Key Details:
- A new Redfin report shows U.S. home sellers now outnumber buyers 33.7%—the widest gap since 2013, with 1.9 million sellers and just 1.5 million buyers in April 2025.
- Miami leads the buyer’s markets with nearly three times more sellers than buyers, while Newark remains the top seller’s market.
- Condo sellers face the steepest challenge, with 83.5% more sellers than buyers nationwide.
The U.S. housing market just hit a rare tipping point.
According to a Redfin report released this week, there are now 490,041 (or 33.7%) more home sellers than buyers, the largest gap since Redfin began tracking this data in 2013.
In April 2025, the market saw an estimated 1.9 million sellers compared to just 1.5 million buyers. That’s a difference of nearly half a million people.
To put it in perspective: one year ago, sellers only outnumbered buyers by 6.5%. Two years ago, buyers actually had the upper hand.
The shift is driven by a combination of factors—high home prices, elevated mortgage rates, and growing economic uncertainty—while a backlog of sellers finally start to give up their ultra-low pandemic mortgage rates.
The result: longer days on market, greater price sensitivity, and a massive opportunity for agents who understand how to navigate a buyer-leaning market.
The Biggest Gaps Are in the Sun Belt
Redfin defines a “buyer’s market” as one where there are more than 10% more sellers than buyers. And in many major metros, that imbalance has blown past 100%.
Here are the top ten buyer’s markets in April 2025, based on the share of sellers relative to buyers:
- Miami, FL: 197.7% more sellers (21,672 sellers vs. 7,280 buyers)
- West Palm Beach, FL: 182% more sellers
- Fort Lauderdale, FL: 179.3% more sellers
- Austin, TX: 124.1% more sellers
- Jacksonville, FL: 119.5% more sellers
- Tampa, FL: 118.6% more sellers
- Phoenix, AZ: 100.6% more sellers
- Las Vegas, NV: 92.1% more sellers
- Orlando, FL: 92% more sellers
- Nashville, TN: 90% more sellers
Out of the 50 largest U.S. metros:
- 31 are buyer’s markets
- 12 are balanced markets
- 7 are seller’s markets
The imbalance is most pronounced in the Sun Belt and West Coast, where a construction boom, rising HOA fees, and insurance costs have added pressure on sellers, especially in Florida and Texas.
Where Sellers Still Have Leverage
Not every market has flipped. A handful of metros, mostly in the Northeast and Midwest, still favor sellers.
Here are the seven major metros that are seller’s markets, where buyers are outnumbering sellers:
- Newark, NJ: 47.1% fewer sellers than buyers (5,241 sellers vs. 9,899 buyers)
- Nassau County, NY: 41.7% fewer sellers
- Montgomery County, PA: 38.4% fewer sellers
- Cleveland, OH: 24.8% fewer sellers
- New Brunswick, NJ: 18.6% fewer sellers
- Providence, RI: 16.1% fewer sellers
- Baltimore, MD: 11.8% fewer sellers
Newark saw the highest home price growth among the top 50 metros, with a +12.2% year-over-year gain in April.
Balanced Markets Are Holding Steady
Redfin classifies a “balanced market” as one where the buyer/seller gap is within ±10%. These markets may not be hot, but they’re holding steady.
Top balanced metros include:
- St. Louis, MO: 1.3% fewer sellers than buyers (9,327 vs. 9,447)
- Virginia Beach, VA: 1.7% more sellers
- Kansas City, MO: 2.3% more sellers
- Chicago, IL: 4.2% more sellers
- San Jose, CA: 4.7% fewer sellers
Other balanced metros include Cincinnati, Boston, New York, Minneapolis, Philadelphia, Warren (MI), and Washington, D.C.
Redfin Senior Economist Asad Khan explains:
“The balance of power in the U.S. housing market has shifted toward buyers, but a lot of sellers have yet to see or accept the writing on the wall. Many are still holding out hope that their home is the exception and will fetch top dollar. But as sellers see their homes sit longer on the market and notice fewer buyers coming through on tour, more of them will realize that the market has adjusted and reset their expectations accordingly.”
The Condo Market: A Steep Buyer Advantage
The imbalance is even worse in the condo market.
Nationwide:
- 259,137 condo sellers
- 141,223 condo buyers
- That’s 83.5% more sellers than buyers
Compare that to:
- 27.8% more single-family sellers
- 33% more townhouse sellers
Condos have become harder to sell due to surging HOA fees, special assessments, and insurance premiums, especially in Florida, but also in many coastal metros.
As a result, condo prices are underperforming. In April, the median U.S. condo price rose just 0.4% YoY, compared to a 1.5% gain for single-family homes.
Read the full report for more details, including charts and methodology.
What This Means for Agents
For agents who know how to work a buyer’s market, this is a goldmine of opportunity. But it requires a strategy shift.
Watch Ricky Carruth’s IG Reel for a breakdown of how to leverage this data to close more deals:
Carruth’s message is clear: This market is a different animal. Sellers can’t expect bidding wars. Buyers have leverage. And agents need to be educating both sides on what that means.
If you’re working with sellers, be honest about stale inventory and pricing mistakes. If you’re working with buyers, help them understand how to negotiate—and when to pounce. Either way, the agents who stay sharp, adapt early, and prioritize the right strategies and skills are the ones who will win the most in 2025.
Don’t wait for the market to swing back. Adapt to the one we’re in, and use the data to your advantage.
