Home Sellers Outnumber Buyers by 63%, Widest Gap in 13 Years
Redfin data shows buyer demand hit a record low while seller supply surged, creating the most lopsided housing market since at least 2013.
The U.S. housing market has swung decisively in favor of buyers, with sellers now outnumbering active purchasers by 63%, the largest imbalance in Redfin records stretching back to 2013, according to new data from the real estate brokerage.
Buyer activity fell to its lowest point in the entire 13-year dataset, while the count of homes listed for sale climbed to its highest level since 2020. The simultaneous drop in demand and rise in supply has created conditions that give prospective purchasers substantially more negotiating leverage than at any recent point in the market cycle.
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The geographic reach of the shift is broad. Forty-one of the 50 most populous U.S. metropolitan areas now qualify as buyer's markets under Redfin's methodology — the highest share the company has recorded. Miami, Nashville, and Houston lead that list, suggesting Sun Belt cities that experienced some of the sharpest pandemic-era price surges are now seeing the steepest correction in market dynamics.
The data underscores a structural tension that has persisted in housing: elevated mortgage rates have simultaneously deterred many would-be buyers from entering the market and unlocked a wave of sellers who had previously been reluctant to list. As more inventory comes online without a corresponding rise in qualified or willing buyers, the balance of power continues to shift. Analysts watching these trends note that sustained buyer's-market conditions can eventually pressure asking prices lower, though the timeline and magnitude vary by region.
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