America Slowly Tilts Toward a Buyer’s Market as Listings Pile Up in More Metros

Home shoppers closed out the year on strong footing in Sun Belt metros that moved deeper into buyer’s market territory, with surging inventory, longer listing times, and greater price flexibility from sellers—as more cities tipped into buyer-friendly conditions.

Researchers at Realtor.com® analyzed housing data across the 50 largest U.S. metros, focusing on months of supply. They identified the top 10 buyer's markets, the vast majority of which were concentrated in either the South or the West. Riverside, CA, a newcomer to the ranking, clinched the seventh spot.

Beyond that elite group, the list of buyer's markets has grown to 18 metros boasting more than six months of supply.

The months of supply metric indicates how many months it would take for all the listed homes in a given market (including pending listings) to be sold at the current sales pace. 

The higher the months of supply, the slower the market, offering buyers the upper hand in negotiating the price.  

To determine the months of supply, economists used November sales data from the Realtor.com public records database, including both existing-home and new-home sales, along with multiple listing service sales figures where available. 

The rule of thumb is that it is a seller's market if supply drops below four months. If supply reaches four to six months, it's a balanced market. More than six months of supply signals a buyer's market.

Miami cements its position as the top buyer's market

By the end of November 2025—the latest month with available data—Miami bolstered its position as the nation's premier buyer's market, with its months of supply climbing to 11.5. In other words, it would take nearly a full year to sell all of the city's listings.

Miami has been at the top of the ranking since first crossing the six-month supply threshold into buyer's market territory last summer.

In November 2025, when the supply data was last analyzed, the median list price in Miami was $500,000, down 4.8% from the previous year. By January, the price was unchanged.

For context, Miami's home prices have been roughly $100,000 above the national median and "Magic City" has the most $1 million listings in the U.S., highlighting a fact that bears repeating: A buyer's market does not mean a cheap market. Rather, it's an environment where shoppers have greater leverage.

"It's about price pressures and the direction the market is headed, not about the absolute level of prices," stresses Realtor.com senior economist Jake Krimmel. "Places like Miami are expensive because prices ran up during the [COVID-19] boom, and those price levels don’t reset overnight. What has changed is the balance of power in markets like Miami, where homes are sitting longer and the pace of sales has slowed."

Cara Ameer, real estate broker at Coldwell Banker Vanguard Realty in Florida, tells Realtor.com that how long a listing stays on the market in Miami largely depends on the listing in question.

"Properties that are turnkey and move-in ready will command top dollar depending on the location and may move quickly," she says. "Things that are overpriced relative to the condition will likely sit on the market. Sellers may be unrealistic about their asking price but will still consider offers."

According to Ameer, it is not uncommon for listing agents to be "quietly battling" stubborn sellers behind the scenes about adjusting their price—and expectations—to attract buyers.

She points out, however, that Miami's robust luxury sector is its own "niche" where buyers are not affected by elevated interest rates or inflation because they mostly purchase in all cash—but they are looking for the right property that fits their housing needs.  

For shoppers looking to buy property in Miami this year, Ameer advises coming prepared with financing in place, doing thorough homework to identify the right property in the right location, and negotiating assertively.

"Don’t be afraid to ask sellers for concessions—such as contributions toward closing costs or buying down the interest rate," she says. "That can make a meaningful difference for affordability."

Other major metros that stood out as the strongest buyer’s markets as of November were Austin, TX, Orlando, FL, Tampa, FL, and New York City, rounding out the top five.

Ameer says Florida metros' prominent placement in the buyer's market ranking reflects a post-pandemic market adjustment.

"As a result of the Florida pandemic boom where property values exploded, many other costs went up exponentially as well, between condo dues, interest rates, insurance, construction costs, moving, and general inflation with the costs of goods and services, which impacts a real estate move," she says. "Just like the old adage, what comes up must come down. Many Florida markets are having to readjust for these factors, which translates into price cuts."

Other metros where buyers hold the cards

In inventory-rich Austin, the months of supply climbed to 10.5, while in Orlando and Tampa, the months of supply ticked up to 8.2 and 7.9, respectively, followed by the Big Apple with 7.7.

Other markets that offered home shoppers greater negotiating power and more choices included Las Vegas and Riverside, CA, both of which saw their months of supply reach 7.4 in November, with Nashville, TN (7.3), Jacksonville, FL (7.2), and Atlanta (7.1) closing out the top 10.  

Krimmel notes that Riverside has been one of the leading metros for delistings, where frustrated sellers pull their properties off the market after failing to secure the price they want.

From October to November 2025, the number of buyer's markets doubled, with San Antonio, Houston, Memphis, TN, Tucson, AZ, Oklahoma City, Raleigh, NC, Birmingham, AL, and Denver joining the list of metros with more than six months of housing supply.

1. Miami, FL

Months of supply: 11.5

January median list price: $500,000

2. Austin, TX

Months of supply: 10.5

January median list price: $455,000

3. Orlando, FL

Months of supply: 8.2

January median list price: $415,000

4. Tampa, FL

Months of supply: 7.9

January median list price: $399,727

5. New York, NY

Months of supply: 7.7

January median list price: $749,000

6. Las Vegas, NV

Months of supply: 7.4

January median list price: $465,000

7. Riverside, CA

Months of supply: 7.4

January median list price: $585,000

8. Nashville, TN

Months of supply: 7.3

January median list price: $525,000

9. Jacksonville, FL

Months of supply: 7.2

January median list price: $375,000

10. Atlanta, GA

Months of supply: 7.1

January median list price: $400,000