The stability of energy within the US housing market has shifted decisively.
In January, there have been roughly 600,000 extra house sellers than consumers nationwide – a niche of 44%, in response to a brand new evaluation from Redfin.
That imbalance marks the second-widest unfold because the brokerage started monitoring the information in 2013, surpassed solely by December 2025, when sellers exceeded consumers by 45%.
By Redfin’s measure, any market with greater than 10% further sellers qualifies as a consumers’ market. Utilizing that yardstick, the nation has been in buyer-friendly territory since Might 2024.
The shift has given these nonetheless looking for properties added leverage. When listings considerably outpace demand, consumers sometimes acquire the higher hand in negotiations as a result of they’ll afford to be selective.
Nonetheless, that benefit applies solely to households capable of take up elevated borrowing prices and stubbornly excessive costs — boundaries which have thinned the ranks of energetic purchasers.
Redfin estimates there have been about 1.36 million consumers in January, down 1% from December and eight% from a 12 months earlier, which makes it the bottom stage on report.
The variety of sellers additionally dipped 1% month over month to 1.96 million, the steepest month-to-month decline since June 2023 and the smallest complete since February 2025. In contrast with a 12 months in the past, nevertheless, sellers had been up 2%.
A mix of elevated mortgage charges, costly properties, layoffs and broader financial and political unease has sidelined many would-be consumers.
Extreme winter climate throughout massive swaths of the nation in January possible added one other drag on exercise. On the similar time, some householders have withdrawn listings after months with out gives, whereas others have hesitated to check the market after watching close by properties commerce under asking costs.
Solely 5 of the 50 largest US metropolitan areas certified as sellers’ markets in January.
Newark, N.J., led the listing, with an estimated 31% fewer sellers than consumers. Nassau County, N.Y., adopted at minus 29%, together with Milwaukee and Montgomery County, Pa., each at minus 26%, and New Brunswick, N.J., at minus 17%.
In Milwaukee, tighter provide has stored competitors brisk.
“Two issues are fueling Milwaukee’s vendor’s market: a drop in mortgage charges and an absence of stock,” native Redfin Premier agent W.J. Eulberg mentioned within the report. “Mortgage charges are decrease than they had been six months in the past and a 12 months in the past, which has introduced consumers again into the fold. And whereas listings are creeping again up, we nonetheless have lower than three months of provide. Which means consumers don’t have lots of properties to select from, which is driving up costs and competitors.”
Milwaukee’s median sale worth climbed 11% from a 12 months earlier in January, the biggest enhance among the many high 50 metros.
Throughout the 5 sellers’ markets, costs rose a median of 5% year-over-year. That compares with a 3% acquire within the six balanced markets and a 1% enhance within the 39 consumers’ markets — proof that softer demand is tempering worth development in a lot of the nation. Lots of the most buyer-friendly markets are concentrated within the South and alongside the West Coast, whereas tighter circumstances persist in components of the Midwest and Northeast.
Miami posted the widest purchaser benefit, with 159% extra sellers than consumers. Fort Lauderdale adopted at 128%, then Austin at 124%, Nashville at 120% and San Antonio at 114%.
The regional divide displays the pandemic-era growth that swept by the Solar Belt. A surge of inbound residents prompted builders to speed up development, increasing provide. Now, with demand cooling as affordability worsens, lots of these markets are grappling with an extra of listings.
New development performs an outsized function in shaping native dynamics as a result of it straight impacts the supply-and-demand stability. Traditionally, the Northeast and Midwest have issued fewer constructing permits, whereas the South and West have permitted way more. Florida and Texas, particularly, proceed so as to add housing at a brisk tempo.
In Florida, further pressures, together with rising insurance coverage prices, escalating condominium affiliation charges and mounting natural-disaster dangers, have additional sophisticated the outlook. Miami typically registers as a consumers’ market partially due to its massive stock of condos, which might swell general provide.
For now, the nationwide image is evident: stock has outpaced demand to a level hardly ever seen previously decade. Whereas that provides energetic consumers room to barter, it additionally underscores a market constrained by affordability challenges and financial uncertainty. These are forces which have stored many Individuals on the sidelines whilst selections multiply.
