7 of the 50 Largest U.S. Metros are Now Buyer's Markets: Miami, Austin, Orlando, New York City, Jacksonville, Tampa, and Riverside, Calif.

Rhea-AI Summary

Realtor.com (NASDAQ:NWSA) reports that the U.S. housing market reached a balanced state in August 2025, with months of supply hitting 5.0, a level not seen in summer since 2016. Seven of the 50 largest U.S. metros have become buyer's markets: Miami (9.7 months), Austin (7.1), Orlando (6.9), New York (6.7), Jacksonville (6.3), Tampa (6.3), and Riverside (6.1).

The national housing market shows mixed signals with active listings up 20.9% year-over-year, but inventory growth is decelerating. The median listing price remained flat at $429,990 compared to last year, while 20.3% of active listings had price cuts. Notably, delistings surged 57% year-over-year, indicating growing seller frustration with market conditions.

Positive

• Housing market reaches balanced territory with 5.0 months of supply, improving conditions for buyers
• Active listings increased 20.9% year-over-year, marking 22nd consecutive month of gains
• Seven major metros have shifted to buyer's market conditions, offering more negotiating power
• South and West regions inventory levels exceed pre-pandemic norms by 3.6% and 6.6% respectively

Negative

• Inventory growth is decelerating, with recovery moving in wrong direction
• Delistings surged 57% year-over-year, indicating seller frustration
• Pending home sales declined 1.3% year-over-year in August
• Median days on market increased to 60 days, 7 days longer than last year

Insights

Real Estate Market Analyst

U.S. housing market reaches balance at 5 months supply, but regional disparities create distinct buyer's and seller's markets across major metros.

The U.S. housing market has reached a pivotal equilibrium point with 5 months of inventory supply in August, marking the first balanced summer market since Realtor.com began tracking this metric in 2016. This represents a significant shift in the long-running seller's advantage that has dominated the housing landscape in recent years.

Behind this headline figure lies substantial regional fragmentation. Seven of the 50 largest metros have now fully transitioned to buyer's markets (6+ months of supply): Miami (9.7), Austin (7.1), Orlando (6.9), New York (6.7), Jacksonville (6.3), Tampa (6.3), and Riverside (6.1). These markets all experienced price declines on a per-square-foot basis, signaling downward pressure on valuations.

The geographic distribution is telling - buyer's markets are concentrated in the South (particularly Florida and Texas) and parts of the West where construction activity has been robust. Meanwhile, tight inventory persists in the Northeast and Midwest, where many markets remain firmly in seller's territory with Milwaukee (2.7), St. Louis (2.9), and Boston (3.0) showing the lowest supply levels.

Despite 20.9% year-over-year growth in active listings, the inventory recovery shows concerning signs of stalling. The expansion rate has decelerated for four consecutive months, and inventory remains 14.3% below pre-pandemic norms nationwide - with the Midwest (-39.3%) and Northeast (-50.9%) still severely constrained.

The most troubling signal may be the surge in delistings, up 57% year-over-year in July. For every 100 new listings, 24 homes were pulled from the market without selling - compared to just 17 a year ago. This suggests growing seller frustration with market conditions, particularly in Miami where 57 homes were delisted for every 100 new listings.

Demand indicators confirm the cooling trend: homes now spend 60 days on market (7 days longer than last year), pending sales have dipped 1.3% year-over-year, and 20.3% of active listings saw price cuts in August. The data points to a market that has reached an inflection point, with regional divergences likely to widen before a new equilibrium emerges.

The U.S. Housing Market Reaches Balance in August as National Supply Hits 5 Months

AUSTIN, Texas, Sept. 9, 2025 /PRNewswire/ -- The U.S. housing market reached a rare state of balance this summer, according to Realtor.com^®'s August monthly housing report which showed months of supply at 5.0, a level not seen in the summer months since Realtor.com began tracking the metric in 2016. This shift signals the continuation of a slow rebalancing in favor of homebuyers, though local conditions vary significantly across regions and metros.

