7 Major U.S. Cities Just Became Buyer’s Markets—But There’s a Catch

Sarah Breck
Oct 24
4 min read

The Housing Market Is Finally Shifting—But Not How You’d Expect

If you’ve been waiting for the real estate market to finally tip in favor of buyers, here’s some good news: it’s happening. According to Realtor.com’s August 2025 Housing Market Trends Report, seven of the nation’s biggest cities are now officially buyer’s markets.

But before you start practicing your negotiation tactics, there’s a twist. Many sellers—tired of high rates and slow offers—are choosing to delist their homes altogether. Let’s unpack what’s really going on.

What “Months of Supply” Really Means

Realtor.com reports the U.S. reached five months of housing supply this summer—the most balanced level since they began tracking the data nine years ago.

In simple terms, “months of supply” measures how long it would take to sell all the homes currently on the market at today’s sales pace:

Under 4 months = Seller’s Market
4–6 months = Balanced Market
Over 6 months = Buyer’s Market

So at five months, we’re right in the middle—marking a turning point toward more balanced, buyer-friendly conditions.

💡 Quick Tip: When supply rises, buyers usually gain negotiating power, while sellers have to get more strategic—especially on pricing.

The 7 Cities That Are Officially Buyer’s Markets

Out of the 50 largest U.S. metros, seven have officially crossed into buyer’s market territory with six or more months of supply. Here’s the breakdown:

1. Miami, Florida — 9.7 Months of Supply

Miami leads the pack with nearly 10 months of homes sitting on the market. Inventory has surged 35% year-over-year, and homes are taking about two weeks longer to sell.

However, local experts note that Miami isn’t a one-size-fits-all market.

Condos under $500K are where buyers have leverage due to increased supply.
Single-family homes under $500K are nearly extinct.

So yes, Miami’s cooling—but only in specific price segments.

2. Austin, Texas — 7.7 Months of Supply

Once one of the hottest housing markets in America, Austin is now cooling fast. Nearly one-third of listings have price cuts, and median home prices dipped below $500,000 for the first time in years.

With inventory up nearly 70% from pre-pandemic levels, buyers are starting to find more breathing room—but it’s still not a “bargain” market just yet.

3. Orlando, Florida — 6.9 Months of Supply

The home of Disney World has quietly become a buyer’s market since January 2025.

Inventory is up 34% year-over-year.
Median listing prices dropped from $429,000 to $422,000.
Homes are taking two weeks longer to sell.

For buyers looking in Central Florida, this fall could be the sweet spot.

4. New York City — 6.7 Months of Supply

Surprised? You’re not alone. Despite its reputation for red-hot demand, NYC has cooled.

Prices per square foot are down 4–5% year-over-year.
The metro ranks “cooler” on Realtor.com’s monthly hotness index.

The city may not be a fire sale, but it’s definitely showing softness beneath the surface.

5. Jacksonville, Florida — 6.3 Months of Supply

Jacksonville continues the Sunshine State trend with rising inventory and price reductions, creating more space for buyers to negotiate.

6. Tampa, Florida — 6.3 Months of Supply

Another Florida metro where sellers are making more concessions—and buyers are finally seeing options beyond bidding wars.

7. Riverside, California — 6.1 Months of Supply

Riverside is now in buyer’s market territory, but like Miami and Phoenix, it’s also seeing a huge rise in delistings, meaning sellers are refusing to sell at discounted prices.

The Buyer’s Advantage (and the Seller’s Countermove)

While more supply typically means more power for buyers—think price cuts, concessions, and longer days on market—this summer brought a twist: sellers fought back.

Instead of slashing prices, many homeowners are pulling listings off the market altogether.

In July, delistings jumped 57% year-over-year, showing that many sellers would rather wait out high rates than take a hit on price.

Cities with the biggest delisting spikes include:

Miami
Phoenix
Riverside
Tucson

So yes, buyers are gaining leverage—but only if sellers are actually willing to sell.

What This Means for Fall 2025 Buyers

Here’s the big takeaway:

If you’re in markets like Miami, Austin, or Orlando, you have real negotiating room—especially in the mid-range price points.
In balanced markets like Boise (where I’m based), buyers and sellers are finally meeting on more even ground.
And nationally, fall could be a strategic time to buy, with inventory lingering and competition thinning out.

🍂 Fall is historically one of the best times for buyers—less competition, motivated sellers, and homes that didn’t move over summer now ripe for negotiation.

Final Thoughts: Balance Is Back

The U.S. housing market isn’t crashing—it’s correcting. After years of wild seller control, the pendulum is finally swinging toward balance.

If you’re ready to buy, this is your cue to get strategic. Understand your local market segment, get pre-approved, and work with an agent who can help you identify where leverage truly exists.

And if you’re a seller? Timing, pricing, and presentation are everything right now.