It's Now The Strongest Buyer's Market on Record, Driven by the Sun Belt

Redfin data powered by Rocket shows a record national buyer’s market, led by oversupplied Sun Belt metros and limited seller strongholds.

Rhea-AI Summary

Rocket (RKT) highlights a new Redfin report showing that in August there were an estimated 57.9% more U.S. home sellers than buyers, the largest buyer–seller gap in Redfin records dating back to 2013.

The imbalance is driven by a surge in listings to about 1.53 million sellers, up 3.9% month over month, while buyers held nearly flat at roughly 972,300, up 0.1% from a record low. Redfin classifies markets with over 10% more sellers than buyers as buyer's markets.

All 10 of the strongest buyer's markets are in the Sun Belt, led by Nashville (139% more sellers than buyers), Miami (138%) and Houston (131%), with Orlando, Las Vegas, San Antonio, Austin, Dallas, Atlanta and Phoenix rounding out the list. In total, 36 of 49 tracked metros are buyer's markets, 5 are seller's markets, and the rest are balanced.

The five seller's markets are Nassau County, Newark, Montgomery County (PA), Milwaukee and San Francisco, where there were up to 28% fewer sellers than buyers and home-sale prices rose an average 5.5% year over year.

Market Context

RKT closed down 2.75% before publication, while a comparable Redfin supply report on Sep 09 had a -2...

Analysis

RKT closed down 2.75% before publication, while a comparable Redfin supply report on Sep 09 had a -2.72% 24-hour reaction; both reports described rising supply and stronger buyer bargaining power.

Key Figures

National seller surplus: 57.9% more sellers than buyers Prior-month seller surplus: 52.1% Home sellers: 1,534,918 +5 more

National seller surplus

57.9% more sellers than buyers

U.S. housing market in August

Prior-month seller surplus

52.1%

U.S. housing market in July

Home sellers

1,534,918

U.S. market in August

Monthly seller increase

3.9%

Home sellers, month over month in August

Homebuyers

972,300

U.S. market in August

Monthly buyer increase

0.1%

Homebuyers, month over month in August

Buyer’s markets

36 of 49

U.S. metro areas analyzed by Redfin

Nashville seller surplus

139% more sellers than buyers

Nashville market in August

Historical Context

3 past events · Latest: Sep 09

3 events

1. Sep 09

   Housing supply report

   24h Move

   -2.7%

   Redfin reported higher supply, flat demand and increased buyer bargaining power.

2. Sep 03

   Home listings report

   24h Move

   +4.8%

   Redfin reported rising listings, flat pending sales and increased buyer leverage.

3. Sep 02

   Metro housing report

   24h Move

   +4.0%

   San Francisco strengthened while Seattle weakened amid sharply different supply-demand conditions.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

buyer's market, seller's market, balanced market, hoa

4 terms

buyer's market technical

"That's why a market with a lot more sellers than buyers is considered a buyer's market."

A buyer's market is a market condition where there are more sellers than buyers, so prices tend to fall and purchasers have the upper hand when negotiating. For investors, it signals opportunities to buy assets at lower prices—like finding bargains at a crowded garage sale—but also can indicate weak demand or economic softness, which may affect long-term returns and the timing of buying decisions.

seller's market technical

"There are just 5 seller's markets in the U.S."

A seller's market is a condition where demand for an asset or security exceeds the available supply, giving sellers the advantage to secure higher prices and quicker sales. Think of it like an auction with more buyers than items: investors face upward pressure on prices, reduced room to negotiate, and faster turnover, which can boost short-term returns but also raise valuation risk and lower opportunities to buy at a discount.

balanced market technical

"A market where the gap is plus or minus 10% is considered a balanced market."

A balanced market is one where buying and selling pressure are roughly equal, so prices move slowly and there are no strong directional trends. For investors this matters because it usually means lower volatility and fewer sudden gains or losses—like a tug-of-war where both teams are evenly matched—so returns tend to come from steady income or stock selection rather than big market swings.

hoa technical

"increasing HOA fees and climate risks."

