Only 5 US housing markets still favor sellers — everywhere else, a record seller glut has buyers calling the shots
For anyone buying a home right now, it's an incredible time, with buyers outnumbering sellers nearly everywhere across the nation, according to Redfin.
That comes with a big caveat, though. It's an incredibly hard time to buy a home because new home prices and high mortgage rates have made it extremely expensive.
Buyers are highly advantaged in the housing market
Redfin calculates the number of buyers in the market by analyzing how long it takes buyers to purchase a home after they start looking. Comparing that data against how many homes are listed in a given market, it's possible to figure out which parts of the country are best for buyers versus sellers.
In September 2026, Redfin data shows that Miami, Nashville, Houston, Austin and San Antonio are the best for buyers.
Additionally, most markets that Redfin classifies as buyer's markets have opened up for buyers who were looking in August. St. Louis and Detroit were the only outliers — they're still very good for buyers, but that advantage has begun to ebb.
The only sellers' markets include Nassau County, New York; Montgomery County, Pennsylvania; Newark, New Jersey; Milwaukee and San Francisco.
Mortgage rates have made buying inaccessible for many
Unfortunately, it doesn't matter how good the market is for buyers right now if you don't have the money to actually pay for one. Right now, that problem is impossible to ignore.
Mortgage rates have been rising for most of 2026, and rates have hit an average of 7.4% as of October 15.
Home prices rose significantly between 2020 and 2021, and prices have remained somewhat stable since then. Meanwhile, income levels have increased in the same timeframe, but that growth still hasn't matched the rise in prices.
That means that for many people, affording the cost of a down payment is much harder than it was a few years ago. Even if you can cover a down payment, your monthly mortgage payment might be too high.
As a result, the number of people applying for mortgages has been falling.
For would-be buyers, mortgage rates aren't likely to fall anytime soon. They're tied to the interest rates set by the Federal Reserve. Due to rising inflation, Federal Reserve officials have signaled that an interest rate hike is likely.
President Donald Trump has called for interest rates to be lowered. His appointee to the Federal Reserve chair, Kevin Warsh, voted to increase rates in September 2026.
The Iran war's effects on oil prices have played a large role in rising inflation. Trump has promised that the war is nearing its conclusion. Oil prices are expected to remain high through 2028, which means that oil's effects on inflation — and mortgage rates — could continue for years to come.
Source: Yahoo Finance