More cities are turning into purchaser’s markets as homebuyers gain higher hand | Real Estate Market Insights

House hunters hoping to have fun Thanksgiving in a new home this month is likely to be in luck, as a rising quantity of metros are shifting from vendor’s to buyer’s markets, offering buyers more choices and bargaining energy.  

In early summer season, seven of the top 50 U.S. metros—led by Miami, Austin, TX, and Orlando, FL— moved into purchaser’s market territory, as their months of provide surpassed the six-month benchmark, according to Realtor.com® economists’ new data analysis.

Simply put, the months of provide metric signifies how many months it might take for all the listed properties on the market (including pending listings) to be offered at the current sales tempo. 

The larger the months of provide, the slower the market—and the more leverage buyers have. 

By August—the latest month with obtainable data—the record of purchaser’s markets had swelled to 11, with Denver, Nashville, TN, Raleigh, NC, and Houston becoming a member of the roster.

Denver, Colorado was added to the record of purchaser’s markets by August. Kevin Ruck – stock.adobe.com

To decide the months of provide, economists used August sales data from the Realtor.com public information database, including each existing-home and new-home sales, together with a number of itemizing service sales figures the place obtainable. 

The rule of thumb is that it’s a vendor’s market if provide drops below 4 months. If provide reaches 4 to 6 months, it’s a balanced market. More than six months of provide signifies a purchaser’s market.

Realtor.com senior economist Jake Krimmel notes that, with the exception of New York City, all purchaser’s markets are at the moment clustered in the South and West.

Krimmel says this is no coincidence, pointing to “the regions’ rise in inventory and slower market pace over the past year and especially this summer.”

Houston, Texas also joined the record. Ryan Conine – stock.adobe.com

Denver started the summer season squarely in balanced territory with 4.9 months of provide, however ended it as a purchaser’s market, touting 6.1 months of for-sale stock. 

This ought to come as no shock, given that the Mile High City has led the nation’s top 50 metros in housing stock recovery in comparison with pre-pandemic ranges.

For occasion, in August, Denver had 64.2% more for-sale properties than it did six years in the past, according to the month-to-month housing market trends report from Realtor.com. By October, that share had edged down to 57%, however the Colorado metro remained solidly in the lead.  

Heather O’Leary, real estate agent at Exp Realty and Denver Metro Association of Realtors® Market Trends Committee member, confirms that consumers in Denver not only have more properties to select from this fall, however they’re also in a stronger place to barter than they had been in the past, due to a glut of stock.

Nashville, Tennessee was also added to the roster. f11photo – stock.adobe.com

“Buyers are finding ways to negotiate beyond just list price,” O’Leary tells Realtor.com. “For example, many are securing seller concessions to cover temporary or permanent rate buydowns, which can save hundreds on monthly payments compared to simply offering below-asking price.” 

Moving into late fall, the agent says home buyers have a large choice of properties on the market and the alternative to get a “great deal” as sellers have gotten more reasonable about pricing.

Nashville noticed its months of provide climb from 5.8 in June to six.4 in August, tipping it into purchaser’s market territory as the metro’s new listings skyrocketed (+20.7%).

At the same time, Nashville noticed the greatest slowdown in time on the market, with the typical home ready for a purchaser 21 days longer in August than the prior yr.  

Miami retained its place as the nation’s top purchaser’s market and also strengthened its lead from June to August. Earth Pixel LLC. – stock.adobe.com

“Buyers have regained leverage, which is necessary to keep a market in balance,” Collyn Wainwright, 2025 Greater Nashville Realtors president, tells Realtor.com. “For the years leading up to and during the [COVID-19] pandemic, sellers had the distinct advantage, and now we have reached a healthier market where each side has to bring something to the table to negotiate a successful sale.”

Wainwright explains that Nashville’s transformation from a vendor’s market to a purchaser’s market has been fueled by a number of components, however waning affordability has performed the greatest function.

“We no longer have the pool of first-time homebuyers we have traditionally served as the driving engine of our market,” she says. “Our median price has reached $515,000, and that is not considered an entry-level price point. We also have sellers who struggle with accepting the new market conditions and are overpricing their homes, only to find them sitting.”

Kevin Wilson, 2024 Greater Nashville Realtors president and managing broker at Broadwest Parks | Compass RE workplace, provides that larger mortgage charges have sidelined some consumers, inflicting listings to pile up.

