The U.S. housing market had 529,770 more home sellers than buyers in November, according to a new report from Redfin. That’s an estimated 37.2% more sellers, the largest gap in records dating back to 2013 and compares with 35.6% a month earlier and 17% a year earlier.
Redfin, the real estate brokerage powered by Rocket, said it defines a market with over 10% more sellers than buyers as a buyer’s market. Redfin said that by that standard, it has been a buyer’s market since May 2024.
When sellers outnumber buyers, then buyers typically hold the negotiating power because they have a lot of options to choose from, Redfin said. Of course, it’s only a buyer’s market for those who can afford to buy, and Redfin said that many Americans have been priced out of the housing market as affordability has eroded.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” said Redfin Senior Economist Asad Khan. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
Redfin said that the number of homebuyers in the U.S. housing market dropped 2.5% month over month in November to an estimated 1.43 million. The company said that figure is the largest monthly decline since April 2025 and the lowest level on record aside from April 2020, when the coronavirus pandemic brought the housing market to a halt.
Number of Buyers is Down
The number of buyers fell 9.4% year over year.
According to Redfin, sellers have also been retreating, but not as quickly. The number of sellers in the market fell 1.4% month over month to an estimated 1.95 million, which Redfin said is the largest decline since June 2023 and the lowest level since February. The number of sellers rose 6.2% year over year, Redfin said.
According to Redfin, buyers are backing off because of high housing costs and economic uncertainty. Sellers, many of whom are buyers themselves, are backing off in response to lackluster demand for their homes, Redfin said. Some sellers are delisting after their homes have sat on the market for months with no bites from buyers, while others are choosing not to list at all after seeing their neighbor’s house sell for under the asking price.
Redfin said that in Austin, Texas, there were an estimated 114% more sellers than buyers in November, which was the largest imbalance among the 50 most populous U.S. metropolitan areas. Austin was followed by San Antonio (106%), Nashville (104%), Fort Lauderdale, Florida (102%) and West Palm Beach, Florida (93.6%).
The Sun Belt rose in popularity during the pandemic, when many 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, Redfin said that homebuilders increased activity, which is one reason there are now a lot more homes for sale than people who want to buy them.
Texas and Florida continue to build more homes than other states, Redfin said.
According to the report, 36 of the 50 most populous metros were buyer’s markets, seven were balanced markets and seven were seller’s markets. The buyer’s markets are concentrated in the Sun Belt and on the West Coast, Redfin said, while balanced markets and seller’s markets skew more toward the Midwest and East Coast.
