Home Sellers Outnumber Buyers by 62.6% in Record Buyer's Market

What happened

There were an estimated 62.6% more home sellers than buyers in the U.S. in September. That's the biggest gap in records going back to 2013, according to Redfin. It's the fourth record month in a row, up from 56.9% in August. Redfin counted 41 of the 50 metros it analyzed as buyer's markets, led by Miami, Nashville and Houston. Only five were seller's markets: Nassau County, NY; Montgomery County, PA; Newark, NJ; Milwaukee; and San Francisco.

Mortgage rates are the main reason. Realtor.com reports rates climbed above 7% in September for the first time since January 2025. It also found that 20.8% of listings had a price cut, the highest share in any single month since October 2022. Its weekly update for the week ending Oct. 17 put the average rate at 7.40% and showed active inventory up 7.7% year over year.

Buyers are also walking away from deals more often. Redfin reports that 14.5% of deals that went under contract in September were canceled. Other than March and April 2020, that's the highest share on record. Jacksonville, FL had the highest cancellation rate at 19.9%.

Why it matters for agents

Redfin senior economist Asad Khan called this "a buyer's market born out of caution, not strength." Buyers who can afford to purchase can be picky, negotiate and walk away. Prices haven't collapsed, though. Redfin's home price index rose 3.8% year over year, partly because many owners have enough equity to wait rather than take a lowball offer.

For sellers, Redfin's Chen Zhao advises pricing realistically from the start and offering flexibility, such as a rate buydown or help with closing costs. Boston agent Brian Connelly goes further. He tells sellers to "be aggressive and list it potentially 5-10% below what you think you should list it for." He warns that homes not priced and prepped carefully may sit, which can lead to price cuts or delistings.

What it means for your listing marketing

Connelly's advice also covers presentation. He says the landscaping should be perfect, there should be nothing a buyer would balk at, and "the home should be staged." He argues this can help prevent later price drops and the negative perception that builds as days on market add up. With buyers comparing a growing pool of listings, the first impression online carries more weight.

The Magic Hand can help with that first impression. It removes clutter and personal items from listing photos, fixes lighting and color, and turns photos into short video clips.