Summary
A Redfin report shows that Florida and Texas have the strongest buyer's markets in the U.S., meaning there are more homes for sale than buyers. This situation gives buyers more negotiating power, leading to potential price reductions and other advantages.
Key Facts
- In a buyer's market, there are more homes for sale than buyers, giving buyers more power to negotiate prices.
- According to Redfin, there are over 2 million active home listings each month since April in the U.S.
- Austin, Texas, is the top buyer's market with sellers outnumbering buyers by 130%.
- Fort Lauderdale and West Palm Beach in Florida are also strong buyer's markets with significant gaps between sellers and buyers.
- The Sun Belt, including Florida and Texas, saw increased inventory due to a previous home-building boom.
- High mortgage rates and other cost factors have reduced the number of active buyers in these areas.
- Remote work during the pandemic made these states more popular, leading to a housing demand spike that has since cooled.
- Other cities with strong buyer's markets include Nashville, San Antonio, Dallas, Jacksonville, Las Vegas, and Houston.