"The national housing market is now more balanced between homebuyers and sellers at five months of supply, but that balance conceals a wide range of local realities," said Danielle Hale, chief economist at Realtor.com^®. "In Miami, Austin, and Orlando, buyers are clearly in control, while in metros like Milwaukee and Boston, sellers remain firmly in the driver's seat. The takeaway for buyers and sellers alike is that local conditions, not national headlines, are what matter most for pricing, competition, and timing."

Formally, months of supply is defined as a month's total inventory — both active and pending listings — divided by sales in that month. In theory, it represents how long it would take to sell all currently listed homes at the current sales pace. In practice, the metric is a long-standing rule of thumb: fewer than 4 months indicates a seller's market, 4–6 months is balanced, and 6+ months favors buyers.

August 2025 Housing Metrics – National (*For metro stats, see Table table overview below)

Metric	August 2025	Change over July 2025 (MoM)	Change over Aug. 2024 (YoY)	Change over Aug. 2019
Median listing price	$429,990	-2.2 %	0.0 %	36.2 %
Active listings	1,098,681	-0.4 %	20.9 %	-11.1 %
New listings	402,268	-7.5 %	4.9 %	-16.1 %
Median days on market	60	2	7	1
Share of active listings with price reductions	20.3 %	0	1.1	2.8
Median List Price Per Sq.Ft.	$228	-1.2 %	0.1 %	51.3 %

Metros Split Along Buyer-Seller Spectrum

At the metro level, seven of the 50 largest U.S. markets were in buyer's market territory in June with six months or more of supply: Miami, Austin, Orlando, New York, Jacksonville, Tampa, and Riverside, Calif. Every major metro in this category also saw prices fall in August on a per-square-foot basis.

• Buyers' Markets - Highest months of supply metros (June): Miami (9.7), Austin (7.1), Orlando (6.9), New York (6.7), Jacksonville (6.3), Tampa (6.3), and Riverside, Calif. (6.1).
• Balanced metros near the national average: Los Angeles (5.0), Denver (4.9), Portland, Ore. (5.1).
• Sellers' Markets - Lowest months of supply metros: Milwaukee (2.7), St. Louis (2.9), Grand Rapids, MI (2.9), Boston (3.0).

Markets with greater than six months supply experienced price declines in August, while those with fewer than four months supply recorded stronger price growth. The divergence is highly regional: Southern markets — particularly in Florida and Texas — dominate the buyer's market group, while most of the Northeast and Midwest remain in tight seller's market territory with steady or rising prices. Notably, buyer's market regions also align to areas where builders have been more active and new homes are more abundant.

Inventory Recovery Stalls After Two Years of Growth
For buyers, a growing number of homes for sale continues to shape the market. Active listings rose 20.9% year-over-year in August, marking the 22nd consecutive month of gains and the fourth straight month above 1 million listings.

But that expansion is slowing. Active listing growth has decelerated each month since May, when it reached 31.5% year-over-year. The gap to pre-pandemic inventory has also widened again, now sitting 14.3% below 2017–2019 norms — up from 12.9% in June. In other words, the nationwide inventory recovery is moving in the wrong direction.

• By region: Inventory rose in all four major U.S. regions, led by the West (+26.7%) and South (+21.8%), with slower growth in the Midwest (+15.6%) and Northeast (+14.2%).
• Relative to pre-pandemic norms: Only the South (+3.6%) and West (+6.6%) are running above 2017–2019 levels. The Midwest (-39.3%) and Northeast (-50.9%) continue to lag significantly.
• Metros above pre-pandemic levels by 25%: 11 of the top 50 all concentrated in the South and West. Denver (+64.2%), San Antonio (+53.4%), and Austin (+50.2%) lead the list.

Delistings Signal Growing Seller Frustration
Beyond slowing sales and flat prices, delistings have become a defining feature of this summer's housing market. Nationally, delistings rose 57% in July, which is the most recent month for which delisting data is available, compared to the same time last year, continuing a sharp upward trend that has now outpaced overall inventory gains. On a year-to-date basis, delistings are up 41%.

