Nashville, Miami and Austin lead a nationwide power shift toward buyers, with sellers outnumbering purchasers by nearly 47 percent
There are nearly half a million more home sellers than buyers in the US housing market — nearly 47 percent more — giving buyers significant negotiating power heading into mid-2026. This is according to Redfin’s May 2026 buyers-versus-sellers report published June 9.
Sellers entering the market hit a six-year high in May, while homebuying demand remained flat. The gap widened slightly from 46.4 percent in April, though it remains below the December 2025 peak of 49.5 percent.
Sellers outnumber buyers by nearly 47%
Source: Redfin Buyers vs. Sellers Report, June 9, 2026
The data carries real weight for mortgage brokers. More listings, longer days on market, and softer competition mean clients have room to negotiate.
Purchase pipelines may benefit from buyers who previously sat on the sidelines. That pattern aligns with the broader story of cautious buyers and crowded listings shaping the 2026 housing reset, a trend building across the country since the start of the year.
Sun Belt cities now favor buyers most
Nashville, Tennessee, Miami, Florida and Austin, Texas — once pandemic-era homebuying hotspots — now lead this spring’s US buyers market. These cities recorded the biggest surplus of sellers over buyers, according to Redfin. Two more Texas metros, Houston and San Antonio, round out the top five.
These markets drove some of the fastest price growth during the pandemic boom. Now they represent the clearest opportunity for buyers seeking leverage.
Of the 50 most populous US metros, 35 were classified as buyer’s markets in May. Only seven were seller’s markets, led by Long Island and several other Northeastern metros, along with San Francisco. The remaining eight — including New York, Boston and Minneapolis — were balanced markets.
What the market imbalance means for brokers
The seller-buyer gap translates directly into conditions mortgage professionals can use with clients. In a US buyer’s market, purchasers typically have more leverage to:
- negotiate on price or request seller concessions
- request inspections without fear of losing the deal
- take time to compare properties without losing out to competing offers
- push for rate buydowns or closing cost contributions
Redfin defines a buyer’s market as one where sellers outnumber buyers by more than 10 percent. A seller’s market is one where buyers outnumber sellers by more than 10 percent. Markets within either side of that 10 percent threshold are classified as balanced.
Mortgage rates rising to their highest level in nearly a year drove demand flat in May, according to Redfin. The weekly average 30-year fixed rate reached 6.53 percent for the week ending May 28, according to Freddie Mac’s Primary Mortgage Market Survey. That pushed the typical monthly housing payment to $2,623, near its highest in 11 months.
Seller count at its highest since 2020
The supply surge is the key driver of the current imbalance. Redfin estimated nearly 1.5 million home sellers in the market in May — the highest count since 2020 and up 0.4 percent from April.
Separately, Realtor.com’s Spring 2026 Housing Market Progress Report found new listings rose 1.4 percent year over year through April and now sit 22 percent above their 2023 trough. That momentum is reflected in contract signings hitting a four-year high as sellers reset prices, suggesting that where supply and realistic pricing align, buyers are acting.
The same Realtor.com report found Dallas, San Antonio, Miami and Tampa have seen consistent price reductions. These are markets where forecasters expected buyers to gain leverage as 2026 progressed, and where spring data confirms that shift is underway.
Northeast and Midwest remain tight
Not every market reflects the Sun Belt trend. The Northeast remains supply-constrained.
Nassau County, New York holds the title of strongest seller’s market among the 50 largest metros, followed by a cluster of other Northeastern metro areas and San Francisco, according to Redfin.
RE/MAX’s April 2026 National Housing Report found the national median sales price reached $445,000. This was a 1.5 percent rise from a year earlier and the 34th consecutive month of year-over-year appreciation. Price growth has slowed but not reversed — a reminder that buyer leverage in some metros does not mean a nationwide price correction.
For brokers with clients in tighter markets, the national picture offers limited relief. The wider shift, however, is hard to ignore — buyers have been gaining ground in over 60 percent of top US housing markets through spring 2026, and May’s data suggests that trend has room to run.
For more analysis on shifting housing conditions across the country, visit our US mortgage market updates section.
