Seven of the nation’s largest metros now buyers’ markets, signaling housing cool-off
Realtor.com notes seven of the 50 biggest U.S. metros have six months or more of supply, suggesting buyers have sway as prices ease and time on market grows.
Seven of the 50 largest U.S. metro areas are now buyers' markets, according to Realtor.com's August 2025 Monthly Housing Market Trends report. A buyer's market exists when there are more homes for sale than buyers, giving purchasers leverage to negotiate lower prices, request concessions, and take time to choose a property.
Nationally, the housing market reached a balance this summer, with about five months of supply—the first time Realtor.com says balance has appeared since it began tracking the data nine years ago. The five-month level is roughly even ground between buyers and sellers; six months or more tends to favor buyers, while two to three months favors sellers.
Among the top 50 metros, seven posted at least six months of supply in June, qualifying them as buyer's markets. Miami, Florida, led with 9.7 months of supply; Austin, Texas, 7.7 months; Orlando, Florida, 6.9 months; New York City, New York, 6.7 months; Jacksonville, Florida, 6.3 months; Tampa, Florida, 6.3 months; and Riverside, California, 6.1 months.
Miami's June data also showed a softer price trajectory: the median price was about $510,000, down 4.7% from a year earlier. Inventory jumped 35% from a year earlier, and the typical home waited about 15 days longer to attract a buyer. In August, Austin's typical home priced just under $500,000, down 4.8% year over year. Orlando's June median listing price was $429,473, down 3.4%.
Orlando has been a buyer's market since January, and analysts note the trend extends across much of the South and West.
'The markets in Miami, Austin, and Orlando have been moving in a buyer-friendly direction for some time now,' Realtor.com senior economist Jake Krimmel said. 'Inventory levels, time on market, and price reductions are all up significantly in those metros, as well as much of the South and West.'
While a buyer's market is good for buyers, it can portend a broader cooling of the economy. A sustained buyer's market can signal affordability pressures, higher rates, and weaker consumer confidence. The 2008 financial crash began with a buyer's market but escalated due to the subprime mortgage collapse, foreclosures, and job losses.