Sellers Outpace Homebuyers by Record Amount

There are nearly 630,000 more sellers in the U.S. housing market than there are homebuyers, giving the latter significantly more buying power than they’ve had in the past. According to real estate marketing platform Redfin, this figure marks the largest gap ever recorded between buyers and sellers. 

The South is home to the strongest buyer’s markets

As of February, there were 46.3% more home sellers than buyers in the U.S., but some metros—particularly those in the South—have gaps higher than 100%. Miami had the strongest buyer’s market in February, with 163% more sellers than buyers. The Miami metro is followed by Nashville at 120%; Austin, Texas, at 112%; West Palm Beach, Fla., at 110%; and San Antonio at 104%.

The share of sellers could begin to decline as buyers retreat

Sellers are outnumbering buyers right now because many households can't afford to make a purchase. However, this dynamic could shift as delistings pick up. In February, the number of homebuyers in the market fell by 2.4% month-over-month to 1.36 million, while the number of sellers posted a decline of just 0.4% to 1.99 million. Still, the report notes that delistings could pick up as homes sit on the market for longer.