A homeowners association (HOA) is a group formed to manage and enforce rules for a residential community, collecting regular fees to maintain shared spaces like lawns, pools and roads. For investors, HOAs matter because their fees, reserve funds and rules can affect a property’s ongoing costs, resale value and rental flexibility—think of an HOA as a neighborhood’s management team whose policies and finances influence whether a property is an easier or riskier investment.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Sellers outnumbered buyers by 58% in August, the biggest gap in Redfin's records, driven by a surge in listings and stagnant demand.
• Nashville, Miami and Houston are the strongest buyer's markets, with more than double the number of sellers as buyers.
• There are just 5 seller's markets in the U.S., led by New York City suburbs. San Francisco is also a seller's market—just the second time in 4 years it has been classified as such. 
• Most buyer's markets got even more buyer-friendly in August, led by Orlando and Seattle.

SEATTLE, Sept. 10, 2026 /PRNewswire/ -- In Nashville, TN, there were an estimated 139% more home sellers than buyers in the market in August—the biggest gap in records dating back to 2013. That's according to a new report from Redfin, the real estate brokerage powered by Rocket. That makes Nashville the strongest buyer's market in the country.

Miami follows closely, with 138% more sellers than buyers. Next comes Houston, at 131%. Sellers outnumbered buyers by at least two to one in eight major U.S. metros: The others are Orlando (122%), Las Vegas (117%), San Antonio (116%), Austin, TX (115%) and Dallas (108%). Houston, Orlando, Las Vegas and Dallas—in addition to Nashville—had record gaps between sellers and buyers in August.

Those places are driving the strongest national buyer's market in Redfin's records. There were an estimated 57.9% more home sellers than buyers in the U.S. in August, a big jump from 52.1% the month before, which was the second-strongest buyer's market on record.

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.

It's only a buyer's market for people who can afford to buy. High housing costs and widespread economic uncertainty have caused many would-be buyers to back off in recent years, creating the imbalance of buyers and sellers seen today.

Listings Hit Highest Level in 6 Years, Driving Record Gap

A surge in listings is driving the robust buyer's market. There were an estimated 1,534,918 home sellers in the market nationwide in August, the most since the start of 2020. That's up 3.9% month over month, the biggest increase in Redfin's records.

Meanwhile, there were an estimated 972,300 homebuyers in the market, up 0.1% from the month before, which posted the lowest level of buyers on record. The seller surplus jumped from July to August because while the number of buyers stagnated, many more sellers listed their homes. 

"With sellers piling into the market and demand falling flat, today's house hunters can afford to be choosy," said Asad Khan, a senior economist at Redfin. "Even during a time when housing costs are elevated, the surplus of sellers over buyers makes it a good time to be a house hunter, in some respects. In most markets, buyers should negotiate on price and ask for concessions like repairs or help with closing costs. Buyers shouldn't assume every seller will budge, especially on a desirable home that's already priced well, but they don't need to rush into a deal that doesn't feel right. For sellers, the message is almost the opposite: Work harder to stand out. Take stock of how other homes are priced, make sure your home is prepped and be prepared to negotiate. With so many competing listings, sellers who want to find a buyer quickly should price competitively from the start."

All 10 of the Strongest Buyer's Markets Are in the Sun Belt

Nearly three-quarters of U.S. housing markets—36 of the 49 U.S. metro areas Redfin analyzed—are buyer's markets. Redfin analyzed the 50 most populous metros, and excluded Fort Lauderdale, FL due to insufficient data.

Nashville, Miami and Houston are the nation's strongest buyer's markets, as noted above. All of the top buyer's markets—Orlando, Las Vegas, San Antonio, Austin, Dallas, Atlanta and Phoenix round out the top 10—are located in the Sun Belt. Four of them are in Texas.

Like the national trend, Nashville's market tilted even more strongly toward buyers in August because listings jumped; they rose 4.1% month over month. The number of buyers in the market declined, but just by 0.4%.

Nashville, Texas and Florida are home to robust buyer's markets partly because they have some of the most active homebuilding pipelines in the country; newly built homes continue to hit the market even as demand cools, building up inventory and giving buyers negotiating power.

The increased supply is landing in a market where homebuying demand is soft because local buyers are increasingly priced out—particularly in Miami, home to rising insurance costs, increasing HOA fees and climate risks.

