The U.S. housing market has clearly tilted in favor of buyers. A new report from Redfin shows that in November there were nearly 530,000 more home sellers than buyers nationwide, marking the widest gap since Redfin began tracking the data in 2013.
That difference represents 37.2% more sellers than buyers, up from 35.6% in October and just 17% one year ago. By Redfin’s definition, any market with more than 10% extra sellers qualifies as a buyer’s market and the U.S. has met that standard since May 2024.
Why Buyers Have the Upper Hand
When sellers outnumber buyers, buyers typically gain leverage. They have more homes to choose from and more room to negotiate on price, repairs, and concessions. Redfin notes, however, that this advantage mainly applies to buyers who can still afford to enter the market.
High home prices, mortgage rates above 6%, and broader economic uncertainty have pushed many households out of contention, even as inventory grows.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026,” said Asad Khan, senior economist at Redfin. “But for now, the market is likely to stay in buyer’s market territory, with sellers cutting prices or offering incentives to attract interest.”
Buyer Demand Continues to Slide
Redfin estimates that the number of active buyers fell 2.5% month over month in November, dropping to about 1.43 million. That marks the largest monthly decline since April 2025 and the lowest buyer count on record, excluding April 2020 when the pandemic froze the market.
On a yearly basis, buyer numbers were down 9.4%, reflecting continued strain from affordability challenges and cautious consumer sentiment.
Sellers Pull Back, But Not as Fast
Sellers are also stepping back, though at a slower pace. The number of sellers declined 1.4% month over month to roughly 1.95 million, the biggest monthly drop since June 2023. Even so, seller activity was still 6.2% higher than a year earlier.
Redfin says some sellers are delisting after weeks or months with little interest, while others are choosing not to list at all after seeing nearby homes sell below asking price. Many sellers are also would-be buyers, and weak demand on both sides is reinforcing caution.
Sun Belt Cities See the Biggest Imbalance
The seller-heavy trend is especially strong in parts of the Sun Belt, where pandemic-era migration fueled rapid building and price growth.
In November, the metros with the largest seller-to-buyer gaps included:
- Austin, TX: 114% more sellers than buyers
- San Antonio, TX: 106%
- Nashville, TN: 104%
- Fort Lauderdale, FL: 102%
- West Palm Beach, FL: 93.6%
Texas and Florida continue to lead the nation in new home construction, which has added supply even as buyer demand cools.
Regional Split Across the Country
Out of the 50 most populous U.S. metro areas:
- 36 were buyer’s markets
- 7 were balanced
- 7 were seller’s markets
Buyer’s markets are mainly clustered in the Sun Belt and on the West Coast, while balanced and seller-friendly markets are more common in the Midwest and parts of the East Coast.
What This Means Going Forward
The growing gap between sellers and buyers suggests continued pressure on prices and more flexibility for buyers who can qualify. While affordability remains a major hurdle, the overall market balance points toward more negotiation, longer listing times, and increased concessions as the market heads into 2026.
Unless buyer demand rebounds in a meaningful way, the advantage is likely to stay with buyers—at least for those able to step off the sidelines and make a move. For direct financing consultations or mortgage options for you visit 👉 Nadlan Capital Group.
