For the first time since the pandemic realigned the real estate landscape, buyers may have finally seized the upper hand. According to a new report from Redfin, the number of home sellers now significantly exceeds the number of buyers—a clear signal that we’ve entered a bona fide buyer’s market.
The data from April paints a compelling picture: sellers outnumber buyers by nearly 34%, the highest ratio in over a decade. Compare that to the same time last year, when sellers only held a 6.5% lead, and the shift is undeniable. In 2022, it was still a seller’s market. Now, buyers have leverage they haven’t seen in years.
Florida, in particular, has become ground zero for this trend. Of Redfin’s top 10 buyer-friendly markets, six are located in the Sunshine State. Miami, West Palm Beach, and Fort Lauderdale lead the list, with sellers in those cities outnumbering buyers by nearly 200%. Price cuts are becoming increasingly common, especially in metro areas where inflated expectations no longer align with market realities.
This isn’t just anecdotal. A March survey by Real found that 35% of real estate agents believed their market now favored buyers, compared to 32% still clinging to a seller’s edge. The tide has clearly turned—but not all sellers are ready to admit it. “A lot of sellers have yet to see or accept the writing on the wall,” Redfin Senior Economist Asad Khan noted.
“Many are still holding out hope that their home is the exception and will fetch top dollar”
The condo market is even more skewed. Sellers of condominiums now outnumber buyers by a staggering 83.5%, largely due to rising HOA fees, skyrocketing insurance costs, and newly tightened mortgage restrictions. Florida again leads this imbalance, signaling broader systemic issues that go beyond basic supply and demand.
So what’s driving this reversal?
Redfin’s analysis points to multiple factors. High prices and elevated mortgage rates have sidelined many potential buyers, but the increase in listings is likely the bigger story. The once-dominant “mortgage rate lock-in effect,” where homeowners stayed put to preserve ultra-low rates, appears to be losing its grip. Life moves on—whether it’s for jobs, family, or retirement—and sellers are beginning to accept the new normal of higher rates.
That growing inventory is giving buyers something they haven’t had in years: options. And with more homes on the market, buyers are taking their time, negotiating harder, and walking away from inflated listings. The power dynamic has shifted—and sellers who cling to 2021 pricing dreams may find themselves on the outside looking in.
Does this mean home prices will fall?
Historically, when sellers outnumber buyers, prices tend to follow suit. Redfin cites the 2018 slowdown as a relevant comparison: after sellers took the lead, price growth stalled a few months later. While we’re not seeing dramatic drops just yet, price gains have cooled considerably—rising only 1.6% year-over-year—and declines are starting to show up in specific markets.
Nationally, Redfin forecasts a modest 1% dip in median home prices by the end of 2025. That’s hardly a crash, but it’s a significant change in direction after more than a decade of mostly uninterrupted appreciation.
For prospective buyers, this moment represents a rare window of opportunity. More listings, longer days on market, and motivated sellers are creating ideal conditions for those ready to make a move—especially in cooling metros. Still, timing remains everything. While some regions like the Northeast continue to favor sellers, the balance of power is clearly shifting elsewhere.
Whether you’re buying, selling, or simply watching, one thing is certain: the U.S. housing market is no longer moving in just one direction.
