A widening imbalance between home sellers and buyers has shifted the U.S. housing market.
In January, there were roughly 600,000 more home sellers than buyers nationwide, a gap of 44%, according to a new analysis from Redfin.
NY Post reports that the imbalance marks the second-widest spread since the brokerage began tracking the data in 2013, surpassed only by December 2025, when sellers exceeded buyers by 45%.
By Redfin’s measure, any market with more than 10% extra sellers qualifies as a buyers’ market. Using that yardstick, the country has been in buyer-friendly territory since May 2024.
The shift has given those still shopping for homes added leverage. When listings significantly outpace demand, buyers typically gain the upper hand in negotiations because they can afford to be selective.
Redfin estimates there were about 1.36 million buyers in January, down 1% from December and 8% from a year earlier, which makes it the lowest level on record.
The number of sellers also dipped 1% month over month to 1.96 million, the steepest monthly decline since June 2023 and the smallest total since February 2025. Compared with a year ago, however, sellers were up 2%.
A combination of elevated mortgage rates, expensive homes, layoffs, and broader economic and political unease has sidelined many would-be buyers.
At the same time, some homeowners have withdrawn listings after months without offers, while others have hesitated to test the market after watching nearby properties trade below asking prices.
Only five of the 50 largest US metropolitan areas qualified as sellers’ markets in January.
Newark, N.J., led the list, with an estimated 31% fewer sellers than buyers. Nassau County, N.Y., followed at minus 29%, along with Milwaukee and Montgomery County, Pa., both at minus 26%, and New Brunswick, N.J., at minus 17%.
In Milwaukee, a tighter supply has kept competition brisk.
“Two things are fueling Milwaukee’s seller’s market: a drop in mortgage rates and a lack of inventory,” local Redfin Premier agent W.J. Eulberg said in the report. “Mortgage rates are lower than they were six months ago and a year ago, which has brought buyers back into the fold. And while listings are creeping back up, we still have less than three months of supply. That means buyers don’t have a lot of homes to choose from, which is driving up prices and competition.”
Milwaukee’s median sale price climbed 11% from a year earlier in January, the largest increase among the top 50 metros.
Across the five sellers’ markets, prices rose an average of 5% year-over-year. That compares with a 3% gain in the six balanced markets and a 1% increase in the 39 buyers’ markets, evidence that softer demand is tempering price growth in much of the country. Many of the most buyer-friendly markets are concentrated in the South and along the West Coast, while tighter conditions persist in parts of the Midwest and Northeast.
Miami posted the widest buyer advantage, with 159% more sellers than buyers. Fort Lauderdale followed at 128%, then Austin at 124%, Nashville at 120%, and San Antonio at 114%.
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