Only Three Major Metros Still Favor Home Sellers
Nassau County, Newark and Montgomery County stand apart as purchasers gain leverage across most of the country.
People shopping for homes had unusually broad bargaining room in October. Redfin counted 70.5% more sellers than buyers nationwide, its widest divide in data extending to 2013. Buyer-friendly conditions covered 41 of the 50 metros reviewed. Three Northeastern areas bucked that pattern: Nassau County, New York; Newark, New Jersey; and Montgomery County, Pennsylvania.
Nassau County had the tightest supply-demand matchup. Buyers exceeded sellers there by 24.7%. Available sellers trailed buyers by 14.3% around Newark and 12.1% in Montgomery County. Each area’s seller advantage weakened from September. Milwaukee moved from favoring sellers to a balanced market. Across the three Northeastern areas, sale prices averaged 3.3% above the prior year. Buyer-oriented metros collectively recorded 0.3% growth.
Nationally, Redfin estimated 895,752 active buyers, down 2% for the month and the smallest tally in its series. Its seller estimate reached 1,526,984, representing a 0.9% monthly increase and the highest count since March 2020. Mortgage rates averaged 7.33% during October, compared with 6.86% in September. Miami, Nashville and Las Vegas had the largest seller surpluses, while high ownership costs continued to keep many prospective purchasers out of the market.
Why it matters: A larger selection gives buyers added leverage for price reductions, concessions and other savings, although affordability remains a barrier.
- Redfin News