The U.S. housing market has entered a phase that few would have expected just a few years ago. In November, sellers outnumbered buyers by more than 37 percent, creating one of the widest gaps seen since records began in 2013. This imbalance has reshaped negotiations, shifted local market conditions, and altered expectations for both buyers and sellers. While home prices remain high and affordability remains a challenge, the balance of power in many parts of the country has clearly moved away from sellers and toward buyers who are able to stay active in the market.
Data from Redfin shows that there were roughly 1.95 million homes listed for sale in November, compared with about 1.43 million active buyers. In numerical terms, this means there were nearly 530,000 more sellers than buyers across the country. This gap has been widening for much of the year and has stayed above 35 percent since April. Outside of a brief period during the summer of 2025, this is the largest difference recorded in more than a decade. By Redfin’s definition, a market becomes a buyer’s market when sellers outnumber buyers by more than 10 percent. Using that measure, the national housing market has been firmly in buyer’s market territory since May 2024.
When sellers greatly outnumber buyers, the effect on negotiations is clear. Buyers tend to have more choice and more time, while sellers face pressure to adjust prices or offer concessions. Many buyers who remain active are asking for price cuts, help with closing costs, or repairs before agreeing to a deal. Sellers, on the other hand, often face longer listing times and fewer showings. Even so, this advantage mainly applies to buyers who can still afford to purchase a home, as high prices and borrowing costs continue to keep many households on the sidelines.
Redfin Senior Economist Asad Khan said that a small improvement in affordability could bring some buyers back into the market in 2026. That could narrow the gap between sellers and buyers. Even with that possibility, Khan expects the market to remain tilted toward buyers for the near future, with sellers continuing to adjust prices or sweeten deals in order to attract interest.
The number of buyers has dropped sharply over the past year. In November, the estimated number of buyers fell by 2.5 percent from the previous month, reaching its second-lowest level on record. The only time buyer activity was lower was April 2020, when the housing market stalled during the early stages of the pandemic. Compared with a year earlier, the number of buyers declined by more than 9 percent. High mortgage rates, rising living costs, and economic uncertainty have all played a role in keeping potential buyers cautious.
Sellers have also pulled back, though at a slower pace. The number of active sellers declined by 1.4 percent month over month in November, marking the largest monthly drop since mid-2023. Even with that decline, seller numbers were still more than 6 percent higher than a year earlier. Many sellers are choosing to wait after watching similar homes sit unsold for months or sell below asking price. Others have removed listings after seeing little interest, deciding that it may be better to try again later.
This pullback on both sides reflects a market under strain. Buyers face high monthly payments and uncertainty about future costs, while sellers often want prices that no longer match current demand. In many cases, sellers are also buyers themselves, and hesitation on one side of the market feeds hesitation on the other. The result is a slower market with wide gaps between expectations.
The imbalance is not evenly spread across the country. In Austin, Texas, sellers outnumbered buyers by an estimated 114 percent in November, making it the strongest buyer’s market among the 50 largest metropolitan areas. San Antonio followed with a gap of more than 100 percent, while Nashville, Fort Lauderdale, and West Palm Beach also showed very large differences. These areas were among the biggest winners during the pandemic housing boom, when buyers moved in from more expensive regions and drove prices sharply higher.
To meet that earlier surge in demand, builders increased construction activity, especially in the South and West. Texas and Florida continue to issue more building permits than most other states, adding new supply even as demand cools. In Florida, rising insurance costs, higher condo fees, and frequent natural disasters have added pressure, leading some owners to sell or relocate. The result is a growing number of listings without enough buyers to absorb them.
Across the country, 36 of the 50 largest metro areas were classified as buyer’s markets in November. Seven were considered balanced, and seven remained seller’s markets. Buyer’s markets were mainly found in the Sun Belt and on the West Coast, while balanced and seller’s markets were more common in the Midwest and parts of the East Coast. These patterns reflect differences in construction activity, population growth, and local economic conditions.
Nassau County, New York, stood out as the strongest seller’s market, with nearly 40 percent fewer sellers than buyers. Other seller’s markets included parts of Pennsylvania, New Jersey, Wisconsin, California, and Ohio. In these areas, limited new construction has kept supply tight. The Northeast and Midwest issue fewer building permits than the South and West, which helps explain why sellers still hold an advantage in some local markets.
Price trends also reflect these differences. In seller’s markets, home prices rose by an average of nearly 5 percent year over year in November. Balanced markets saw price growth of just over 3 percent, while buyer’s markets recorded increases of around 1 percent..
San Francisco offers a clear example of how local conditions can change. Just months ago, the city moved from a buyer’s market to a balanced market. By November, it had shifted again, this time into seller’s market territory, with more than 11 percent fewer sellers than buyers. Demand in the Bay Area has increased, partly driven by growth in the technology sector and a return to office work.
Behind these figures is a broader question about where the housing market is headed. While sellers currently outnumber buyers by a wide margin, the market remains difficult for many households. Prices are still high, and monthly payments remain heavy for first-time buyers. The current buyer’s market mainly benefits those with stable incomes, savings, and access to financing.
