BAM Key Details:
- Redfin’s latest housing report shows a 37.2% gap between sellers and buyers in November, equal to 529,770 more sellers than buyers.
- Buyer activity fell to 1.43 million, the second-lowest level on record, while seller activity reached 1.95 million.
- Austin, TX, leads buyer’s markets with 114% more sellers than buyers, while Nassau County, NY, leads seller’s markets with 39.1% fewer sellers than buyers.
The gulf between sellers and buyers just hit one of its widest points on record.
According to a new Redfin report, the U.S. housing market had 37.2% more sellers than buyers in November, equal to roughly 529,770 more people trying to sell a home than people trying to buy one.
Only this past summer saw a bigger imbalance. That shift has pushed the national market deeper into buyer’s market territory, which has big implications for pricing, negotiation, and the way you prepare clients in 2025.
Read on for the biggest takeaways from Redfin’s report.
The Buyer-Seller Gap Keeps Widening
The imbalance has been growing for months. Here’s how the spread has shifted:
- November gap: 37.2%
- October gap: 35.6%
- One year ago: 17%
The gap has stayed above 35% every month since April of this year, and the U.S. has had at least 10% more sellers than buyers since May of 2024.
A setup like this shifts momentum toward buyers who can afford to participate. Homes sit longer, negotiation gets easier, and concessions are becoming part of the baseline conversation.
Redfin Senior Economist Asad Khan put the trend into context.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers. But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
Where Buyer’s Markets Are Strongest
The buyer-favorable trend is national, but some metros are experiencing more extreme imbalances. Here are the ten strongest buyer’s markets:
- Austin: 114.3% more sellers than buyers
- San Antonio: 105.8% more
- Nashville: 103.7% more
- Fort Lauderdale: 102.5% more
- West Palm Beach: 93.6% more
- Las Vegas: 86.5% more
- Tampa: 85.6% more
- Dallas: 84.4% more
- Houston: 83.9% more
- Charlotte: 78.1% more
Across the 50 largest metros, 36 are buyer’s markets, and most of those buyer’s markets are in the Sun Belt and West Coast. Cities with significant pandemic-era building booms now have the most excess supply.
Florida is a standout case, with insurance premiums and HOA fees pushing homeowners to move, adding even more listings to the market.
Where Seller’s Markets Still Hold
A smaller group of metros still favors sellers clearly and consistently. And four of the seven seller’s markets are in the Northeast, starting with Nassau County, NY:
- Nassau County, NY: 39.1% fewer sellers than buyers
- Montgomery County, PA: 34.8% fewer
- Newark: 31.8% fewer
- New Brunswick: 30.5% fewer
- Milwaukee: 18% fewer
- San Francisco: 11.3% fewer
- Cleveland: 10.5% fewer
Prices also reflect the strength of these markets:
- Seller’s markets: 4.8% price growth year over year
- Balanced markets: 3.2% growth
- Buyer’s markets: 1.1% growth
San Francisco is especially notable. In October, the metro had 5.7% fewer buyers than sellers. By November, that gap widened to 11.3%, moving it fully into seller’s market territory.
The shift lines up with rising AI-sector hiring and a stronger return to office culture that has revived demand for Bay Area homes.
What This Means for You
This imbalance shapes the conversations you need to have with buyers and sellers in the coming months. A few clear takeaways can help you stay ahead of the curve.
- In a buyer’s market, prepare sellers for longer timelines, strategic pricing, and the possibility of concessions.
- In a seller’s market, coach buyers on speed, clarity, and the need for strong terms.
- In a balanced market, explain why pricing depends heavily on condition, neighborhood, and recent comps.
No matter where you work, track how quickly buyer demand is changing so you can guide clients with confidence. If affordability improves in 2026, more buyers may return. For now, those who stay in the game hold more leverage than they’ve had in years.
