Homebuyers

The 11 Places Where Buyers Have the Upper Hand Right Now

Home sellers have dominated nearly every corner of the housing market since the pandemic. However, the market is finally shifting toward buyers in many parts of the country as more homes go up for sale.

In 11 markets, buyers now hold a clear advantage. These are often places where prices shot up over the last few years, there has been a lot of new home construction, and more homes have gone up for sale.

“Nationwide, we’re looking at a housing market that is more balanced than nearly any over roughly the last decade,” said Danielle Hale, chief economist at Realtor.com. “But we’re still not quite to buyer’s market territory in most housing markets.”

“The list of areas that are buyer’s markets is growing, however,” she said.

Here’s a breakdown of where the buyer’s markets are, why buyer’s markets matter, and how buyers everywhere can use the growing housing stock to their advantage.

Where are the nation’s buyer’s markets?

Below are the 11 buyer’s markets in the U.S., where housing supply, demand, and pricing decisively tilt in shoppers’ favor, according to Realtor.com’s August data analysis. This was the latest month with available data.

The markets are metropolitan areas, which include the main city and surrounding towns, suburbs, and smaller urban areas.

1. Miami

   Housing stock supply: 10 months

   Median home list price: $500,000*

2. Orlando, Fla.

   Housing stock supply: 8.7 months

   Median home list price: $422,695

3. Austin, Texas

   Housing stock supply: 7.4 months

   Median home list price: $499,000

4. Riverside, Calif.

   Housing stock supply: 7.3 months

   Median home list price: $599,000

5. Tampa, Fla.

   Housing stock supply: 7.2 months

   Median home list price: $415,000

6. 6. Jacksonville, Fla.

   Housing stock supply: 7 months

   Median home list price: $399,000

7. New York City

   Housing stock supply: 6.5 months

   Median home list price: $760,000

8. Nashville, Tenn.

   Months of supply: 6.4

   Median listing price: $539,900

9. Raleigh, N.C.

   Months of supply: 6.1

   Median listing price: $455,000

10. Denver

    Months of supply: 6.1

    Median listing price: $599,990

11. Houston

    Months of supply: 6.0

    Median listing price: $365,000

* Prices are as of August using Realtor.com data.

What is a buyer’s market?

A buyer’s market occurs when the number of homes for sale is higher than there are buyers for them. This gives shoppers more leverage in home prices and negotiations as they aren’t competing with as many other buyers over the same properties.

The clearest signal of a buyer’s market is a higher “months of supply.” This real estate industry term means it would take longer to sell all the available homes at the current pace. When that number rises above roughly six months, the balance typically shifts toward buyers.

Look at Florida. The Sunshine State has the most buyer’s markets, coming in with four total areas. This includes Miami.

“[Housing] inventory has been building up in all of Florida, and Miami is no exception,” said Cara Ameer, a real estate agent with Coldwell Banker. She is licensed in Florida and California. “High prices, the cost of insurance, inflation, and condo dues have all contributed to a slowdown in the market.”

Why does it matter if it’s a buyer’s or a seller’s market?

With more homes to choose from, buyers have more leverage today than they’ve had in years. This gives them longer to tour and evaluate homes instead of seeing a home and immediately needing to make an offer.

Buyers can also negotiate more confidently, knowing there is less competition and fewer bidding wars. They can ask for inspection and financing contingencies that were hard to secure during the pandemic-era homebuying frenzy. They may even be able to secure repairs or credits.

Yet perhaps their biggest advantage is their ability to make an offer below the asking price. When there are more homes for sale, properties tend to stay on the market longer, and sellers may be more willing to offer concessions.

In short, a buyer’s market doesn’t always mean prices are low. But it does mean buyers have more options, more time, and more room to negotiate. The specifics will vary based on the price point and the community they want to purchase a home in.

“It’s important to remember that real estate is local,” said Hale. “Consulting with a local professional can help add insight to these broader trends and is an important strategic move for any buyer looking to capitalize on friendlier market conditions.”