Sellers Are Getting Desperate, Flipping U.S. Real Estate Into A Buyers Market, Redfin says

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Sellers Are Getting Desperate, Flipping U.S. Real Estate Into A Buyers Market, Redfin says

Sellers Are Getting Desperate, Flipping U.S. Real Estate Into A Buyers Market, Redfin says

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Remember the home-buying frenzy and bidding wars of 2021? In many parts of the country, those have disappeared into the rearview mirror as home buyers find the real estate market has finally flipped in their favor, according to new data from

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(NASDAQ:

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).

Due to increased supply, new homes are now transacting for nearly 2% less than the listing price. In January, inventory was up by 5% over the same time last year, and in some markets, listings are higher than any time over the previous six years. At the same time,

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, which has also contributed to turning the market from a seller’s to a buyer’s.

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Sluggish sales: Homes in contract by 6.3% to the lowest figure since the early days of the pandemic

Listings sitting longer: Homes that sold in January had been on the market an average of 56 days — the longest ******* since 2020.

Home price growth is slowing down: The median home price appreciation in 2024 was 4.1%, which hadn’t been experienced in over five years.

Sellers are more willing to negotiate: In January, homes sold on average for 1.8% less than the asking price.

Deals are failing to close: Deals were canceled in January at the highest rate since at least 2017.

“Historically, a buyer’s market has been defined as when months of supply reaches 4-6 months—but old definitions don’t fit the reality of today’s market,” said

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Economics Research Lead

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. “Many buyers don’t feel like they are in a buyer’s market, with home prices at near-record highs and mortgage rates elevated. But we are more than halfway through the decade, and this is the first time we can say that buyers have as much, if not more, power than sellers.”

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New home construction has occurred in the

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much faster than anywhere else; according to

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, the top ten states with the most homes include

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North Carolina, Florida, Tennessee, and Arizona, some of which appear multiple times. The abundance of new construction has turned the Sunbelt into a buyer’s market. Florida is particularly favorable to new buyers because the construction ***** there failed to account for increased house prices, the fear of natural disasters, and increased insurance costs, causing buyers to press pause.

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“It’s 100% a buyer’s market right now,” said

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, a Redfin agent in Jacksonville, Florida. “There’s a ton of inventory. Everywhere you go, there’s a house for *****. Most sellers here know the market is bad and it’s not advantageous to sell right now, but either they’re tired of waiting for things to improve, or they really have to sell because they are moving out of state. For buyers, this means there are more opportunities to negotiate on price and terms.”

Conversely, Northeast sellers still have the upper hand in some markets. According to

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, the Northeast lacked markedly in inventory at the end of 2024 compared to the Sunbelt. However, inventory levels are expected to even out in 2025, which

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predicts could be the last year of an inventory shortage.

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