Nashville, Miami and Austin– Once Pandemic Homebuying Hotspots– Are This Spring’s Strongest Buyer’s Markets

• 35 of the 50 most populous U.S. metros were buyer’s markets in May, led by locations in the Sun
• Belt. There are almost half a million more home sellers than purchasers in the U.S. real estate market– 46.9% more– signaling that buyers hold the power.
• The variety of sellers getting in the market is at a 6-year high. Meanwhile, homebuying need stayed flat, which expanded the space somewhat.
• There were only 7 seller’s markets. Long Island was the strongest, followed by a number of other Northeastern metro areas and San Francisco.
• The staying 8 were balanced markets, consisting of New york city, Boston, Minneapolis and other Midwest and East Coast cities.

Homebuyers hold the power in the U.S. housing market. There were an approximated 46.9% more home sellers than buyers in the U.S. real estate market in May, up from 46.4% the month before however below a peak of 49.5% in December 2025.

Nashville, TN, Miami and Austin, TX are the greatest chauffeurs of this spring’s buyer’s market, with the most significant surplus of sellers over purchasers. Two more Texas cities, Houston and San Antonio, complete the top five. See the next area of this report for more on those places.

When sellers outnumber buyers, purchasers usually have more working out power since they have choices. That’s why a market with a lot more sellers than buyers is thought about a buyer’s market. We specify a market where there are over 10%more sellers than buyers as a purchaser’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 well balanced market. We estimated the variety of buyers using exclusive Redfin information on the common time from a buyer’s very first tour to close of purchase, and MLS information on active listings and pending sales. The estimated variety of sellers in the market is just the variety of active listings in the MLS. These price quotes are seasonally changed and based on modification. See a more in-depth method here and see an interactive control panel here.

It is very important to keep in mind that it’s just a buyer’s market for people who can afford to buy. High housing costs and prevalent financial uncertainty have caused many potential purchasers to back off recently, producing the imbalance of buyers and sellers we see today.

“While the space between property buyers and sellers has actually narrowed somewhat considering that the end of last year, house hunters still have even more working out power and less pressure to make hurried choices,” said Redfin Senior citizen Economist Asad Khan. “With great deals of stock to choose from, purchasers in most of the country can be selective and request concessions, while sellers still need to price competitively to stand apart. Still, purchasers must bear in mind that it’s not rather as strong of a purchaser’s market as it as soon as was. The most preferable homes in popular metro areas– and popular communities in all locations– are still bring in multiple offers.”

Nashville, Together With Florida and Texas Metros, Are the Most significant Buyer’s Markets

Nearly three-quarters of U.S. real estate markets– 35 of the 49 U.S. metro locations Redfin examined– are buyer’s markets. For this report, Redfin examined the 50 most populated cities, and excluded Fort Lauderdale, FL due to inadequate data.

Might’s strongest purchaser’s market was Nashville, TN, which had an estimated 130% more sellers than buyers. Next came Miami (122%), Austin, TX (116%), Houston (111%) and San Antonio (108%).

“Listings are escalating and purchasers are being fussy,” said Aaron Glicken, a Redfin Premier agent in Nashville, TN. “Sellers are still struggling to cover their minds around lower rates, which is one reason a lot of listings are going stale: Many sellers will not work out or lower their prices. At the same time, buyers are being extremely specific; they’re contending with high home mortgage rates, more options, and typically only wish to close a deal if sellers will work out.”

The story of Nashville’s market is emblematic of why the Sun Belt is home to so many strong buyer’s markets. The Sun Belt increased in popularity throughout the pandemic, when many out-of-staters moved in thanks to remote work and record-low mortgage rates. Home building grew to keep pace with demand– but after those brand-new homes were total, skyrocketing home loan rates, increasing insurance coverage costs, increasing HOA costs and climate dangers have actually restricted buyer need. That has actually left sellers with more competition.

Brand-new construction plays a big role in whether purchasers or sellers have the upper hand since it increases housing supply. The South and West– especially Florida and Texas– have developed much more homes than the Northeast and Midwest, helping tip many cities in those areas toward purchasers.

More Sellers Went Into the U.S. Market, While Buying Need Was Flat

Nationwide, there were an approximated 1,483,839 home sellers in the market in Might– the highest level given that 2020 and up 0.4% month over month.

Meanwhile, there were an approximated 1,010,386 purchasers in the market, essentially the same (0.1%) from the month previously.

The truth that the variety of sellers grew from April to May while the number of buyers was essentially flat explains why the seller surplus ticked up. New listings struck the marketplace at a somewhat faster rate than buyers went into the market, increasing competition amongst sellers a bit from the month previously.

Homebuying need flattened in May largely due to the fact that home mortgage rates skyrocketed to their greatest level in nearly a year, straining affordability. Widespread financial and geopolitical uncertainty also hindered home hunters, with the Iran war, rising gas prices and inflation coming together to produce monetary jitters.

More sellers got in the marketplace last month partly since they discovered the uptick in homebuying demand in April, which was because of a strong job market and temporarily lower home mortgage rates. As noted above, house-hunting activity has actually given that slowed down.

There Are 7 Seller’s Markets, Led By Long Island

Seven of the major U.S. metro locations Redfin evaluated were seller’s markets in May, connected with April for the highest number in 9 months. The metros that are neither seller’s nor purchaser’s markets are thought about “well balanced” markets.

Nassau County, NY was the greatest seller’s market, with 38% less sellers than buyers. The other six seller’s markets were Milwaukee (-29.%), Montgomery County, PA (-25%), Newark, NJ (-21%), New Brunswick, NJ (-20%), Providence, RI (-19%) and San Francisco (-14%).

The strongest seller’s markets are in locations where building and construction of new homes has actually been constrained for many years, and which have steady homebuying demand since they’re close to major job centers. San Francisco is a special case: Sellers hold the power there since the local real estate market is hot due to the AI boom.

Home-sale rates increased 4.3% year over year, typically, across the 7 seller’s markets in Might. That’s compared with a 1.6% boost across the 36 purchaser’s markets– a sign that in seller’s markets, competitors amongst purchasers is pushing up home costs.

Home Hunters’ Negotiating Power Grew in 23 of the 35 Buyer’s Markets

Most of the purchaser’s markets became stronger purchaser’s markets in May. The surplus of home sellers over purchasers grew month over month in 23 of the 35 buyer’s markets in America.

The surplus increased most in Nashville, which was likewise the greatest buyer’s market in May. There were 130% more sellers than purchasers in Nashville, up from roughly 114% the month before. The next-biggest regular monthly boost remained in St. Louis, which went from being a well balanced market in April to a buyer’s market in May, with 15% more sellers than buyers. Oakland, CA, complete the leading three (31% more sellers than buyers, up from 21%).

Next are two Texas metros: In both Houstin and Austin, there were more than twice as lots of sellers as purchasers in May, and both metros saw the space boost almost 10 portion points month over month.

In some of the purchaser’s markets, home hunters lost some working out power. In 12 of the 35, the surplus of sellers over purchasers fell from April to May. That suggests they became less strong purchaser’s markets.

The greatest decline remained in Pittsburgh, where there were 53% more sellers than purchasers, down from about 63% the month in the past. Next is Miami: There were 122% more sellers than buyers in May, but that’s down from a 131% surplus in April. The next-biggest declines remained in West Palm Beach, Portland, OR and Fort Worth, TX.

*Fort Lauderdale, FL has actually been eliminated due to inadequate data.