A new data report published by Redfin has determined there were an estimated 46.3% more home sellers than buyers in the housing market in February – a numerical gap of 629,808. This is up from 29.8% (or 449,409) from one year earlier and marked the largest imbalance in records dating back to 2013 and. a year earlier.
Redfin defines a market with over 10% more sellers than buyers as a buyer’s market. Using this as a standard, the housing market has favored buyers since May 2024.
Furthermore, Redfin noted the number of homebuyers in the market fell 2.4% month-over-month in February to an estimated 1.36 million. In comparison, the number of sellers dipped by 0.4% to an estimated 1.99 million.
The strongest buyer’s market last month was Miami, which had an estimated 163% more sellers than buyers. Next came Nashville (120%), Austin (112%), West Palm Beach, Florida (110%) and San Antonio (104%). The strongest seller’s market in February was Newark, New Jersey, which had an estimated 31.1% fewer sellers than buyers, followed by Pennsylvania’s Montgomery County (-29%) New York’s Nassau County (-25.8%), Milwaukee (-25.2%) and New Brunswick, New Jersey (-14.5%).
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