According to a recent Redfin analysis, the U.S. housing market now has nearly 500,000 more home sellers than buyers — the widest gap since tracking began in 2013. As of April 2025, sellers outnumber buyers by 33.7 percent, a shift that signals a clear transition to a buyer’s market. Redfin projects that home prices will decline by about 1 percent before the end of the year as a result.
A Buyer’s Market Is Taking Hold
Sellers currently outnumber buyers by a margin not seen since records began in 2013. With roughly 1.94 million active home listings and just 1.45 million estimated buyers in the market, house hunters now have more leverage when it comes to negotiations. Out of the 50 largest metropolitan areas, 31 are considered buyer’s markets. These include cities like Miami, Austin, and Phoenix, where sellers significantly outpace demand.
Condos are facing the greatest imbalance, with 83.5% more condo listings than buyers. The gap is smaller for single-family homes and townhouses, but still notable at 27.8% and 33%, respectively.
Why Are So Many Sellers Entering the Market?
Several trends are contributing to the growing number of home sellers:
- Home prices and mortgage rates remain high, which is discouraging many buyers from entering the market. The median home price in April was $431,931, and the average 30-year mortgage rate was 6.73%.
- Economic uncertainty, including tariffs, layoffs, and policy changes, has caused many potential buyers to delay large purchases.
- Homeowners who locked in historically low mortgage rates during the pandemic are starting to list their homes due to life changes such as job moves, office return mandates, or divorce.
- Rising costs for homeowners association (HOA) fees and insurance premiums are especially pushing condo owners to sell.
Despite the clear market shift, many sellers are still pricing their homes based on peak market conditions. In April, 44% of active listings had been on the market for 60 days or more, which suggests overpriced inventory is starting to pile up.
Where Buyers Have the Advantage
Florida leads the list of buyer’s markets. Miami, West Palm Beach, Fort Lauderdale, and Tampa all have significantly more sellers than buyers. In Miami alone, there are nearly three times as many sellers as buyers. Cities like Austin and Jacksonville are also seeing home price drops of over 3% year over year.
On the other hand, areas like Newark, New Jersey, remain strong seller’s markets. Newark has 47% fewer sellers than buyers, which has contributed to a 12.2% increase in the median home price over the past year.
What to Expect Moving Forward
Redfin forecasts a national decline in home prices of about 1% by the end of 2025. With the number of sellers continuing to outpace demand, sellers should act quickly and price their homes realistically. Homes that have been sitting on the market may need to be improved or repriced to attract buyer interest.
For buyers who remain in the market, this shift offers more inventory and greater negotiating power. Some are already securing homes below asking price with added concessions from sellers.
The market dynamic has clearly changed. Whether you are buying or selling, staying informed and adjusting to current conditions will help you make the best move in today’s housing landscape.
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