Redfin Reports Home Sellers Outnumber Buyers by 63%, Largest Gap in Over a Decade
In September, home sellers outnumbered buyers by an estimated 62.6% across the U.S., marking the largest gap since records began in 2013, according to Redfin's latest report. This is the fourth consecutive record-breaking month for this metric and follows a trend driven largely by Sun Belt cities like Miami, Nashville, and several Texas metro areas becoming strong buyer’s markets. The number of homebuyers dropped to its lowest level on record at 928,892 in September—a decline of 2.4% from the previous month—while sellers reached their highest count since March 2020 with an estimated 1,510,784 active listings. High housing costs and economic uncertainty have caused many potential buyers to step back, creating a significant imbalance between supply and demand. Redfin defines buyer’s markets as those where there are more than 10% more sellers than buyers. Currently, 41 of the 50 most populous U.S. metro areas qualify as such—mostly in the Sun Belt region—with only five remaining seller's markets, including San Francisco and a few Northeast cities.