The ratio of delistings to new listings — a metric that captures the flow of homes in and out of the for-sale market — climbed to 0.24 in July. This means that for every 100 new listings that came onto the market, 24 previously listed homes were removed without selling. By comparison, the ratio was just 0.17 a year ago.

Metros with the highest delisting-to-listing ratios (July): Miami (57 per 100 new listings), Phoenix (45), Riverside, Calif. (34), Tucson, Ariz. (33).

A rising delisting rate suggests that sellers are increasingly unwilling to accept current market prices or conditions, pulling their homes from the market instead. This pullback could put downward pressure on inventory later in the year, reducing buyer choice even as market momentum slows.

Softer Demand Meets Slower Sales
Signs of a cooling market are evident in demand-side indicators. Pending home sales dipped 1.3% year-over-year in August, while new listings grew just 4.9% — marking the fourth straight month of slowing momentum.

Homes are also taking longer to sell. The typical home spent 60 days on the market in August, seven days longer than last year and now above pre-pandemic norms for the second consecutive month. This was the 17th straight month of year-over-year increases in time on market.

Regionally, the slowdown is most pronounced in the South and West. Compared to last year, time on market rose by eight days in the West and the South, versus three in the Midwest and two in the Northeast. Twenty-seven of the top 50 metros are now seeing listings linger longer than their pre-pandemic averages, with the sharpest slowdowns in Nashville (+21 days) and Miami (+16 days).

Prices Hold Flat, But Cuts Rising
The national median list price remained unchanged from last year at $429,990, down 2.2% month-over-month. Year-on-Year prices varied modestly by region, ticking up slightly in the Northeast (+1.1%), remaining steady in the Midwest (+0.0%) and South (-0.1%), and edging lower in the West (-2.1%)

Sellers are adjusting to weaker demand. In August, 20.3% of active listings had price cuts, with reductions concentrated in the South and West. Delistings also rose sharply — up 57% year-over-year — as more sellers pulled homes off the market.