At the end of summer season 2025, Orlando skilled the steepest increase in months of provide. Miriam – stock.adobe.com

“At the same time, more homeowners who purchased during the frenzy of 2020 to 2022 are finally deciding to sell,” says Wilson. “Add in new construction and the natural seasonal slowdown, and the result is a noticeable bump in available homes.”

Sellers in Nashville have responded to this stagnation by slashing costs, offering concessions, delisting their properties, or undertaking renovations.

“Gone are the days of multiple offers on homes that need extensive repairs,” says Wainwright. “Prepping the home properly and consulting with their Realtor to get an accurate pricing strategy is the best thing any homeowner can do right now.”

However, each Wainwright and Wilson agree that Nashville has confirmed to be a resilient market due to its low unemployment charge, comparatively low property taxes, and the lack of private state income tax. The metropolis’s lifestyle facilities and vibrant cultural scene also symbolize major attracts.

A residential neighborhood in Orlando. Ryan Tishken – stock.adobe.com

“With prices stabilizing and more options to choose from, buyers feel less pressure and can move at a more comfortable pace,” says Wilson. “Fall is also a sweet spot when competition eases, motivated sellers remain, and well-located homes offer strong long-term value. For many buyers, it’s a chance to get into Nashville without the bidding war chaos.”

Similar to Nashville, Raleigh joined the ranks of purchaser’s markets after its months of provide hit 6.1, up from 5.6 two months earlier. 

In August, Raleigh recorded the third-highest annual stock growth among the 50 largest markets and the strongest growth in newly listed properties.

As properties piled up, Raleigh skilled a surge in delistings, as fed-up sellers pulled back, ceding ground to consumers. 

The final addition to the purchaser’s markets record, Houston, crossed the six-month provide threshold as summer season drew to a close, up from 5.7 in June. 

Texas‘ most populous metro adopted the same trajectory as Raleigh and Nashville, recording the third-strongest growth in contemporary listings in comparison with a yr in the past, which expanded its stock.  

“It’s a continuation of a trend for these cities, and it was only a matter of time before they crossed into buyer’s market territory,” says Krimmel, referring to the latest entries into the purchaser’s market ranking. “Between affordability issues, high interest rates, and many sellers clinging to an overly optimistic outlook, this summer’s housing market never really took off, and that’s reflected in these four markets crossing that six months of supply threshold.”

Strongest purchaser’s markets revealed

From June to August, Miami not only retained its place as the nation’s top purchaser’s market, but it surely also strengthened its lead. The Magic City noticed its months of provide rising from 9.7 to 10, that means it might take 10 months to promote all of the metropolis’s housing stock.

In August, when the provide data was last collected, the median record price in Miami was $500,000, down 5.7% from the earlier yr. 

Riverside, California is also among the nation’s top purchaser’s markets. Matt Gush – stock.adobe.com

The metro’s stock elevated more than 24% in contrast with the same period in 2024, and the typical home remained on the market 16 days longer than the earlier yr, marking the second-biggest slowdown in sales tempo, trailing only Nashville.

At the end of summer season, Orlando skilled the steepest increase in months of provide, rising from 6.9 to eight.7, propelling it to No. 2 on the record and overtaking Austin.  

That coincided with the Orlando housing market’s cooling, which has continued into the fall. In October, the home of Walt Disney World ranked as the second-slowest market, with the typical itemizing lingering unsold for 81 days, up 12 days since last yr, according to the latest monthly housing report.

Inventory-rich Austin continued transferring deeper into purchaser’s market territory, with its months of provide rising from 7.1 to 7.4 amid market softening. 

Riverside, CA, clinched the fourth spot on the record of the nation’s top purchaser’s markets, after its provide surged to 7.3 months in August, up from 6.1 months in June.

Krimmel explains that Riverside is one of the main markets for delistings—an indication that stock “just isn’t moving and frustrated sellers have given up hope as a result,” says the economist.

And right here’s one thing to contemplate: While Las Vegas had not formally entered purchaser’s market territory this summer season, it has continued transferring in that course after experiencing one of the largest two-month jumps in months of provide. 

In June, the metro’s provide stood at 4.3 months, inserting it in balanced market territory. By August, that determine had risen to five.7, inching nearer to the six-month benchmark as the market waned and stock surged. 

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