Redfin: Homebuyers Continue to Hold More Power

(Image courtesy of Curtis Adams/pexels.com)

Redfin, Seattle, reported that there were an estimated 43.1% more home sellers than buyers in the U.S. housing market in March.

That’s up from 28% a year earlier and just shy of the largest gap in records going back to 2013. The top spot is held by December 2025, at 45.2%.

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. Less than 10% in either direction is a balanced market.

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, and down 10% from a year earlier.

But, there were an estimated 1.99 million sellers in the market–down 0.5% from February and up 0.7% from a year earlier.

Redfin analyzed 49 U.S. metropolitan areas, finding 38 were buyer’s markets in March. That’s up from 29 a year earlier. In five of those markets, there were more than twice as many sellers as buyers.

The strongest buyer’s market was in Miami, with an estimated 148% more sellers than buyers. Then there was Nashville, Tenn., at 119%, Austin, Texas, at 112%, San Antonio, at 109%, and Las Vegas, at 101%.

There are currently five markets Redfin deemed as seller’s markets. Newark, N.J., has an estimated 30.4% fewer sellers than buyers, Nassau County, N.Y., has 28% fewer, Montgomery County, Pa., has 26.2% fewer, Milwaukee has 19.7% fewer and New Brunswick, N.J., has 12.5% fewer.