Homebuyers hold the power in the U.S. housing market. There were an estimated 46.9% more home sellers than buyers in the U.S. housing market in May, up from 46.4% the month before but down from a peak of 49.5% in December 2025. This is according to a new report from Redfin, the real estate brokerage powered by Rocket.
Nashville, TN, Miami and Austin, TX are the biggest drivers of this spring’s buyer’s market, with the biggest surplus of sellers over buyers. Two more Texas metros, Houston and San Antonio, round out the top five.
When sellers outnumber buyers, buyers typically have more negotiating power because they have options. That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Redfin defines a market where there are over 10% more sellers than buyers as a buyer’s market and a market where there are over 10% fewer sellers than buyers as a seller’s market. A market where the gap is plus or minus 10% is considered a balanced market…