According to a recent report from Redfin, there were an estimated 46.5% more home sellers than buyers in the U.S. housing market in April, down from 47.5% the previous month and a high of an estimated 48.9% in December 2025, suggesting that buyers’ negotiating power may have peaked. The U.S. housing market saw an estimated 46.5% more home sellers than buyers in April, compared to 47.5% the previous month and a peak of 48.9% in December 2025.
Redfin defines a market as a buyer’s market when there are over 10% more sellers than buyers and a seller’s market when there are over 10% fewer sellers than buyers; a market where the gap is plus or minus 10% is considered a balanced market. Of course, it’s only a buyer’s market for those who can afford to buy; high housing costs and economic uncertainty have caused many house hunters to retreat, creating the current imbalance of buyers. For this reason, a market is referred to as a buyer’s market if there are significantly more sellers than buyers.
According to Redfin, a market is considered a buyer’s market if there are more than 10% more sellers than buyers, and a seller’s market if there are more than 10% less sellers than buyers. A market is deemed balanced if the difference is within 10%. Naturally, only those who can afford to buy are able to do so. The current mismatch between buyers and sellers is the result of many home seekers retreating due to high property costs and economic uncertainty.
“Homebuyer demand has been dwindling for months, but finally ticked up in April thanks to a strengthening job market and declining recession risk. More house hunters entering the market helped narrow the gap between the number of buyers and sellers,” said Asad Khan, Senior Economist at Redfin. “If the number of buyers continues to grow, more homeowners may see it as an opportunity to list their homes, helping bring the market out of this deep freeze.”
Redfin reported in March that many sellers who delisted their homes last year are now relisting in hopes of taking advantage of an uptick in spring demand, which may be one reason seller activity is ticking up. In April, there were an estimated 1 million homebuyers in the market, up 2% from March—the largest increase in 13 months. Meanwhile, there were an estimated 1.5 million sellers in the market, up 1.3% month over month, which is the largest increase in a year. In the meantime, the market had an estimated 1.5 million sellers, up 1.3% from the previous month. The difference between buyers and sellers is closing since, despite being the biggest increase in a year, it is still less than the rise of buyers.
One reason seller activity may be picking up is that many sellers who delisted their properties last year are now relisting in an attempt to capitalize on an increase in spring demand, according to a Redfin report from March.
Regional Differences Show Significant Shift in Buyer Trends
The majority of U.S. housing markets—some 34 of the 49 major U.S. metro areas Redfin examined—remain buyer’s markets, but 19 of them are weakening. The largest decline among those 19 metro areas was in West Palm Beach, Florida, where there were 80.2% more sellers than buyers, down 10.2 percentage points from 90.4% in March. Next in line were Tampa, Florida (-8.5 points), Indianapolis (-7.7 points), and Austin, Texas (-5 points). Redfin recently revealed that West Palm Beach’s luxury housing market has been heating due to an influx of out-of-state buyers. However, buyer’s markets are weakening in 19 of them.
With 28.4% fewer sellers than buyers, Nassau County, New York, was the strongest seller’s market, followed by Newark, NJ (-25.5%), Montgomery County, PA (-24.7%), New Brunswick, NJ (-16.5%), Providence, RI (-14.3%), San Francisco (-10.9%), and Milwaukee (-10.6%). In April, seven of the major U.S. metro areas Redfin examined were seller’s markets.
With an estimated 137% more sellers than buyers in April, Miami had the strongest buyer’s market, followed by Nashville (125%), San Antonio (112%), Houston (108%), and Las Vegas (103%). During the pandemic, the Sun Belt’s popularity skyrocketed as many homebuyers moved in from more expensive parts of the country. Homebuilders increased activity to meet the surge in demand, which is one reason there are now a lot more homes for sale than people who want to buyers. Nashville (125%), San Antonio (112%), Houston (108%), and Las Vegas (103%) followed.
During the pandemic, the Sun Belt had a surge in popularity as numerous homeowners relocated from more costly regions of the nation. One reason there are currently far more homes for sale than people who wish to buy them is because homebuilders increased their activities to match the rising demand. The buyer pool has also decreased as a result of many people being priced out of the market by rising home costs in recent years.
Because it affects the balance of supply and demand, new construction can have a big impact on whether buyers or sellers have negotiating power. Florida and Texas, in particular, build more homes than other states; Florida has also been dealing with escalating natural disasters, skyrocketing insurance premiums, and rising condo HOA fees, which has caused some homeowners to leave; Miami, in particular, frequently appears as a buyer’s market because of its abundance of housing supply, which may be partly because of the high number of condos. More homes are built in Florida and Texas than in any other state.
Further, Florida has been dealing with escalating natural disasters, skyrocketing insurance costs, and growing condo HOA dues, which has caused some homeowners to relocate. Miami in particular sometimes seems as a buyer’s market because of its abundance of housing supply, which may be partly attributed to the large number of condos.
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