As the spring homebuying season approaches, prospective purchasers are finding themselves in an increasingly favorable position across key American metropolitan markets, particularly in Sun Belt states where construction activity has created significant inventory surpluses.
According to recent analysis published by the New York Post, citing Realtor.com® research, ten major U.S. markets have transitioned into buyer friendly territory, characterized by housing supplies exceeding six months, a threshold that historically signals shifting leverage from sellers to buyers.

Understanding Market Dynamics

The research identifies markets based on months of supply, a critical metric that calculates how long current inventory would last at the present sales velocity. Hannah Jones, senior economic research analyst at Realtor.com, explains the significance: “These markets are considered buyer’s markets because they have more than six months of housing supply, indicating that inventory levels are high relative to current demand and giving buyers greater negotiating power.”
Jones attributes much of this shift to construction patterns in Sun Belt regions, where “new construction activity has been especially strong over the past several years.”

The Top Ten Buyer’s Markets

Miami leads the rankings with 9.8 months of supply and a median listing price of $500,000. Ron Myers, a real estate agent and investor with Ron Buys Florida Homes, notes the transformed landscape: “There are more homes sitting on the market than we’ve seen in a while in Miami. This gives buyers a lot more options, which changes how they act.”

Austin, Texas claims second place with 9.5 months of supply at a $462,000 median. Noa Levy, broker at The Boutique Real Estate, observes that homeowners who purchased pre pandemic are now capitalizing on equity gains, though many buyers remain cautious. “Some buyers are staying on the sidelines, waiting for both home prices to decline further and interest rates to adjust,” Levy explains.

Pittsburgh, Pennsylvania ranks third with 8.6 months of supply and the lowest median price on the list at $240,000. However, local agent Tarasa Hurley of River Point Realty cautions that conditions may be changing: “While we had a surplus in the fall in Pittsburgh, that inventory is evaporating.”

Orlando, Florida (7.4 months, $415,500 median) and New York City (7.1 months, $749,939 median) round out the top five. In Manhattan, Nikki Beauchamp of Sotheby’s International Realty advises clients to focus on properties with extended market exposure: “I advise my clients to take a deeper look at inventory that has been on the market for more than 60, or even ideally upwards of 90, days.”

The remaining markets include Tampa (7.0 months), Las Vegas (6.9 months), Raleigh and Jacksonville (both at 6.5 months), Atlanta (6.3 months), and Nashville (6.2 months).

Regional Trends and Buyer Strategies

Florida dominates the list with four cities, reflecting the state’s aggressive construction pipeline. Martin Orefice, CEO of Rent To Own Labs, notes Tampa’s inventory skews toward “condo/high rise units and environmentally compromised fixer uppers on the coast.”
In Las Vegas, agent Robert Little of Re/Max Advantage confirms that buyers “are able to take their time, compare homes, and negotiate again instead of feeling rushed,” though he warns this advantage may be temporary if interest rates decline further.

Market Rebalancing After Pandemic Surge

Jones identifies a broader pattern among several listed markets: “Markets such as Austin, Tampa, Raleigh, and Nashville experienced a surge in demand during the pandemic, prompting builders to ramp up both for sale and rental construction. As prices rose and affordability worsened, demand cooled while inventory accumulated, shifting the balance of power.”
Atlanta presents a unique case, where institutional investor activity has historically influenced market dynamics. Bruce Ailion, a real estate professional and attorney at Re/Max Town & Country, suggests that “with the impending ban on institutional investor purchases, we may see a spike in inventory and a greater opportunity for the first time and below median price buyer.”

Strategic Implications

For buyers, the current environment offers tangible advantages: reduced competition, extended decision making timelines, and enhanced negotiating leverage on price, repairs, and closing costs. However, market professionals caution that conditions remain fluid, with interest rate movements and seasonal patterns potentially shifting dynamics rapidly.
The data underscores a significant recalibration in American housing markets, particularly in regions that experienced the most dramatic pandemic era appreciation, as supply and demand fundamentals seek new equilibrium.

Source: New York Post