A new data report from Redfin determined the current housing market had an estimated 44% more home sellers than buyers. This is up from 30% more than one year earlier and represents the second largest gap in records dating back to 2013 – the largest gap was 45% last December.
Redfin defines a market with over 10% more sellers than buyers as a buyer’s market. Using that definition, the nation has been a buyer’s market since May 2024.
However, the number of homebuyers in the market fell 1% month-over-month and 8% year-over-year in January to an estimated 1.36 million, the lowest level on record. The number of sellers in the market fell 1% month-over-month to an estimated 1.96 million – the largest decline since June 2023 and the lowest level since February 2025 – while on a year-over-year basis the number of sellers rose 2%.
Redfin found that only five of the nation’s 50 major metros can be considered as a seller’s market. Newark, New Jersey an estimated 31% fewer sellers than buyers, followed by New York’s Nassau County, NY (-29%), Milwaukee (-26%), Pennsylvania’s Montgomery County (-26%), and New Brunswick, New Jersey (-17%).
On average, home prices rose 5% year over year across the five seller’s markets in January, compared with a 3% gain across the six balanced markets and a 1% increase across the 39 buyer’s markets. The median home sale price in Milwaukee rose 11% year-over-year in January, the largest increase among the top 50 metros.
On the flip side, the strongest buyer’s market in January was Miami, which had an estimated 159% more home sellers than buyers. Next came Fort Lauderdale (128%), Austin (124%), Nashville (120%), and San Antonio (114%).
What does the Charlotte, NC market look like during this period?
Certainly not true in CT. It is the opposite.
Florida, Texas, California were the first markets to go south in the last 3 real estate market downturns. Nashville area is not surprising because they built new homes and still are building new homes like crazy. This sent the price of land sky high and retail prices followed.
One thing to note is that new home builders are offering 12-15% of PP in closing costs and prepaids to buyers along with some reduction in price. Why not just reduce price 12-15% additional reduction in price? Buyers are cash strapped & don’t have the money for prepaids and closing costs.
There is still record equity out there. It is so ridiculous. Dropped the prices.