Homebuyers Hold the Negotiating Power In 38 Major Metros, Up From 29 Last Year

38 of the most populous U.S. metropolitan areas were buyer’s markets in March, up from 29 a year earlier. Just five were seller’s markets, down from nine in 2025. That’s according to a new report from Redfin, the real estate brokerage powered by Rocket. Redfin analyzed the 50 most populous metros and included in this analysis the 49 with sufficient data. Redfin defines a market where there are over 10% more sellers than buyers as a buyer’s market and a market where there are over 10% fewer sellers than buyers as a seller’s market. A market where the gap is plus or minus 10% is considered a balanced market. Nationally, there were an estimated 43.1% (or 600,168) more home sellers than buyers in March. That’s just shy of the largest gap in records dating back to 2013 and is up from 28% (or 432,532) a year earlier. The largest gap on record is 45.2% in December 2025. When sellers outnumber buyers, buyers typically hold the negotiating power because they have options. That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Of course, it’s only a buyer’s market for those who can afford to buy. High housing costs and economic uncertainty have caused many house hunters to retreat, creating an imbalance of buyers and sellers. “High property taxes, rising insurance costs and fears about job security are making homebuyers very selective,” said Barb Cooper, a Redfin Premier real estate agent in Austin, TX, where sellers outnumber buyers by 112%. “The buyers who are in the market want turnkey homes in every sense, and they can afford to wait without compromising because we have tons of inventory.” Buyers Are Retreating, Which Is Causing Some Sellers to Retreat There were an estimated 1.39 million homebuyers in the market in March, just shy of the 1.38 million record low hit in April 2020—the start of the pandemic. That’s little changed from a month earlier but down 10% from a year earlier. There were an estimated 1.99 million sellers in the market—the lowest level in a year. That’s down 0.5% from a month earlier and up 0.7% from a year earlier. Home sellers have been retreating in part due to lackluster demand from buyers. Some sellers are delisting after watching their homes sit on the market, while others are choosing not to list at all after seeing nearby homes sell for below the asking price. Redfin reported last month that relistings are beginning to rise as sellers bet on a spring uptick in demand. Miami Is the Strongest Buyer’s Market The strongest buyer’s market was Miami, which had an estimated 148% more sellers than buyers. Next came Nashville (119%), Austin, TX (112%), San Antonio (109%) and Las Vegas (101%). The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country. To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them. The buyer pool has also shrunk because soaring housing costs in recent years have priced many people out of the market. New construction can have a significant influence on whether negotiating power lies with buyers or sellers because it impacts the balance of supply and demand. The South and the West have historically issued the most building permits, while the Northeast and the Midwest (where the five seller’s markets are located) have issued the fewest. Florida and Texas, in particular, build more homes than other states. Florida has also been grappling with intensifying natural disasters, soaring insurance premiums and rising condo HOA fees, which has prompted some homeowners to leave. Miami, specifically, frequently shows up as a buyer’s market because it has a lot of housing supply, which could be in part due to the high number of condos. Newark Is the Strongest Seller’s Market The strongest seller’s market in March was Newark, NJ, which had an estimated 30.4% fewer sellers than buyers. The other four seller’s markets were Nassau County, NY (-28%) Montgomery County, PA (-26.2%), Milwaukee (-19.7%) and New Brunswick, NJ (-12.5%). On average, home prices rose 4.8% year over year across the five seller’s markets in March, compared with a 1.6% increase across the 38 buyer’s markets—an indication that buyer’s markets offer house hunters more leverage. Metro-Level Summary: 50* Most Populous Metros (March 2026) U.S. metro area Balance of power Percent by which sellers outnumber buyers Buyers Sellers Anaheim, CA Buyer's Market 43.6% 5,079 7,293 Atlanta, GA Buyer's Market 70.4% 22,692 38,656 Austin, TX Buyer's Market 112.1% 8,509 18,043 Baltimore, MD Balanced Market -5.9% 10,851 10,205 Boston, MA Balanced Market -1.4% 10,952 10,794 Charlotte, NC Buyer's Market 88.7% 9,057 17,087 Chicago, IL Balanced Market 1.4% 25,427 25,795 Cincinnati, OH Buyer's Market 30.7% 6,409 8,379 Cleveland, OH Balanced Market -4.2% 7,310 7,006 Columbus, OH Buyer's Market 22.8% 7,081 8,698 Dallas, TX Buyer's Market 86.7% 17,001 31,743 Denver, CO Buyer's Market 37.2% 11,837 16,245 Detroit, MI Buyer's Market 48.7% 4,910 7,304 Fort Worth, TX Buyer's Market 69.2% 7,923 13,404 Houston, TX Buyer's Market 96.5% 22,965 45,122 Indianapolis, IN Buyer's Market 23.6% 7,723 9,543 Jacksonville, FL Buyer's Market 58.7% 7,751 12,304 Kansas City, MO Buyer's Market 21.8% 7,190 8,756 Las Vegas, NV Buyer's Market 100.7% 7,110 14,272 Los Angeles, CA Buyer's Market 58.6% 14,392 22,819 Miami, FL Buyer's Market 147.9% 7,806 19,347 Milwaukee, WI Seller's Market -19.7% 6,488 5,210 Minneapolis, MN Balanced Market 9.0% 12,833 13,989 Montgomery County, PA Seller's Market -26.2% 6,905 5,094 Nashville, TN Buyer's Market 119.0% 7,398 16,202 Nassau County, NY Seller's Market -28.0% 9,978 7,181 New Brunswick, NJ Seller's Market -12.5% 9,918 8,679 New York, NY Buyer's Market 12.6% 24,811 27,946 Newark, NJ Seller's Market -30.4% 8,153 5,672 Oakland, CA Buyer's Market 36.0% 4,457 6,060 Orlando, FL Buyer's Market 81.4% 9,965 18,075 Philadelphia, PA Buyer's Market 35.2% 6,047 8,176 Phoenix, AZ Buyer's Market 79.1% 18,415 32,979 Pittsburgh, PA Buyer's Market 55.3% 6,030 9,364 Portland, OR Buyer's Market 45.5% 7,502 10,914 Providence, RI Balanced Market -1.9% 4,202 4,124 Riverside, CA Buyer's Market 66.4% 11,537 19,196 Sacramento, CA Buyer's Market 34.5% 5,664 7,617 San Antonio, TX Buyer's Market 109.0% 9,059 18,932 San Diego, CA Buyer's Market 29.2% 6,272 8,103 San Francisco, CA Buyer's Market 12.1% 2,592 2,905 San Jose, CA Buyer's Market 28.5% 2,635 3,387 Seattle, WA Buyer's Market 34.9% 7,681 10,359 St. Louis, MO Buyer's Market 17.8% 8,754 10,312 Tampa, FL Buyer's Market 82.7% 13,064 23,869 United States of America Buyer's Market 43.1% 1,392,693 1,992,861 Virginia Beach, VA Buyer's Market 14.7% 6,797 7,794 Warren, MI Buyer's Market 16.7% 7,935 9,258 Washington, DC Buyer's Market 14.9% 15,829 18,190 West Palm Beach, FL Buyer's Market 94.0% 8,090 15,694 *Fort Lauderdale, FL has been removed due to insufficient data. To view the full report, including charts and a full methodology, please visit: https://www.redfin.com/news/buyers-vs-sellers-march-2026