like Houston (+15.3%), Columbus (+12.4%), and Boston (+11.5%) are seeing a surge in new listings, which could help balance the supply-demand equation. Meanwhile, areas like Fort Worth (-11.8%), Tampa (-9.7%), and Dallas (-8.2%) are experiencing notable drops in listings.
Top 5 Metros: Largest YoY Increase in New Listings
- Houston: +15.3%
- Columbus, OH: +12.4%
- Boston: +11.5%
- Indianapolis: +11.4%
- Cincinnati: +10.6%
Top 5 Metros: Largest YoY Decrease in New Listings
- Fort Worth: -11.8%
- Tampa: -9.7%
- Orlando: -9.2%
- Fort Lauderdale: -9%
- Dallas: -8.2%
Where Prices Are Rising—and Falling
Some cities are still seeing strong price growth, particularly in the Midwest and East Coast. Detroit led the way with an 8.7% jump, followed by New York and Pittsburgh.
Top 5 Metros: Biggest YoY Increase in Median Sale Price
- Detroit: +8.7%
- New York: +5.7%
- Pittsburgh: +5.6%
- Virginia Beach: +5.3%
- Chicago: +5.2%
Top 5 Metros: Biggest YoY Decrease in Median Sale Price
- Oakland, CA: -7.6%
- Dallas: -4.9%
- Jacksonville, FL: -3.9%
- Tampa, FL: -2.4%
- San Diego: -2.1%
Final Thoughts
After two years of a red-hot seller’s market, the winds are changing. Sellers are no longer commanding the same premiums they once did, and motivated buyers have more room to negotiate. With rising inventory and softening prices in many areas, the market is beginning to level out creating a more balanced environment for home seekers.
Whether you’re buying or selling, understanding your local market and being flexible on timing and price can make all the difference in today’s shifting housing landscape. For more information about finance Visit Nadlan Capital Group.
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