Real estate
Homes are spending longer on the market as buyers gain control of negotiations.

For the first time in over a decade, home buyers have taken the lead in the US housing market as dramatic increase in supply, coupled with cooling demand, has tipped the balance in buyers' favour.

According to Redfin, more than 500,000 more homes were listed than there were buyers in April 2025, a 33.7% surplus and the highest imbalance since records began in 2013.

As the US housing market is undergoing a rare reversal, for buyers with financial stability, now could be the best opportunity in over a decade, especially in regions where inventory is high and prices are cooling.

Here are five signs confirming the shift and why this moment matters for both buyers and sellers.

Buyer-Seller Gap Widens to 12-Year High

The gap between the number of home listings and active buyers is the largest in over a decade. Redfin's April data revealed a 33.7% inventory surplus, with sellers outnumbering buyers by over half a million.

This reversal is due to:

  • Mortgage rates near 7%, discouraging new entrants to the market.
  • Persistently high prices reducing affordability.
  • Post-pandemic sellers re-entering with outdated expectations.

As Redfin economist Asad Khan noted: 'The market has turned in buyers' favour, but many sellers haven't yet adjusted to the new reality.'

Falling Prices in Key Cities Signal a Cooling Market

While the national median home price is up slightly at $414,000 (£326,000) regional figures paint a different picture.

  • Cities like Dallas, Oakland and Jacksonville have seen month-on-month price drops.
  • 20% of homes listed in April had price cuts—the highest rate since 2016.
  • A 1% national price dip is forecast by year-end if current conditions persist.

For example, a home previously listed at $475,000 (£374,000) in Jacksonville may now fetch closer to $460,000 (£362,000), a considerable saving for buyers.

Southern and Western States Feel the Sharpest Impact

The market shift is especially evident in the South and West, where housing gluts are building rapidly.

Key stats include:

  • Miami: Sellers now outnumber buyers three to one.
  • Austin: A 24% rise in unsold listings since February 2025.
  • Tampa: Homes take 38 days on average to sell, compared to just 12 this time last year.

As reported by Redfin, buyers now have more time, less competition, and increased leverage when negotiating.

Buyers Enjoy Stronger Negotiating Power

With fewer bidding wars, buyers today enjoy advantages not seen in years:

  • Offers under asking price are being accepted.
  • Sellers are increasingly open to covering closing costs or including extras like furniture or repairs.
  • Contingencies, once dismissed outright, are being welcomed back into contracts.

'We offered 8% below asking and expected a counter,' said Richard Hall, who recently bought a home in Tampa. 'Instead, they accepted straight away. That would have been unthinkable last year.'

Sellers Must Adapt or Risk Losing Out

Sellers unwilling to adjust are facing longer delays and lower offers. According to the New York Post, those who succeed in today's climate do the following:

  • Price realistically from the start.
  • Invest in small upgrades to enhance kerb appeal.
  • Work with agents who understand regional dynamics.

Sellers still anchored to 2021 pricing expectations are watching their properties sit idle, and eventually cut in price.

A Rare Opportunity for Buyers

The US housing market is undergoing a rare reversal. For buyers with financial stability, now could be the best opportunity in over a decade, especially in regions where inventory is high and prices are cooling.

Axios and Redfin both forecast that this buyer-friendly window will continue through 2025, barring a major economic or interest rate shift.

Originally published on IBTimes UK