Statistics indicate that the U.S. real estate market in November saw sellers outnumber buyers by 37.2%, equivalent to an increase of 529,770 sellers. This represents the largest gap recorded since 2013, excluding the summer period of this year. The figure is higher than 35.6% in the previous month and significantly above the 17% recorded a year earlier. The gap has remained above the 35% threshold since April.
The housing market is classified based on the size of the gap between sellers and buyers. If sellers exceed buyers by 10% or more, the market is considered a buyers’ market. Conversely, if buyers exceed sellers by 10% or more, it is classified as a sellers’ market. Markets where the gap is less than 10% are defined as balanced. According to this framework, the U.S. market has been a buyers’ market since May 2024.
When the number of sellers surpasses buyers, purchasers gain stronger negotiating power due to the wider range of options available. However, this advantage is limited to those who can actually afford to buy, as high home prices have kept many Americans out of the market.
Asad Khan, Chief Economist at Redfin, noted that a modest improvement in affordability conditions could encourage some buyers to return to the market by 2026, potentially narrowing the supply-demand gap. Nevertheless, the market is expected to continue favoring buyers in the near term, with sellers likely cutting prices or offering concessions to attract potential buyers.
Buyer estimates were calculated using data on the median time to complete a purchase through the Redfin platform, along with MLS data on active listings and pending sales. Seller counts were derived simply from the number of homes listed for sale based on MLS data. These figures are seasonally adjusted and may change with future updates.
November recorded one of the lowest buyer levels on record, despite sellers experiencing their largest decline in two years.
On a monthly basis, the number of buyers fell by 2.5% to an estimated 1.43 million buyers—the largest drop since April 2025 and the second-lowest level since the onset of the COVID-19 pandemic in April 2020. The figure also declined by 9.4% year over year.
Meanwhile, the number of sellers decreased by 1.4% month over month to approximately 1.95 million sellers, marking the lowest level since February and the largest drop since June 2023. On an annual basis, however, the number of sellers increased by 6.2%.
The decline in buyer numbers is attributed to rising home prices and ongoing economic uncertainty. The drop in sellers reflects weak demand for listed homes, as some homeowners prefer to withdraw their properties after extended periods without interest or choose not to list at all—often influenced by nearby examples of homes selling below asking prices.
Regionally, Austin, Texas, topped the list of buyers’ markets, with sellers exceeding buyers by 114%. It was followed by San Antonio at 106%, Nashville at 104%, Fort Lauderdale, Florida, at 102%, and West Palm Beach at 93.6%.
The Sun Belt experienced significant growth during the pandemic as many buyers relocated from higher-cost areas, driving up home prices and pushing local residents out of the market. To meet the surge in demand, homebuilders ramped up construction, contributing to an imbalance between housing supply and demand.
Despite strong construction trends in Texas and Florida, the latter faces additional challenges, including natural disasters, rising insurance costs, and higher living expenses, prompting some residents to leave the region.
Among the 50 largest metropolitan markets in the United States, 36 were classified as buyers’ markets, while seven were balanced and another seven were sellers’ markets. Buyers’ markets are largely concentrated in the Sun Belt and along the West Coast, whereas balanced and seller-favored markets are primarily found in the Midwest and along the East Coast.
