- There were a record 47% more home sellers than buyers in December, giving the buyers who were in the market negotiating power.
- The Sun Belt was home to the strongest buyer’s markets last month, while the Northeast and Midwest housed all five seller’s markets.
- Mortgage rates have ticked down in recent days, which may boost the number of buyers entering the market in January.
There were an estimated 47.1% more home sellers than buyers in the U.S. housing market in December (or 631,535 more, in numerical terms)—the largest gap in records dating back to 2013. That’s up 7.1 percentage points from a month earlier—the largest monthly increase since September 2022—and up 22.2 percentage points from a year earlier.
We define a market where there are over 10% more sellers than buyers as a buyer’s market and a market where there are over 10% fewer sellers than buyers as a seller’s market. A market where the gap is plus or minus 10% is considered a balanced market. By this definition, it has been a buyer’s market since May 2024.
When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from. That’s why a market with a lot more sellers than buyers is considered a buyer’s 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 an imbalance of buyers and sellers.
“Some home sellers are underwater because Dallas does not have enough housing demand to meet supply, which hit a record high this year,” said local Redfin Premier real estate agent Connie Durnal. “I have one seller who overpaid for his home at the peak of the pandemic market and is now taking a 10% loss. He’s being realistic about the fact that the market has shifted in buyers’ favor, but a lot of sellers are in denial and won’t budge on price. If you don’t price your home reasonably, it will sit on the market.”
Dallas had an estimated 86.8% more sellers than buyers in the market last month—one of the biggest imbalances among the 50 most populous U.S. metropolitan areas. That may be partly because the area has seen so much housing construction in recent years. The median home sale price in Dallas fell 7.6% year over year in December—the largest decline among the top 50 metros. Nationally, home prices rose 0.1%—the slowest growth since June 2023.
We estimated the number of buyers using proprietary Redfin data on the typical time from a buyer’s first tour to close of purchase, and MLS data on active listings and pending sales. The estimated number of sellers in the market is simply the number of active listings in the MLS. These estimates, along with median-sale price data in this report, are seasonally adjusted and subject to revision. See a more detailed methodology here and view an interactive dashboard here.
Number of Homebuyers Falls the Most Since 2023, Hitting Record Low
The number of homebuyers in the market dropped 5.9% month over month in December to an estimated 1.34 million. That’s the largest drop since March 2023 and the lowest level in records dating back to 2013.
Sellers have also been retreating, but not as quickly. The number of sellers in the market fell 1.1% month over month to an estimated 1.97 million. That’s the largest decline since June 2023 and the lowest level since February 2025.
On a year-over-year basis, the number of buyers fell 11.8% and the number of sellers rose 3.9%.
Homebuyers are backing off due to stubbornly high home prices and mortgage rates, layoffs, and mounting economic and political uncertainty. Sellers, many of whom are buyers themselves, are backing off in response to lackluster demand for their homes. Some sellers are delisting after watching their homes sit on the market for months with zero bites from buyers, while others are choosing not to list at all after seeing nearby homes sell for below the asking price.
The Sun Belt Is Home to the Strongest Buyer’s Markets
In Austin, TX, there were an estimated 128% more home sellers than buyers in December—the largest imbalance among the top 50 metros. Next came Fort Lauderdale, FL (125%), Nashville (111%), Miami (103%) and San Antonio (103%).
The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country. To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them. The pool of buyers has also shrunk because soaring home prices in recent years have priced many people out of the market.
Texas and Florida continue to build more homes than other states. Florida is also grappling with intensifying natural disasters, soaring insurance premiums and rising condo HOA fees, which has prompted some homeowners to leave.
Overall, 36 of the 50 most populous metros were buyer’s markets in December, nine were balanced markets and five were seller’s markets. The buyer’s markets are concentrated in the Sun Belt, while the balanced markets and seller’s markets skew more toward the Midwest and East Coast.
Nassau County, NY was the strongest seller’s market in December, with an estimated 33.4% fewer sellers than buyers. The other four seller’s markets were Montgomery County, PA (-32.3%), Newark, NJ (-29.5%), Milwaukee (-26.1%) and New Brunswick, NJ (-19.3%).
New construction can have a significant influence on whether negotiating power lies with buyers or sellers because it impacts the balance of supply and demand. The Northeast and the Midwest have historically issued the fewest building permits, while the South and the West have issued the most.
Home prices rose an average of 4.9% year over year across the five seller’s markets in December, compared with a 3% gain across balanced markets and a 0.6% increase across buyer’s markets—an indication that buyer’s markets offer house hunters more leverage.
