There were an estimated 37.2% more home sellers than buyers in the U.S. housing market in November — a gap of about 529,770 people — according to a new report from Redfin, the real estate brokerage powered by Rocket.
The imbalance was the largest on record dating back to 2013, aside from this past summer, and widened from 35.6% in October and 17% a year earlier.
By Redfin’s definition, the market has been a buyer’s market since May 2024, as sellers have consistently outnumbered buyers by more than 10%.
At the start of 2026, the U.S. housing market remained firmly tilted toward buyers, if November housing numbers are any indication. A report by real estate broker Redfin shows sellers outnumbered buyers by 37% during that month and there’s been no new data to show that’s changed very much.
The report defines a buyer’s market as one where there are at least 10% more sellers than buyers — a threshold the market has surpassed for seven consecutive months. While that dynamic generally gives buyers greater negotiating leverage, Redfin cautions that the advantage applies mainly to those who can afford to purchase a home at today’s elevated prices and mortgage rates.
“When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from,” the report noted. “Of course, it’s only a buyer’s market for those who can afford to buy.”
And therein lies the conflict. Homes in many markets remain over-priced after significant housing inflation in 2021 and 2022. Redfin Senior Economist Asad Khan said affordability remains the key factor keeping many potential buyers on the sidelines.
“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” Khan said. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”
Buyers retreat faster than sellers
The number of homebuyers fell sharply in November, dropping 2.5% from October to an estimated 1.43 million. That marked the biggest monthly decline since April 2025 and represented the second-lowest level on record, surpassed only by April 2020, when the pandemic froze much of the housing market. Compared with a year earlier, buyer numbers were down 9.4%.
Sellers also pulled back, but at a slower pace. The number of homesellers declined 1.4% month over month to an estimated 1.95 million, the largest monthly drop since June 2023 and the lowest level since February. Even so, the number of sellers was 6.2% higher than a year earlier.
According to Redfin, buyers are retreating largely due to high housing costs and broader economic uncertainty. Sellers, many of whom also plan to become buyers, are responding to weak demand by delaying listings or pulling homes off the market altogether after months without offers.
Sun Belt dominates buyer’s markets
Among the 50 most populous U.S. metro areas, 36 were buyer’s markets in November, with the strongest concentration in the Sun Belt and parts of the West Coast.
Austin, Texas, topped the list, with an estimated 114% more sellers than buyers — the widest gap of any major metro. It was followed by San Antonio (106%), Nashville (104%), Fort Lauderdale, Florida (102%), and West Palm Beach, Florida (93.6%).
Redfin attributed much of the imbalance to pandemic-era migration patterns. As buyers flooded into Sun Belt metros from more expensive regions, builders ramped up construction to meet demand. Now, with affordability strained and demand cooling, those areas are left with a surplus of homes.
Northeast and Midwest still favor sellers
At the other end of the spectrum, seven metros qualified as seller’s markets, largely in the Northeast and Midwest, where new construction is more limited.
Nassau County, New York, was the strongest seller’s market, with 39.1% fewer sellers than buyers. Other sellers’ markets included Montgomery County, Pennsylvania; Newark and New Brunswick, New Jersey; Milwaukee; San Francisco; and Cleveland.
Home price growth reflected those supply-demand differences. Prices rose an average of 4.8% year over year in seller’s markets, compared with 3.2% in balanced markets and just 1.1% in buyer’s markets — a sign that buyers have more leverage where listings are plentiful.