A growing gap between home sellers and buyers has tilted the U.S. housing market in favor of buyers.
In January, there were about 600,000 more sellers than buyers nationwide — a 44% difference — according to a new analysis by Redfin. The disparity marks the second-largest gap recorded since the brokerage began tracking the data in 2013, exceeded only in December 2025, when sellers outnumbered buyers by 45%, the NY Post reported.
By Redfin’s definition, any market with more than 10% extra sellers qualifies as a buyers’ market. Using that benchmark, the U.S. has remained buyer-friendly since May 2024.
The shift has given active house hunters greater negotiating power. When listings significantly outpace demand, buyers can afford to be more selective and push for better terms.
Redfin estimates there were approximately 1.36 million buyers in January — down 1% from December and 8% year-over-year — marking the lowest level on record. The number of sellers also declined 1% month-over-month to 1.96 million, the sharpest monthly drop since June 2023 and the lowest total since February 2025. However, compared with a year earlier, sellers were up 2%.
High mortgage rates, elevated home prices, job cuts, and broader economic and political uncertainty have kept many prospective buyers on the sidelines. Meanwhile, some homeowners have pulled listings after failing to attract offers, while others have hesitated to sell after seeing nearby properties close below asking price.
Only five of the 50 largest U.S. metropolitan areas qualified as sellers’ markets in January. Newark led the group, with 31% fewer sellers than buyers. Nassau County followed at 29% fewer sellers, alongside Milwaukee and Montgomery County (both at 26%), and New Brunswick at 17%.
In Milwaukee, limited inventory has kept competition strong. A local Redfin Premier agent, W.J. Eulberg, said lower mortgage rates compared with six months and a year ago have drawn buyers back, while housing supply remains below three months — fueling higher prices and bidding competition.
Milwaukee’s median sale price jumped 11% year-over-year in January, the largest increase among the top 50 metro areas. Across the five sellers’ markets, prices rose an average of 5% annually. That compares with a 3% increase in six balanced markets and just 1% growth in the 39 buyers’ markets — a sign that weaker demand is slowing price gains across much of the country.
Many of the most buyer-friendly markets are located in the South and along the West Coast, while tighter conditions persist in parts of the Midwest and Northeast.
Miami showed the strongest 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%.