Metro-Level Summary: 50 Most Populous Metros (December 2025)
| U.S. metro area | Balance of power | Percent by which sellers outnumber buyers | Buyers | Sellers |
|---|---|---|---|---|
| Anaheim, CA | Buyer’s Market | 20.6% | 5,759 | 6,943 |
| Atlanta, GA | Buyer’s Market | 80.9% | 20,975 | 37,940 |
| Austin, TX | Buyer’s Market | 128.4% | 7,555 | 17,259 |
| Baltimore, MD | Balanced Market | -1.4% | 10,569 | 10,417 |
| Boston, MA | Balanced Market | 2.1% | 10,635 | 10,863 |
| Charlotte, NC | Buyer’s Market | 64.1% | 9,840 | 16,143 |
| Chicago, IL | Balanced Market | 8.7% | 23,524 | 25,581 |
| Cincinnati, OH | Buyer’s Market | 45.1% | 5,657 | 8,206 |
| Cleveland, OH | Balanced Market | -6.6% | 7,320 | 6,838 |
| Columbus, OH | Buyer’s Market | 35.6% | 6,370 | 8,641 |
| Dallas, TX | Buyer’s Market | 86.8% | 16,153 | 30,171 |
| Denver, CO | Buyer’s Market | 44.2% | 10,372 | 14,960 |
| Detroit, MI | Buyer’s Market | 47.9% | 4,872 | 7,205 |
| Fort Lauderdale, FL | Buyer’s Market | 125.1% | 8,597 | 19,356 |
| Fort Worth, TX | Buyer’s Market | 66.9% | 7,644 | 12,760 |
| Houston, TX | Buyer’s Market | 96.6% | 22,706 | 44,646 |
| Indianapolis, IN | Buyer’s Market | 27.5% | 7,126 | 9,082 |
| Jacksonville, FL | Buyer’s Market | 79.8% | 6,979 | 12,548 |
| Kansas City, MO | Buyer’s Market | 22.3% | 7,189 | 8,793 |
| Las Vegas, NV | Buyer’s Market | 88.9% | 7,241 | 13,682 |
| Los Angeles, CA | Buyer’s Market | 45.6% | 14,848 | 21,619 |
| Miami, FL | Buyer’s Market | 102.7% | 9,964 | 20,196 |
| Milwaukee, WI | Seller’s Market | -26.1% | 6,480 | 4,791 |
| Minneapolis, MN | Buyer’s Market | 11.4% | 11,823 | 13,173 |
| Montgomery County, PA | Seller’s Market | -32.3% | 7,566 | 5,121 |
| Nashville, TN | Buyer’s Market | 111.3% | 7,351 | 15,535 |
| Nassau County, NY | Seller’s Market | -33.4% | 10,977 | 7,312 |
| New Brunswick, NJ | Seller’s Market | -19.3% | 11,112 | 8,963 |
| New York, NY | Balanced Market | -2.4% | 29,491 | 28,782 |
| Newark, NJ | Seller’s Market | -29.5% | 8,415 | 5,932 |
| Oakland, CA | Buyer’s Market | 27.8% | 4,468 | 5,712 |
| Orlando, FL | Buyer’s Market | 57.2% | 11,348 | 17,833 |
| Philadelphia, PA | Buyer’s Market | 19.7% | 6,876 | 8,228 |
| Phoenix, AZ | Buyer’s Market | 65.9% | 18,491 | 30,669 |
| Pittsburgh, PA | Buyer’s Market | 52.6% | 6,029 | 9,201 |
| Portland, OR | Buyer’s Market | 51.0% | 7,039 | 10,630 |
| Providence, RI | Balanced Market | 5.8% | 3,926 | 4,155 |
| Riverside, CA | Buyer’s Market | 53.8% | 12,081 | 18,583 |
| Sacramento, CA | Buyer’s Market | 31.7% | 5,577 | 7,345 |
| San Antonio, TX | Buyer’s Market | 102.5% | 8,813 | 17,846 |
| San Diego, CA | Buyer’s Market | 21.6% | 6,351 | 7,724 |
| San Francisco, CA | Balanced Market | -1.9% | 2,476 | 2,428 |
| San Jose, CA | Balanced Market | 0.1% | 2,485 | 2,486 |
| Seattle, WA | Buyer’s Market | 25.9% | 7,372 | 9,284 |
| St. Louis, MO | Balanced Market | 4.8% | 9,376 | 9,829 |
| Tampa, FL | Buyer’s Market | 82.2% | 13,328 | 24,287 |
| Virginia Beach, VA | Buyer’s Market | 19.8% | 6,490 | 7,775 |
| Warren, MI | Buyer’s Market | 35.1% | 6,420 | 8,672 |
| Washington, DC | Buyer’s Market | 21.8% | 14,778 | 18,003 |
| West Palm Beach, FL | Buyer’s Market | 97.4% | 8,330 | 16,445 |
