The US now has 44% more home sellers than buyers — a near-record gap
The balance of power in the US housing market has shifted decisively.
In January, there were roughly 600,000 more home sellers than buyers nationwide – a gap of 44%, according to a new analysis from Redfin.
That imbalance marks the second-widest spread since the brokerage began tracking the data in 2013, surpassed only by December 2025, when sellers exceeded buyers by 45%.
By Redfin’s measure, any market with more than 10% extra sellers qualifies as a buyers’ market. Using that yardstick, the country has been in buyer-friendly territory since May 2024.
The shift has given those still shopping for homes added leverage. When listings significantly outpace demand, buyers typically gain the upper hand in negotiations because they can afford to be selective.
Still, that advantage applies only to households able to absorb elevated borrowing costs and stubbornly high prices — barriers that have thinned the ranks of active purchasers.
Redfin estimates there were about 1.36 million buyers in January, down 1% from December and 8% from a year earlier, which makes it the lowest level on record.
The number of sellers also dipped 1% month over month to 1.96 million, the steepest monthly decline since June 2023 and the smallest total since February 2025. Compared with a year ago, however, sellers were up 2%.
A combination of elevated mortgage rates, expensive homes, layoffs and broader economic and political unease has sidelined many would-be buyers.
Severe winter weather across large swaths of the country in January likely added another drag on activity. At the same time, some homeowners have withdrawn listings after months without offers, while others have hesitated to test the market after watching nearby properties trade below asking prices.
Only five of the 50 largest US metropolitan areas qualified as sellers’ markets in January.
Newark, N.J., led the list, with an estimated 31% fewer sellers than buyers. Nassau County, N.Y., followed at minus 29%, along with Milwaukee and Montgomery County, Pa., both at minus 26%, and New Brunswick, N.J., at minus 17%.
In Milwaukee, tighter supply has kept competition brisk.
“Two things are fueling Milwaukee’s seller’s market: a drop in mortgage rates and a lack of inventory,” local Redfin Premier agent W.J. Eulberg said in the report. “Mortgage rates are lower than they were six months ago and a year ago, which has brought buyers back into the fold. And while listings are creeping back up, we still have less than three months of supply. That means buyers don’t have a lot of homes to choose from, which is driving up prices and competition.”
Milwaukee’s median sale price climbed 11% from a year earlier in January, the largest increase among the top 50 metros.
Across the five sellers’ markets, prices rose an average of 5% year-over-year. That compares with a 3% gain in the six balanced markets and a 1% increase in the 39 buyers’ markets — evidence that softer demand is tempering price growth in much of the country. Many of the most buyer-friendly markets are concentrated in the South and along the West Coast, while tighter conditions persist in parts of the Midwest and Northeast.
Miami posted the widest buyer advantage, with 159% more sellers than buyers. Fort Lauderdale followed at 128%, then Austin at 124%, Nashville at 120% and San Antonio at 114%.
The regional divide reflects the pandemic-era boom that swept through the Sun Belt. A surge of inbound residents prompted builders to accelerate construction, expanding supply. Now, with demand cooling as affordability worsens, many of those markets are grappling with an excess of listings.
New construction plays an outsized role in shaping local dynamics because it directly affects the supply-and-demand balance. Historically, the Northeast and Midwest have issued fewer building permits, while the South and West have approved far more. Florida and Texas, in particular, continue to add housing at a brisk pace.
In Florida, additional pressures, including rising insurance costs, escalating condominium association fees and mounting natural-disaster risks, have further complicated the outlook. Miami often registers as a buyers’ market in part because of its large inventory of condos, which can swell overall supply.
For now, the national picture is clear: inventory has outpaced demand to a degree rarely seen in the past decade. While that gives active buyers room to negotiate, it also underscores a market constrained by affordability challenges and economic uncertainty. These are forces that have kept many Americans on the sidelines even as choices multiply.
