Boomtowns Become “Buyer’s Markets”—but Don’t Let the Phrase Fool You

The U.S. housing market is now “firmly in favor of buyers,” Redfin says, citing the large number of sellers agreeing to offer concessions to buyers this year.

Redfin, the real estate brokerage owned by Rocket Companies, defines a buyer’s market as a city or town where sellers outnumber buyers by at least 10%. Redfin points to Sun Belt cities—mainly Nashville, Miami, and a slew of Texas cities led by Austin, Houston, and San Antonio—as examples of this season’s buyer’s markets.

OK. But that doesn’t mean it’s easy to afford a home—even in these places. Buyers are dealing with elevated mortgage rates, so they must choose carefully. And yes, they want sellers to offer price reductions and other concessions.

And another thing: bidding wars haven’t ended for homes that attract attention in and around the country’s most popular cities. It’s not easy to buy a home in a popular neighborhood anywhere. With this caveat about buyer’s markets, let’s see what’s happening where.

It’s Tough Out There, and It’s Not Just You.

Redfin has indeed found a number of U.S. metro areas where buyers face intense competition.

Long Island, New York, is number one on the list.

Buyers are also struggling to gain a foothold in Milwaukee; suburban Philadelphia; New Jersey’s big cities; Providence, Rhode Island; and—oh, yes—San Francisco. The Bay Area is attracting wealthy buyers amid the AI boom. Some Bay Area sellers are even receiving millions of dollars above their asking prices.

On average, home prices across these hot markets have risen more than 4% since last year. Even in the most buyer-friendly metro areas, home-price growth is close to 2%. It’s not as though there are basement bargains all over the country.

Which Cities Have the Bargains?

So, what’s a comparatively better market for buyers this year? Nashville could prove best overall, with 130% more sellers than buyers. That puts the ratio of sellers to buyers as high as it’s been since 2013. Bonus: Tennessee boasts one of the lowest tax burdens in the United States.

The shortage of active buyers is taking sellers aback. Many are surprised that they have to lower their prices to attract offers. Some potential sellers won’t budge, so more listings are going stale. In real estate lingo, a listing is considered “stale” when it has been on the market for at least 60 days without going under contract. Some homes with stale listings are being offered for rent, according to Zillow analysts.

Then there’s St. Louis. It was fairly balanced early this year, but now has 15% more sellers than buyers. Oakland has 31% more sellers than buyers, so that could be the best opportunity in pricey California.

Other cities and surrounding areas where sellers outnumber buyers include Miami and three formerly hot Texas markets: Austin, San Antonio, and Houston. Sun Belt cities, especially those in Florida and Texas, have added substantial housing supply in recent years. Developers saw an opportunity after COVID-19 struck, as many workers moved to warmer climates because they could work remotely. They built so much, so fast, that supply outpaced buyer demand. Now, with mortgage rates elevated, there are more sellers than buyers who are in a position to qualify for loans and purchase homes.

Now, geopolitical tensions and economic uncertainty are putting a damper on buying. At the same time, the pool of buyers has shrunk as soaring housing costs in recent years have priced many people out of the market.

In short: competition has eased because it’s hard to buy. Calling this a buyer’s market could paint a misleading picture for many hopeful buyers.

Where Homes Are Sitting on the Market for Two Months or More

Redfin has published a top-10 list of metro areas loaded with stale listings:

• Miami has slowed way down in 2026, with most listings in the city and suburbs lingering on the market for two months or more without going under contract.

• San Antonio, Pittsburgh, and the Florida cities of West Palm Beach and Orlando have slowed down, and more than half of their listings have remained on the market for more than two months, according to Redfin.

• Other metro areas where at least half of the listings have remained on the market for two months or longer include New York City, Nashville, Houston, Detroit, and Indianapolis.

Look at the hot “pandemic markets” of a few years ago. They are easing the most. In San Antonio, three months on the market is becoming typical. The same is true in Miami. All of that said, the national housing market is not as accessible as it was before the pandemic. But Redfin suggests that it is making a “return to normal conditions.”

Where Buyers Are Most Likely to Get Concessions from Sellers

Redfin says that wherever sellers outnumber buyers, buyers have more negotiating power, more options, and more time to think before making an offer.

According to Redfin, there is enough inventory in most areas of the United States to give hopeful buyers more leverage to negotiate with sellers.

Let’s be blunt. Concessions are rare in popular West Coast cities. In New Jersey, buyers generally can’t call the shots either. And in many places where sellers do offer concessions, the savings may still be modest relative to the price of the home. Yes, a home is an important asset. But let’s be frank about how this market may feel to buyers.

Now, in Nashville, Charlotte, and Atlanta, many sellers are agreeing to offer buyers concessions. Redfin says buyers are gaining negotiating power in most metro areas.

Careful, though. Concessions can be minor, such as offering a $2,000 credit if a buyer wants to replace the flooring after moving in. Whether those concessions produce meaningful savings is another question. Our point? News of a nationwide buyer’s market may not be as meaningful as it appears. Of course, real estate companies want to encourage buyers, and “concessions” has a good ring to it.

Be Prepared for the Reality Out There.

In some buyer’s markets, such as Pittsburgh, competition is increasing. In Miami, there are more sellers than buyers, but that surplus is shrinking. The same dynamic is occurring in West Palm Beach; Portland, Oregon; and Fort Worth, Texas.

And the shift toward a buyer’s market simply hasn’t reached everywhere. Many of the places where younger generations want to form households are also the most expensive. But more relatively affordable homes are becoming available across the Sun Belt. That’s the reality out there now.