Top 20 Markets Where Buyers Have the Most Negotiating Power

The U.S. housing market has 43% more home sellers than buyers in the U.S. right now, one of the widest gaps in over a decade.

You can see it in how deals are playing out, especially in the most buyer-friendly metros. Buyers aren’t rushing to make an offer the way they used to. Homes are lingering on the market a bit longer, and sellers are having to work harder to get offers across the finish line.

Redfin’s latest report has the data behind what a lot of agents are feeling right now: namely the growing gap between supply and demand, with far more listings than active buyers in markets large and small across the U.S.  

What’s interesting is how much that gap varies from one market to another. Some areas are only slightly tilted, while others lean heavily in favor of buyers. 

Let’s dig into where buyers have the most negotiating power right now.

Where Buyers Have the Most Power

It’s getting a lot easier to see what kind of market we’re in. Across much of the country, buyers are starting to call more of the shots. 

The biggest changes are happening in markets that were blazing hot not too long ago. Demand has cooled, but supply hasn’t caught up yet, and that’s changing how deals play out.

Buyers have more breathing room now. In the majority of major U.S. metros, they’ve got more homes to look at, and there’s less urgency to jump on the first option. Sellers are feeling it, too, with homes sitting longer and more buyers pushing back on pricing and terms.

Here’s what the numbers look like right now:

• 38 of the 49 largest U.S. metros are buyer’s markets
• A buyer’s market means more than 10% more sellers than buyers
• In several metros, sellers outnumber buyers by 100% or more
• Nationally, sellers outnumber buyers by 43.1%
• That translates to roughly 600,168 more sellers than buyers

A lot of this is playing out in the Sun Belt. Builders ramped up during the pandemic to keep up with demand, and now there’s a lot more inventory sitting on the market. At the same time, fewer buyers are actively looking.

If you’re working with buyers, this opens up more possibilities. Clients can slow down, ask for concessions (or more than already offered), and be more selective about what they move forward with. 

Walking away from a deal isn’t as risky when there are other options lined up. 

Now, let’s look at where this imbalance is giving buyers the biggest advantage.

Where Buyers Have the Most Leverage

Not all buyer’s markets feel the same on the ground. Some are only slightly tilted, while others are heavily in favor of buyers. The gap between supply and demand can get wide enough that sellers are competing directly with each other for a smaller pool of buyers.

These are the markets where that imbalance is the most pronounced. In each one, sellers outnumber buyers by a margin of 45% or more, giving buyers a clear advantage in negotiations.

The top five have at least twice as many sellers as buyers. 

20 Markets Where Sellers Outnumber Buyers by the Highest Margins

1. Miami, FL — 147.9% (7,806 buyers, 19,347 sellers)
2. Nashville, TN — 119.0% (7,398 buyers, 16,202 sellers)
3. Austin, TX — 112.1% (8,509 buyers, 18,043 sellers)
4. San Antonio, TX — 109.0% (9,059 buyers, 18,932 sellers)
5. Las Vegas, NV — 100.7% (7,110 buyers, 14,272 sellers)
6. Houston, TX — 96.5% (22,965 buyers, 45,122 sellers)
7. West Palm Beach, FL — 94.0% (8,090 buyers, 15,694 sellers)
8. Charlotte, NC — 88.7% (9,057 buyers, 17,087 sellers)
9. Dallas, TX — 86.7% (17,001 buyers, 31,743 sellers)
10. Tampa, FL — 82.7% (13,064 buyers, 23,869 sellers)
11. Orlando, FL — 81.4% (9,965 buyers, 18,075 sellers)
12. Phoenix, AZ — 79.1% (18,415 buyers, 32,979 sellers)
13. Atlanta, GA — 70.4% (22,692 buyers, 38,656 sellers)
14. Fort Worth, TX — 69.2% (7,923 buyers, 13,404 sellers)
15. Riverside, CA — 66.4% (11,537 buyers, 19,196 sellers)
16. Jacksonville, FL — 58.7% (7,751 buyers, 12,304 sellers)
17. Los Angeles, CA — 58.6% (14,392 buyers, 22,819 sellers)
18. Pittsburgh, PA — 55.3% (6,030 buyers, 9,364 sellers)
19. Detroit, MI — 48.7% (4,910 buyers, 7,304 sellers)
20. Portland, OR — 45.5% (7,502 buyers, 10,914 sellers)

In these markets, buyers have more control over how a deal comes together. Price reductions are more common, and sellers are more open to covering repairs or offering concessions. Homes are also taking longer to sell, which adds pressure on sellers to stay competitive.

Some of the biggest gaps are showing up in Florida and Texas. Those areas saw a surge in construction and migration during the pandemic, and now there’s more inventory than demand can absorb. 

Buyers who are active in these markets are in a strong position to negotiate and wait for the right opportunity.

Where Sellers Still Have an Edge (or Equal Footing)

Even with buyers gaining ground in most places, a handful of markets are still leaning the other way. In these areas, inventory is tighter and demand is holding up better, which keeps sellers in a stronger position.

Here are the metros where sellers still have the advantage:

Metros where sellers still have the advantage:

1. Newark, NJ — -30.4% (8,153 buyers, 5,672 sellers)
2. Nassau County, NY — -28.0% (9,978 buyers, 7,181 sellers)
3. Montgomery County, PA — -26.2% (6,905 buyers, 5,094 sellers)
4. Milwaukee, WI — -19.7% (6,488 buyers, 5,210 sellers)
5. New Brunswick, NJ — -12.5% (9,918 buyers, 8,679 sellers)

These markets tend to have more limited housing supply. Buyers have fewer options, which makes it harder to negotiate and easier for sellers to hold firm on price.

There’s also a group of markets sitting closer to the middle. These are the ones where supply and demand are more evenly matched, and small changes can tip things either way.

Here are the balanced markets:

1. Minneapolis, MN — 9.0% (12,833 buyers, 13,989 sellers)
2. Chicago, IL — 1.4% (25,427 buyers, 25,795 sellers)
3. Boston, MA — -1.4% (10,952 buyers, 10,794 sellers)
4. Providence, RI — -1.9% (4,202 buyers, 4,124 sellers)
5. Cleveland, OH — -4.2% (7,310 buyers, 7,006 sellers)
6. Baltimore, MD — -5.9% (10,851 buyers, 10,205 sellers)

In these areas, neither side has a clear upper hand. Deals depend more on the specifics of the property and the pricing strategy, plus how motivated each party is. 

These are the kinds of markets where strong agent guidance (from you) can make a real difference in how a transaction plays out. 

Buyers and sellers still rely primarily on real estate agents for help in navigating the process and getting the best possible deal. Knowing the landscape better than anyone gives you the advantage your clients need. Coupling that with the best client experience makes you the agent they’ll happily recommend to everyone they know.