I bought my first house in 2022, which was a brutal seller’s market in most parts of the United States.
My husband and I tried to buy six different houses before a seller finally accepted an offer. We waived almost all our contingencies. We offered tens of thousands of dollars over the asking price. And we still just barely beat out another person’s offer.
Today, the U.S. housing market is very different. And while I’m not jealous of the high mortgage rates, I can honestly say I’m a bit envious of the buyer’s market so many are experiencing.
In fact, real estate technology company Redfin has released a report stating that in August, the U.S. was the strongest buyer’s market in Redfin’s records, which date back to 2013.
A buyer’s market indicates that there are more sellers than buyers. When supply outweighs demand, homebuyers hold more power.
“With sellers piling into the market and demand falling flat, today’s house hunters can afford to be choosy,” wrote Asad Khan, a senior economist at Redfin. “Even during a time when housing costs are elevated, the surplus of sellers over buyers makes it a good time to be a house hunter, in some respects.”
The strongest buyer’s markets are in the Sun Belt
Redfin considers the U.S. a buyer’s market overall. Of the 49 largest U.S. metro areas with sufficient data, 36 were buyer’s markets in August 2026.
To be clear, the company defines buyer’s markets as those with over 10% more sellers than buyers, according to the Redfin Methodology. The larger that gap is, the stronger the buyer’s market.
All 10 strongest buyer’s markets in August were in the Sun Belt. Of these 10, four of them were in Texas.
Nashville, Miami, and Houston were the strongest buyer’s markets.
“In Nashville, TN, there were an estimated 139% more home sellers than buyers in the market in August,” Redfin wrote.
Behind those cities stand Orlando, Las Vegas, San Antonio, Austin, Dallas, Atlanta, and Phoenix.
Inventory is increasing in many of these areas because sellers who were once waiting to list their homes are tired of putting their lives on hold. Many homeowners have waited for mortgage rates to drop before listing, hoping to attract more buyers. With mortgage rates remaining elevated, some homeowners who had been waiting for rates to fall are finally putting their homes on the market.
Redfin found that Nashville and markets in Texas and Florida have particularly strong home-building activity right now, which is increasing inventory and giving buyers more options.
While buyer’s markets dominate nationally, a handful of major metros are still giving sellers the upper hand.
Only 5 seller’s markets remain in the U.S.
As previously mentioned, 36 of the 49 largest U.S. metro areas were considered buyer’s markets in August by Redfin’s standards. Eight were “balanced markets,” meaning neither buyers nor sellers had a strong upper hand.
That leaves only five major metro areas that were seller’s markets in August.
Redfin stated that Nassau County, N.Y., was the strongest seller’s market. There were 28% fewer sellers than homebuyers.
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The other four seller’s markets were Newark, N.J. (21% fewer sellers than buyers), Montgomery County, Pa. (-20%), Milwaukee (-18%), and San Francisco (-12%).
“The seller’s markets are mainly in places where construction of new homes has been constrained for years,” data journalist Dana Anderson wrote for Redfin.
“San Francisco is hot for homebuyers, with the AI boom creating wealth and leading to a jump in sales,” Anderson explained.
Key takeaways from the Redfin report
- Home-sale prices increased more aggressively in seller’s markets. In the five seller’s markets, year-over-year home-sale prices increased by an average of 5.5% in August. In the buyer’s markets, sale prices rose by 1.6% during the same timeframe.
- Those in buyer’s markets have more negotiation power. When sellers have fewer interested buyers and bidding wars, homebuyers gain the upper hand. You may be able to negotiate the price, seller’s concessions, or a flexible closing date.
- Sellers in buyer’s markets probably need to put in extra effort. “Work harder to stand out,” said Khan. “Take stock of how other homes are priced, make sure your home is prepped and be prepared to negotiate. With so many competing listings, sellers who want to find a buyer quickly should price competitively from the start.”
- There are still eight balanced markets. Of the 49 largest U.S. metros, Baltimore, Boston, Chicago, Cleveland, New Brunswick, N.J., New York City, Providence, R.I., and San Jose, Calif., were the eight balanced housing markets in August.
- Buying in a balanced market is a different experience. In a balanced market, homebuyers have adequate choices, and both sellers and buyers can achieve reasonable sale prices, according to Sutherland Group.
Related: Zillow, Redfin have strong words on mortgage rates, housing market
