Housing Market Had 37% More Sellers Than Buyers in November

Seattle, WA, January 5, 2026-There were an estimated 37.2% more home sellers than buyers in the U.S. housing market in November (or 529,770 more, in numerical terms), according to a new report from Redfin, the real estate brokerage powered by Rocket. That’s the largest gap in records dating back to 2013 aside from this summer. It compares with 35.6% a month earlier and 17% a year earlier. 

Redfin defines a market with over 10% more sellers than buyers as a buyer’s market. By this definition, it has been a buyer’s market since May 2024. 

When sellers outnumber buyers, buyers typically hold the negotiating power because they have a lot of options to choose from. That’s why a market with a lot more sellers than buyers is considered a buyer’s market. Of course, it’s only a buyer’s market for those who can afford to buy-many Americans have been priced out of the housing market as affordability has eroded.

“A modest improvement in housing affordability could bring some homebuyers off the sidelines in 2026, which could narrow the gap between homebuyers and sellers,” said Redfin senior economist Asad Khan. “But the housing market is likely to remain in buyer’s market territory for the foreseeable future, with sellers cutting prices or offering concessions to lure buyers.”

Number of Buyers Hits Second-Lowest Level on Record; 

Number of Sellers Posts Largest Decline in Two Years

The number of homebuyers in the U.S. housing market dropped 2.5% month over month in November to an estimated 1.43 million. That’s the biggest monthly decline since April 2025 and the lowest level on record aside from April 2020, when the coronavirus pandemic brought the housing market to a halt. The number of buyers fell 9.4% year over year.

Sellers have also been retreating, but not as quickly. The number of sellers in the market fell 1.4% month over month to an estimated 1.95 million-the largest decline since June 2023 and the lowest level since February. The number of sellers rose 6.2% year over year.

Buyers are backing off due to high housing costs and economic uncertainty. Sellers, many of whom are buyers themselves, are backing off in response to lackluster demand for their homes. Some sellers are delisting after watching their homes sit on the market for months with zero bites from buyers, while others are choosing not to list at all after seeing their neighbor’s house sell for under the asking price.