Nashville Redfin agent Kristin Sanchez says today's buyers are able to take their time because many listings are sitting on the market; buyers can breathe easy knowing homes aren't flying off the market and many sellers are willing to negotiate on prices and terms.

Most Buyer's Markets Became Stronger Buyer's Markets

The surplus of home sellers over buyers grew month over month in 22 of the 35 buyer's markets in the nation in August. The surplus increased most in Orlando, the fourth-strongest buyer's market, where there were 122% more home sellers than buyers in August up from 100% the month before. The next-biggest monthly increase was in Seattle, where there were 72% more sellers than buyers in August, up from 55% in July. Las Vegas rounds out the top three (117%, up from 102%).

House hunters lost negotiating power in the remainder of the buyer's markets. The surplus of sellers over buyers fell most from July to August in West Palm Beach, FL, with 65% more sellers than buyers, down from 81% a month earlier. Next comes Miami (138%, down from 149%), though it is still the second-strongest buyer's market in the country. Rounding out the top three is Fort Worth, TX (87%, down from 96%).

There Are Just 5 Seller's Markets, Including New York City Suburbs and San Francisco

Just five of the major U.S. metro areas Redfin analyzed were seller's markets in August. The metros that are neither seller's nor buyer's markets are considered "balanced" markets.

Nassau County, NY was the strongest seller's market, with 28% fewer sellers than buyers. The other seller's markets were Newark, NJ (-21%), Montgomery County, PA (-20%), Milwaukee (-18%) and San Francisco (-12%). This marks just the second month in four years that San Francisco has been classified as a seller's market; the other was June.

The seller's markets are mainly in places where construction of new homes has been constrained for years. In the greater New York City area, demand is strong because it's close to a major job center and construction has been constrained for years, tightening supply. San Francisco is hot for homebuyers, with the AI boom creating wealth and leading to a jump in sales.

Home-sale prices rose an average of 5.5% year over year across the five seller's markets in August. That's compared with a 1.6% increase across all of the buyer's markets—a signal that in seller's markets, competition among buyers is pushing up home prices.

To view the full report, including methodology and metro-level insights, please visit: https://www.redfin.com/news/buyers-vs-sellers-august-2026

About Redfin

Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin's clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.

You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news. For more information about Rocket Companies, visit https://www.rocketcompanies.com.

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SOURCE Redfin

FAQ

How does Redfin define buyer's, seller's and balanced housing markets?

Redfin defines a buyer’s market as one where there are more than 10% more sellers than buyers, and a seller’s market as one where there are more than 10% fewer sellers than buyers. Markets where the gap between sellers and buyers is within plus or minus 10% are considered balanced.

Which U.S. metros are currently the strongest buyer's markets?

The strongest buyer’s markets in August were Nashville (139% more sellers than buyers), Miami (138%) and Houston (131%). Orlando, Las Vegas, San Antonio, Austin, Dallas, Atlanta and Phoenix complete the top 10, all located in the Sun Belt.

Which metros are classified as seller's markets, and how are prices moving there?

The five seller’s markets in August were Nassau County, NY (28% fewer sellers than buyers), Newark, NJ (-21%), Montgomery County, PA (-20%), Milwaukee (-18%) and San Francisco (-12%). Across these markets, home-sale prices rose an average of 5.5% year over year, compared with a 1.6% increase across all buyer’s markets.

How did the surplus of sellers over buyers change in key metros from July to August?

The surplus of sellers over buyers grew the most in Orlando, reaching 122% in August versus 100% in July. It also increased in Seattle (72%, up from 55%) and Las Vegas (117%, up from 102%). In contrast, the surplus narrowed in West Palm Beach (65%, down from 81%), Miami (138%, down from 149%) and Fort Worth (87%, down from 96%).

What factors are contributing to strong buyer's markets in places like Nashville, Texas and Florida?

These areas have some of the most active homebuilding pipelines in the country, so newly built homes continue to reach the market even as demand cools, pushing up inventory and buyer leverage. In parts of Florida, such as Miami, demand is further constrained because local buyers are increasingly priced out by rising housing costs, including higher insurance and HOA fees, and climate-related risks.