SEATTLE, WA — Montgomery County, PA, was one of just five major U.S. housing markets where buyers still outnumbered sellers in August, bucking a national market in which the seller surplus reached the highest level in Redfin records as listings climbed and demand stagnated.
Montgomery County had 20% fewer sellers than buyers, making it the third-strongest seller’s market among the 49 major metropolitan areas Redfin analyzed.
Only Nassau County, NY, with 28% fewer sellers than buyers, and Newark, NJ, at 21% fewer, had tighter conditions. Milwaukee had 18% fewer sellers than buyers and San Francisco had 12% fewer.
The local imbalance stands in sharp contrast with conditions nationally. Redfin estimated there were 57.9% more home sellers than buyers across the U.S. in August, up from 52.1% in July and the largest gap in records dating to 2013.
An estimated 1,534,918 sellers were in the market nationally, the most since the beginning of 2020 and up 3.9% from July, the largest monthly increase in Redfin’s records.
Buyer demand barely moved. Redfin estimated 972,300 buyers were in the market, up 0.1% from July, when the number reached the lowest level in its records.
Redfin classifies markets with more than 10% fewer sellers than buyers as seller’s markets. Markets with more than 10% more sellers than buyers are classified as buyer’s markets, while those within 10% in either direction are considered balanced.
Thirty-six of the 49 markets analyzed were buyer’s markets in August. Redfin excluded Fort Lauderdale, FL, because of insufficient data.
The divide was particularly pronounced across the Sun Belt. All 10 of the strongest buyer’s markets were in the region, including four in Texas.
Nashville recorded 139% more sellers than buyers, the widest gap nationally and the largest for the metro in Redfin records. Miami followed at 138%, with Houston at 131%.
Orlando had 122% more sellers than buyers, followed by Las Vegas at 117%, San Antonio at 116%, Austin at 115% and Dallas at 108%. Atlanta and Phoenix completed the 10 strongest buyer’s markets.
Redfin attributed some of the Sun Belt imbalance to active homebuilding pipelines that have continued adding new supply as demand cooled. The company also pointed to affordability pressures, including rising insurance costs, higher homeowners association fees and climate risks in Miami.
“With sellers piling into the market and demand falling flat, today’s house hunters can afford to be choosy,” Redfin senior economist Asad Khan stated.
Khan advised buyers in many markets to negotiate on price and concessions, while cautioning that desirable homes priced appropriately may still give sellers less reason to compromise.
Conditions shifted further toward buyers in most markets already favoring them. The seller surplus increased from July in 22 of the country’s 35 buyer’s markets.
Orlando recorded the largest shift, moving to 122% more sellers than buyers from 100% in July. Seattle followed at 72%, up from 55%, while Las Vegas increased to 117% from 102%.
West Palm Beach moved most sharply in the opposite direction, with its seller surplus narrowing to 65% from 81%. Miami declined to 138% from 149%, while Fort Worth fell to 87% from 96%.
The five seller’s markets also recorded stronger price growth. Home-sale prices increased an average 5.5% from a year earlier across those markets in August, compared with 1.6% across markets favoring buyers.
Redfin attributed tighter conditions around New York City partly to constrained home construction and proximity to a major employment center. San Francisco, which was classified as a seller’s market for only the second month in four years, has experienced stronger buyer demand alongside wealth creation associated with the artificial-intelligence sector.
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