Sellers Significantly Outnumber Borrowers, Redfin Finds

(Image courtesy of Alex Romo/pexels.com)

Redfin, Seattle, estimated there were 37.2% more home sellers than buyers in the U.S. housing market in November.

That amounts to 529,770 more people looking to sell their home than buy one.

With the exception of summer 2025, that’s the largest gap between sellers and buyers in records dating back to 2013. It also compares with 35.6% more sellers a month earlier and 17% in November 2024.

Redfin says it’s a “buyer’s market” if there are 10% more sellers than buyers. With that definition, we’ve been in a buyer’s market since May 2024.

“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” said Redfin Senior Economist Asad Khan. “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.”

In raw numbers, the quantity of homebuyers dropped 2.5% month-over-month in November–the biggest monthly decline since April 2025. It also dropped 9.4% year-over-year. In total, there were 1.43 million buyers in the month. That’s the lowest number since April 2020, when the pandemic halted the housing market.

The number of sellers fell 1.4% month-over-month to 1.95 million–the largest decline since June 2023. However, that number was also up 6.2% year-over-year.

The strongest buyer’s market is Austin, Texas, where there were 114% more sellers than buyers in November. That’s followed by San Antonio (106% more sellers), Nashville, Tenn., (104% more sellers), Fort Lauderdale, Fla., (102% more sellers) and West Palm Beach, Fla. (93.6% more sellers.)

Nassau County, N.Y. was the strongest seller’s market in the month, with 39.1% fewer sellers than buyers, followed by Montgomery County, Pa., (34.8% fewer sellers), Newark, N.J., (31.8% fewer sellers), New Brunswick, N.J., (30.5% fewer sellers), Milwaukee, Wis., (18% fewer sellers), San Francisco (11.3% fewer sellers) and Cleveland (10.5% fewer sellers).