Table: August 2025 Housing Overview of the 50 Largest Metros

Metro	Active Listing Count YoY	New Listing Count, YoY	Median List Price	Median List Price, YoY	Median List Price Per SF, YoY	Median Days on Market, YoY (Days)	Price Reduced Share	Price Reduced Share, YoY (Percentage Points)	Addendum: Months of Supply (June 2025)
Atlanta-Sandy Springs-Roswell, GA	24.6 %	1.7 %	$415,000	0.0 %	-1.4 %	10	25.2 %	1.6	5.6
Austin-Round Rock-San Marcos, TX	15.4 %	3.6 %	$499,000	-5.0 %	-3.5 %	7	28.7 %	0.7	7.1
Baltimore-Columbia-Towson, MD	38.6 %	3.2 %	$397,000	7.0 %	2.8 %	2	19.2 %	2.6	3.7
Birmingham, AL	11.7 %	-1.2 %	$299,900	0.0 %	1.0 %	7	18.0 %	-0.4	4.5
Boston-Cambridge-Newton, MA-NH	21.3 %	5.4 %	$799,900	-4.1 %	1.4 %	6	17.8 %	1.7	3.0
Buffalo-Cheektowaga, NY	10.9 %	8.4 %	$285,450	2.0 %	5.5 %	-2	9.6 %	0.2	5.7
Charlotte-Concord-Gastonia, NC-SC	36.4 %	8.6 %	$439,999	1.1 %	-0.5 %	13	24.9 %	1.5	4.3
Chicago-Naperville-Elgin, IL-IN	2.5 %	-0.3 %	$374,900	-2.6 %	-0.6 %	1	16.5 %	2	3.7
Cincinnati, OH-KY-IN	17.9 %	2.4 %	$345,900	-1.1 %	1.4 %	4	18.9 %	0.3	3.2
Cleveland, OH	16.9 %	1.2 %	$264,450	-2.0 %	2.9 %	3	17.5 %	1.5	3.8
Columbus, OH	30.3 %	5.8 %	$382,450	-0.6 %	-0.6 %	5	26.8 %	4.3	3.3
Dallas-Fort Worth-Arlington, TX	21.3 %	-4.1 %	$430,000	-3.4 %	-1.6 %	9	28.3 %	-0.1	4.6
Denver-Aurora-Centennial, CO	29.8 %	-2.1 %	$599,990	-3.2 %	-3.4 %	12	31.4 %	3.9	4.9
Detroit-Warren-Dearborn, MI	20.0 %	6.1 %	$279,000	-0.3 %	-1.2 %	2	17.9 %	1.8	3.6
Grand Rapids-Wyoming-Kentwood, MI	5.4 %	0.3 %	$409,900	2.5 %	4.5 %	2	19.1 %	0	2.9
Hartford-West Hartford-East Hartford, CT	17.0 %	6.0 %	$449,000	5.6 %	-0.1 %	3	9.9 %	0.3	3.5
Houston-Pasadena-The Woodlands, TX	31.6 %	1.4 %	$365,000	-2.7 %	-1.6 %	0	22.0 %	1.7	5.7
Indianapolis-Carmel-Greenwood, IN	22.6 %	7.7 %	$327,250	-0.8 %	0.0 %	4	29.5 %	4.4	3.4
Jacksonville, FL	12.0 %	-4.3 %	$399,000	-2.6 %	-2.2 %	13	29.9 %	1.9	6.3
Kansas City, MO-KS	28.0 %	9.5 %	$392,000	-1.5 %	1.1 %	-2	17.4 %	-0.5	3.3
Las Vegas-Henderson-North Las Vegas, NV	48.2 %	-1.2 %	$473,465	-1.4 %	-1.1 %	14	24.1 %	3	4.3
Los Angeles-Long Beach-Anaheim, CA	35.8 %	4.4 %	$1,100,000	-7.6 %	-2.2 %	9	16.9 %	3.3	5.0
Louisville/Jefferson County, KY-IN	25.0 %	8.7 %	$320,000	0.0 %	1.7 %	0	21.5 %	1.5	3.7
Memphis, TN-MS-AR	18.4 %	3.4 %	$332,995	-1.8 %	2.2 %	5	23.9 %	0.7	4.7
Miami-Fort Lauderdale-West Palm Beach, FL	24.3 %	-8.3 %	$500,000	-5.7 %	-3.9 %	16	17.4 %	0.1	9.7
Milwaukee-Waukesha, WI	6.0 %	-3.4 %	$399,900	0.2 %	6.4 %	3	15.1 %	0.5	2.7
Minneapolis-St. Paul-Bloomington, MN-WI	4.9 %	4.4 %	$433,350	-1.5 %	-0.4 %	2	17.0 %	-0.2	3.8
Nashville-Davidson--Murfreesboro--Franklin, TN	25.8 %	2.7 %	$539,900	-1.8 %	-1.0 %	21	21.3 %	-3.3	5.8
New York-Newark-Jersey City, NY-NJ	7.7 %	6.5 %	$760,000	0.1 %	-3.5 %	0	7.9 %	-0.1	6.7
Oklahoma City, OK	23.1 %	14.0 %	$320,000	1.6 %	0.3 %	6	22.8 %	0	5.2
Orlando-Kissimmee-Sanford, FL	19.5 %	-10.7 %	$422,695	-2.8 %	-3.2 %	14	23.6 %	-1.5	6.9
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD	19.3 %	1.3 %	$380,000	-0.5 %	0.6 %	0	15.5 %	1.5	3.9
Phoenix-Mesa-Chandler, AZ	28.7 %	2.8 %	$499,000	-3.1 %	-1.8 %	13	28.3 %	0.9	5.2
Pittsburgh, PA	8.8 %	9.5 %	$254,000	5.9 %	5.4 %	3	20.2 %	-0.4	4.7
Portland-Vancouver-Hillsboro, OR-WA	22.7 %	5.0 %	$599,000	-2.6 %	-2.4 %	9	30.8 %	1.7	5.1
Providence-Warwick, RI-MA	20.5 %	2.2 %	$599,000	4.4 %	2.3 %	6	11.9 %	-4.6	3.9
Raleigh-Cary, NC	42.3 %	14.5 %	$455,000	0.0 %	-1.0 %	8	24.8 %	4.1	5.6
Richmond, VA	20.1 %	4.6 %	$429,500	-4.6 %	0.8 %	3	17.2 %	1.8	3.4
Riverside-San Bernardino-Ontario, CA	30.4 %	-3.3 %	$599,000	0.0 %	-1.5 %	13	18.6 %	1.7	6.1
Sacramento-Roseville-Folsom, CA	29.0 %	-1.3 %	$619,990	-3.1 %	-2.4 %	7	22.9 %	2.4	4.4
St. Louis, MO-IL	13.6 %	8.4 %	$300,000	-0.6 %	-1.5 %	4	17.1 %	1.3	2.9
San Antonio-New Braunfels, TX	16.8 %	10.6 %	$330,000	-3.7 %	-3.6 %	7	26.8 %	-0.4	5.3
San Diego-Chula Vista-Carlsbad, CA	36.8 %	-4.3 %	$950,000	-4.9 %	-3.6 %	7	21.5 %	3.7	4.8
San Francisco-Oakland-Fremont, CA	17.6 %	-2.4 %	$959,000	-1.0 %	-4.6 %	8	14.8 %	2.5	4.1
San Jose-Sunnyvale-Santa Clara, CA	21.6 %	-6.1 %	$1,378,000	-1.5 %	-3.8 %	9	14.4 %	3.3	3.6
Seattle-Tacoma-Bellevue, WA	31.0 %	-2.4 %	$774,950	0.0 %	1.1 %	6	20.0 %	2.4	4.4
Tampa-St. Petersburg-Clearwater, FL	16.3 %	-7.6 %	$415,000	0.0 %	-1.2 %	13	27.5 %	-1.9	6.3
Tucson, AZ	32.8 %	-3.6 %	$384,995	-1.3 %	-1.7 %	13	22.6 %	2.4	5.4
Virginia Beach-Chesapeake-Norfolk, VA-NC	15.4 %	6.8 %	$413,000	4.6 %	3.3 %	5	22.8 %	1.9	3.0
Washington-Arlington-Alexandria, DC-VA-MD-WV	54.7 %	6.8 %	$599,900	0.0 %	-4.9 %	2	17.5 %	3.5	4.1

