There were an estimated 37.2 percent more homesellers than buyers in the housing market in November (or 529,770 more), according to a report from Redfin. That’s the largest gap in records dating back to 2013 aside from this summer. It compares with 35.6 percent a month earlier and 17 percent a year earlier.
Redfin defines a market with over 10 percent more sellers than buyers as a buyer’s market. By this definition, it has been a buyer’s market since May 2024.
When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from. Despite this circumstance, many Americans have been priced out of the housing market as affordability has eroded, according to Redfin.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” Redfin Senior Economist Asad Khan said in a release. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
The number of homebuyers in the housing market dropped 2.5 percent month-over-month in November to an estimated 1.43 million. That’s the biggest monthly decline since April 2025 and the lowest level on record aside from April 2020, when the pandemic brought the housing market to a halt. The number of buyers fell 9.4 percent year-over-year.
Sellers have also been retreating, but not as quickly. The number of sellers in the market fell 1.4 percent month-over-month to an estimated 1.95 million — the largest decline since June 2023 and the lowest level since February. The number of sellers rose 6.2 percent year-over-year.
Buyers are backing off due to high housing costs and economic uncertainty, according to Redfin. Sellers, many of whom are buyers themselves, are backing off in response to lackluster demand for their homes. Some sellers are delisting after watching their homes sit on the market for months with zero bites from buyers, while others are choosing not to list at all after seeing their neighbor’s house sell for under the asking price.
In Austin, Texas, there were an estimated 114 percent more sellers than buyers in November — the largest imbalance among the 50 most populous metropolitan areas. Next came San Antonio (106 percent), Nashville, Tenn., (104 percent), Fort Lauderdale, Fla., (102 percent) and West Palm Beach, Fla. (93.6 percent).
The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country, driving up housing costs and pricing many locals out of the market, according to Redfin. To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them.
Texas and Florida continue to build more homes than other states, according to Redfin. Florida is also grappling with intensifying natural disasters, soaring insurance premiums and rising condo Homeowners Association fees, which has prompted some homeowners to leave.
Overall, 36 of the 50 most populous metros were buyer’s markets, seven were balanced markets and seven were seller’s markets. The buyer’s markets are concentrated in the Sun Belt and on the West Coast, while balanced markets and seller’s markets skew more toward the Midwest and East Coast.
Nassau County, N.Y., was the strongest seller’s market in November, with an estimated 39.1 percent fewer sellers than buyers. The other six seller’s markets were Montgomery County, Pa., (-34.8 percent), Newark, N.J., (-31.8 percent), New Brunswick, N.J., (-30.5 percent), Milwaukee (-18 percent), San Francisco (-11.3 percent) and Cleveland (-10.5 percent).
New construction can have a significant influence on whether negotiating power lies with buyers or sellers because it impacts the balance of supply and demand, according to Redfin. The Northeast and the Midwest issue the fewest building permits, while the South and the West issue the most.
Home prices rose an average of 4.8 percent year-over-year across the seven seller’s markets in November, compared with a 3.2 percent gain across balanced markets and a 1.1 percent increase across buyer’s markets — an indication that buyers in buyer’s markets have more leverage.
In November, Redfin reported that San Francisco had shifted from a buyer’s market to a balanced market. Now it has shifted from a balanced market to a seller’s market. There were 11.3 percent fewer sellers than buyers in San Francisco’s housing market in November, placing it in seller’s market territory. That compares with 5.7 percent fewer in October.
The Bay Area housing market has been heating up, with homebuyer demand rising amid a boom in the artificial intelligence industry and a return to the office.