03/31/2026
Report from Redfin:
The housing market has never looked like this before.
In February 2026, there were approximately 630,000 more home sellers than buyers, which is the largest gap we've recorded since Redfin started tracking this data in 2013. That's a 46.3% seller surplus, up from 29.8% just a year ago.
Buyers are pulling back fast. The estimated buyer pool fell to 1.36 million in February, down 2.4% from January alone. Meanwhile, the number of sellers barely budged. High mortgage rates, elevated prices, and economic uncertainty are keeping would-be buyers hesitating.
Homebuyers now have more leverage to negotiate better prices in most of the country.
Markets where sellers outnumber buyers by more than 10% (what we classify as buyer's markets) are seeing home price growth of just 0.3% year-over-year. Compare that to 2.2% in seller's markets.
The most buyer-friendly markets right now:
→ Miami (+163% seller surplus)
→ Nashville (+120%)
→ Austin (+112%)
Southern metros are leading this shift due largely to pandemic surges in new construction. Meanwhile, the Northeast, which has been constrained by limited building, remain seller's markets. Newark, NJ and Montgomery County, PA are among the tightest markets in the country.
