More cities are turning into buyer’s markets as homebuyers gain upper hand

House hunters hoping to celebrate Thanksgiving in a new home this month might be in luck, as a growing number of metros are shifting from seller’s to buyer’s markets, offering shoppers more options and bargaining power.  

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

Simply put, the months of supply metric indicates how many months it would take for all the listed homes on the market (including pending listings) to be sold at the current sales pace. 

The higher the months of supply, the slower the market—and the more leverage buyers have. 

By August—the latest month with available data—the list of buyer’s markets had swelled to 11, with Denver, Nashville, TN, Raleigh, NC, and Houston joining the roster.

To determine the months of supply, economists used August 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 indicates a buyer’s market.

Realtor.com senior economist Jake Krimmel notes that, with the exception of New York City, all buyer’s markets are currently 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.”

Denver began the summer squarely in balanced territory with 4.9 months of supply, but ended it as a buyer’s market, touting 6.1 months of for-sale inventory. 

This should come as no surprise, given that the Mile High City has led the nation’s top 50 metros in housing inventory recovery compared to pre-pandemic levels.

For instance, in August, Denver had 64.2% more for-sale homes than it did six years ago, according to the monthly housing market trends report from Realtor.com. By October, that share had edged down to 57%, but 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 buyers in Denver not only have more properties to choose from this fall, but they are also in a stronger position to negotiate than they were in the past, thanks to a glut of inventory.

“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 shoppers have a massive selection of homes on the market and the opportunity to get a “great deal” as sellers are becoming more realistic about pricing.

Nashville saw its months of supply climb from 5.8 in June to 6.4 in August, tipping it into buyer’s market territory as the metro’s new listings skyrocketed (+20.7%).

At the same time, Nashville saw the biggest slowdown in time on the market, with the typical home waiting for a buyer 21 days longer in August than the prior year.  

“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 seller’s market to a buyer’s market has been fueled by several factors, but waning affordability has played the biggest role.

“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 office, adds that higher mortgage rates have sidelined some buyers, causing listings to pile up.

“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 prices, 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, both Wainwright and Wilson agree that Nashville has proven to be a resilient market thanks to its low unemployment rate, relatively low property taxes, and the lack of personal state income tax. The city’s lifestyle amenities and vibrant cultural scene also represent major draws.

“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 buyer’s markets after its months of supply hit 6.1, up from 5.6 two months earlier. 

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

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

The final addition to the buyer’s markets list, Houston, crossed the six-month supply threshold as summer drew to a close, up from 5.7 in June. 

Texas‘ most populous metro followed the same trajectory as Raleigh and Nashville, recording the third-strongest growth in fresh listings compared to a year ago, which expanded its inventory.  

“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 buyer’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 buyer’s markets revealed

From June to August, Miami not only retained its position as the nation’s top buyer’s market, but it also strengthened its lead. The Magic City saw its months of supply rising from 9.7 to 10, meaning it would take 10 months to sell all of the city’s housing inventory.

In August, when the supply data was last collected, the median list price in Miami was $500,000, down 5.7% from the previous year. 

The metro’s inventory increased more than 24% compared with the same period in 2024, and the typical home remained on the market 16 days longer than the previous year, marking the second-biggest slowdown in sales pace, trailing only Nashville.

At the end of summer, Orlando experienced the steepest increase in months of supply, rising from 6.9 to 8.7, propelling it to No. 2 on the list 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 listing lingering unsold for 81 days, up 12 days since last year, according to the latest monthly housing report.

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

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

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

And here’s something to consider: While Las Vegas had not officially entered buyer’s market territory this summer, it has continued moving in that direction after experiencing one of the largest two-month jumps in months of supply. 

In June, the metro’s supply stood at 4.3 months, placing it in balanced market territory. By August, that figure had risen to 5.7, inching closer to the six-month benchmark as the market waned and inventory surged.