A significant power shift is sweeping across the United States property landscape, with data revealing that the nation has tipped decisively into buyer's market territory. This leaves just a handful of metropolitan areas where sellers still maintain the upper hand.
The National Picture: A Decade-High Imbalance
The defining characteristic of a buyer's market is an abundance of homes for sale relative to active purchasers. This surplus empowers buyers to negotiate lower prices, request concessions, and take their time selecting a property. The opposite dynamic defines a seller's market, where scarce inventory and fierce competition drive prices above asking and strip buyers of bargaining power.
Nationwide, the current data shows a stark reality: there are 37 percent more sellers than buyers. This imbalance firmly places the country as a whole in buyer's market territory and represents the widest such gap witnessed in the last ten years. Analysts view this as a clear signal that price reductions are likely to become more widespread.
The Last Seller Strongholds
On a local level, the contrast is even more pronounced. Only seven metro areas have managed to cling to seller-friendly conditions. Six of these are located in the Northeast and Midwest, with a solitary outpost on the West Coast.
Nassau County, New York, stands as the nation's strongest seller's market. Here, buyers outnumber sellers by approximately 40 percent, translating to roughly 140 active buyers for every 100 listed homes. Other resilient seller's markets include Montgomery County, Pennsylvania; Newark, New Jersey; New Brunswick, New Jersey; San Francisco, California; Milwaukee, Wisconsin; and Cleveland, Ohio.
These areas share common traits: stable, diversified job markets and exceptionally tight housing supply. This combination sustains robust demand even as national conditions cool. Many are also more affordable suburbs near major urban cores, attracting buyers priced out of city centres. Crucially, because these markets were not heavily driven by investor activity during the boom, inventory has remained constrained, preserving the seller's advantage.
A Local Perspective: Balanced or Favourable?
Milwaukee realtor Ben Ambroch offered a nuanced view of his local market, which data categorises as favouring sellers. "I'd call it more of a balanced market than a sellers market," Ambroch told the Daily Mail. He emphasised that correct pricing is paramount, noting sellers are often unwilling to proceed unless they secure a sale price that ensures a comfortable monthly mortgage payment.
With interest rates expected to hold steady, Ambroch anticipates Milwaukee's market will remain fairly balanced. "Overall, we still have affordable homes, low risk from climate events, and are attractive to buyers relocating from other markets, keeping us slightly favourable to sellers compared to national trends," he explained.
The Sun Belt Correction and Economic Echoes
In stark contrast, many Sun Belt markets that boomed during the pandemic have softened considerably. States like Florida and Texas now see buyers controlling the market "by leaps and bounds." These regions experienced a frenzied buying boom when remote work and low mortgage rates spurred a migration for space and sunshine.
However, as that intense demand has cooled, a legacy of overbuilding has left a surplus of homes for sale. This has led to rising inventory, slower price growth, and significantly enhanced negotiating power for buyers. The consequences are serious: when supply chronically exceeds demand, prices decline, homeowners lose equity, and recent purchasers can find themselves 'underwater'—owing more on their mortgage than their property is worth.
The situation is particularly acute in several major cities. Austin, San Antonio, Nashville, and Fort Lauderdale all report having over 100 percent more sellers than buyers, an extreme indicator that raises concerns for both the housing sector and the broader economy.
Historical Context and Future Outlook
Redfin senior economist Asad Khan noted that the housing market hasn't been this favourable to buyers since the 2008 financial crisis. "Back then, inventory piled up as foreclosures surged, and demand was weak, meaning buyers had negotiating power," Khan stated.
Looking ahead, Khan projects a modestly brighter picture for 2026, contingent on improved affordability. "A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers," he said. Nevertheless, his outlook for the immediate future remains clear: the housing market is likely to remain in buyer's market territory for the foreseeable future, with sellers compelled to cut prices or offer incentives to attract purchasers.