Methodology
Realtor.com housing data as of August 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts.

Beginning with our April 2025 report, we have transitioned to a revised national pending home sales data series that applies enhanced cleaning methods to improve consistency and accuracy over time. While the insights and commentary in this report reflect the new series, the downloadable data remains based on our legacy automated pipeline. As a result, there may be slight differences between the report figures and those in the national download file as we transition.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact: Mallory Micetich, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/7-of-the-50-largest-us-metros-are-now-buyers-markets-miami-austin-orlando-new-york-city-jacksonville-tampa-and-riverside-calif-302549864.html

SOURCE Realtor.com

FAQ

Which U.S. cities are now buyer's markets in 2025 according to Realtor.com?

Seven metros are buyer's markets: Miami (9.7 months supply), Austin (7.1), Orlando (6.9), New York (6.7), Jacksonville (6.3), Tampa (6.3), and Riverside (6.1).

What is the current median home listing price in the U.S. housing market?

The national median listing price remained unchanged year-over-year at $429,990 as of August 2025, showing a 2.2% decrease month-over-month.

How many months of housing supply are available in the U.S. market?

The U.S. housing market reached 5.0 months of supply in August 2025, indicating a balanced market between buyers and sellers for the first time since Realtor.com began tracking in 2016.

What percentage of home listings had price reductions in August 2025?

20.3% of active listings had price reductions in August 2025, with reductions concentrated in the South and West regions.

How long are homes staying on the market in 2025?

Homes spent a median of 60 days on the market in August 2025, which is 7 days longer than the previous year and above pre-pandemic levels.

How much have active housing listings increased year-over-year?

Active listings rose 20.9% year-over-year in August 2025, marking the 22nd consecutive month of gains and fourth straight month above 1 million listings.