Seven Major U.S. Metros Shift to Buyers’ Markets as National Supply Reaches Balance

Seven of the nation’s 50 largest metropolitan housing markets were classified as buyers’ markets in June as the national housing market moved toward balance, according to Realtor.com’s August 2025 Monthly Housing Market Trends report.

Realtor.com reported that the national months-of-supply metric reached five months in June — the first summer reading at that level since the company began tracking the data in 2016 — signaling a shift from seller-dominated conditions toward a more even playing field. Months of supply measures how long it would take to sell all listed homes at the current sales pace; economists generally consider fewer than four months to indicate a seller’s market, four to six months a balanced market and more than six months a buyer’s market. The report used June sales data from Realtor.com’s public records database and available multiple listing service figures, covering both existing-home and new-home sales.

At the metro level, seven markets recorded at least six months of supply in June, placing them in buyer-friendly territory. Miami led the group with 9.7 months of supply, followed by Austin (7.7 months), Orlando (6.9), New York City (6.7), Jacksonville, Fla. (6.3), Tampa, Fla. (6.3) and Riverside, Calif. (6.1). A further 23 metros were in the balanced range of four to six months, while 20 remained seller-leaning with fewer than four months of supply.

Miami’s market showed the most pronounced shift. In June the metro’s median listing price was $510,000, down 4.7% year over year, while inventory increased 35% and the typical listing stayed on the market about 15 days longer than a year earlier. By August the median had edged down to $500,000 and typical time on market had lengthened to 16 days year over year. Realtor.com senior economist Jake Krimmel said rising inventory coupled with slower sales gives buyers “some negotiating leverage that they would not otherwise have.”

Local agents caution that large metros like Miami contain multiple distinct markets. Ana Bozovic, a Miami-based agent and founder of Analytics Miami, said that while certain segments — notably older condos priced under $500,000 — are offering buyers more leverage, single-family homes under $500,000 have little to no negotiating room. "It’s more accurate to say the market is moving toward balance," she said, urging buyers to understand the dynamics of the specific segment they are targeting.

Austin, a pandemic-era boomtown, moved into the buyer’s market category in June as listings surged and demand cooled. The Texas metro recorded 7.7 months of supply, a nearly 70% rise in inventory compared with pre-pandemic levels and one of the highest shares of listings with price cuts, at roughly 33%. In June Austin’s median listing price fell 4.5% to $524,950; by August the typical house was priced just under $500,000 and close to 30% of listings carried price reductions.

Orlando’s supply climbed to 6.9 months in June, driven by a roughly 34% year-over-year increase in inventory while the sales pace slowed. The metro’s median listing price was $429,473 in June, down 3.4% from a year earlier; by August the median slid further to $422,694 and the typical listing remained on the market 14 days longer than in August 2024. Realtor.com data show Orlando has been in buyer-market territory since January, when supply first exceeded six months.

New York’s inclusion among buyer markets drew attention because supply in the Northeast is often tighter than in other regions. Krimmel pointed to several indicators of softness beneath the surface: the metro has registered cooler readings on Realtor.com’s monthly market hotness index and list price per square foot has declined 4% to 5% year over year in recent months, even as headline list prices appeared relatively flat.

Despite growing buyer leverage in parts of the country, sellers have responded in different ways. More listings carried price cuts this summer: in August more than one in four U.S. listings had a price reduction, up 1.1 percentage points from a year earlier, with buyers in the South and West most likely to encounter discounted listings. Denver, Portland, Ore., and Jacksonville had some of the highest shares of properties with price cuts.

Other sellers frustrated by slow demand withdrew their homes from the market. In July, the latest month with delisting data available, delistings nationwide jumped 57% year over year, up from a 48% increase in June. On the metro level Miami, Phoenix, Riverside and Tucson showed the largest increases in delistings among top U.S. markets, indicating some homeowners are opting to wait for improved conditions rather than lower asking prices.

Realtor.com Chief Economist Danielle Hale described the summer reading as the highest since the company began collecting the data, saying it signals a tilt toward more buyer-friendly conditions heading into the fall. Krimmel echoed that assessment and said he expects inventory to linger through the autumn while some prospective buyers drop out of the market, further improving negotiating opportunities for those who remain.

The mixed picture — national balance but metro-level divergence — underscores the patchwork nature of the U.S. housing market as it moves away from the frenetic pandemic-era pace. Where inventories have swelled and days on market have lengthened, buyers are gaining leverage; where demand remains firm or sellers remove listings, conditions can still favor sellers. Market participants say scrutiny of local segments and timely data will be critical for buyers and sellers navigating the fall market.