There are 34% more sellers in the market than buyers. At no other point in records dating back to 2013 have sellers outnumbered buyers this much. In other words, it’s a buyer’s market.
Redfin expects home prices to drop 1% by the end of the year as a result. Prospective buyers may see their purchasing power increase, and prospective sellers should consider selling sooner rather than later.
31 of the top 50 metros are buyer’s markets. The strongest buyer’s market is Miami, where sellers outnumber buyers roughly 3 to 1. The strongest seller’s market is Newark, and the most balanced market is St. Louis.
The condo market heavily favors buyers; there are 83% more condo sellers than buyers. By comparison, there are 28% more sellers than buyers in the single-family-home market.