America Tilts Slowly Toward Buyer’s Market As Inventory Accumulates In More Metros
Home buyers closed the year on foot in Sun Belt metros that moved deeper into the buyer’s market, with growing inventory, longer listing times, and more price volatility from sellers—as more cities move into buyer-friendly conditions.
Researchers at Realtor.com® analyzed real estate data for all 50 major US metros, focusing on monthly offers. They identified ten top consumer markets, most of which are concentrated in the South or West. Newcomer Riverside, CA, ranked seventh.
Beyond that elite group, the list of consumer markets has grown to 18 metros boasting more than six months of supply.
The months of supply metric shows how many months it will take for all homes listed in a given market (including pending listings) to sell at the current sales pace.
The higher the supply months, the slower the market, giving buyers the upper hand in negotiating the price.
To determine supply months, economists used November sales data from the Realtor.com public records database, which includes both existing home and new home sales, as well as more listing service sales statistics where available.
The rule of thumb is that it is a seller’s market if the supply of goods falls below four months. If the supply reaches four to six months, it is a balanced market. More than six months of supply indicates a buyer’s market.
Miami is solidifying its position as a top buyer’s market
At the end of November 2025—the most recent month for which data is available—Miami solidified its position as the top buyer’s market in the country, with its purchase months rising to 11.5. In other words, it will take almost a full year to sell all of the city’s listings.
Miami has been at the top of the list since it first surpassed the six-month supply limit in the buyer’s market last summer.
In November 2025, when supply data was last analyzed, the median list price in Miami was $500,000, down 4.8% from last year. In January, the price was unchanged.
For context, Miami home prices are nearly $100,000 above the national median and the “Magic City” has the most $1 million listings in the US, highlighting a recurring truth: A buyer’s market does not mean a cheap market. Rather, it is a place where consumers have the most power.
“It’s about price pressures and the direction the market is going, not the absolute level of prices,” emphasized Realtor.com’s chief economist. Jake Krimmel. “Places like Miami are expensive because prices have increased over time [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 have been sitting longer and the pace of sales has slowed. “
Dear Ameerreal estate agent at Coldwell Banker Vanguard Realty in Florida, tells Realtor.com that how long a listing stays on the market in Miami depends largely on the listing in question.
“Good, move-in properties will command top dollar depending on location and can go quickly,” he said. “Items that are overpriced for condition may stay on the market. Sellers may not be realistic about their asking price but will still consider offers.”
According to Ameer, it’s not uncommon for listing agents to “quietly fight” stubborn sellers after adjusting their price—and expectations—to attract buyers.
However, he points out that Miami’s strong luxury sector is its “place” where buyers aren’t affected by high interest rates or inflation because they typically buy with all cash—but they’re looking for the right place that fits their housing needs.
For buyers looking to buy real estate in Miami this year, Ameer advises to come prepared with finances, do your homework to identify the right property in the right area, and negotiate a guarantee.
“Don’t be afraid to ask for concessions from sellers—like offers to cover costs or reduce interest,” he said. “That can make a noticeable difference in purchasing.”
Other major metros that stood out as the strongest consumer markets since November were Austin, TX, Orlando, FL, Tampa, FL, and New York City, rounding out the top five.
Ameer says the prominent placement of Florida metros in the buyer’s market ranking reflects the post-pandemic market adjustment.
“Due to the explosion of the epidemic in Florida where real estate prices exploded, many other costs increased significantly, including fees, interest, insurance, construction costs, transportation, and general inflation in the cost of goods and services, which affects the movement of real estate,” he said. “As the old saying goes, what comes up must come down. Many Florida markets must address these issues, which means price cuts.”
Some metros where consumers hold cards
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Other markets that offer home buyers greater bargaining power and more choices include Las Vegas and Riverside, CA, both of which saw their shopping months reach 7.4 in November, while Nashville, TN (7.3), Jacksonville, FL (7.2), and Atlanta (7.1) rounded out the top 10.
Krimmel notes that Riverside has been one of the leading metros for delisting, 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 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
Mid-January list price: $500,000
2. Austin, TX
Months of supply: 10.5
Mid-January list price: $455,000
3. Orlando, FL
Months of supply: 8.2
Mid-January list price: $415,000
4. Tampa, FL
Months of supply: 7.9
Mid-January list price: $399,727
5. New York, NY
Months of supply: 7.7
Mid-January list price: $749,000
6. Las Vegas, NV
Months of supply: 7.4
Mid-January list price: $465,000
7. Riverside, CA
Months of supply: 7.4
Mid-January list price: $585,000
8. Nashville, TN
Months of supply: 7.3
Mid-January list price: $525,000
9. Jacksonville, FL
Months of supply: 7.2
Mid-January list price: $375,000
10. Atlanta, GA
Months of supply: 7.1
Mid-January list price: $400,000
