The Current State of the US Housing Market for Buyers
The climate of the US housing market varies significantly across the country, and a new report from Realtor.com's economist research team indicates that only eight metro areas currently qualify as true buyer's markets. This diagnostic tool, known as the Market Clock, monitors housing conditions at both national and metro levels using key metrics like months of supply, time on market, price changes, and list-to-sale ratios to capture local realities.
Tracking the 50 largest metros, the first quarterly report shows about half—or 46%—in a balanced state where neither buyers nor sellers hold a clear edge. Meanwhile, 26% lean toward sellers, and just 16% offer advantages to buyers. This distribution underscores a market still tilted against those hoping to purchase, particularly outside specific Southern regions.
Geographic Breakdown of Buyer's Markets
These eight buyer's markets cluster mostly in the South, with a single exception in the West. Notably absent are any from the Northeast or Midwest, regions hampered by robust demand and constrained supply that keep markets balanced or seller-favored.
All eight sit at the 5 o'clock position on the Market Clock, indicating plentiful homes for sale, rising listings, and sellers adjusting prices downward to attract offers. This setup provides buyers with breathing room absent in hotter areas.
The Eight Buyer's Markets Identified
- Jacksonville, Florida
- Miami, Florida
- Orlando, Florida
- Tampa, Florida
- Atlanta, Georgia
- Austin, Texas
- Nashville, Tennessee
- Riverside, California
Trends and Shifts in Inventory and Market Position
Florida dominates with half the list: Jacksonville, Miami, Orlando, and Tampa. The others hail from Atlanta, Austin, Nashville, and Riverside. While active listings haven't universally climbed year-over-year, standout growth appears in places like Riverside and Nashville, which posted 222% and 330% increases respectively since high interest rates reshaped the market in 2022—far outpacing the national average of 172% from March 2022.
Compared to June 2025 projections, Atlanta, Austin, Nashville, and Riverside each shifted one hour toward buyer territory, moving from late balanced to early buyer's markets. Jacksonville mirrored this progression from balance to buyer-friendly. Miami, Orlando, and Tampa maintained their early buyer's status from June through year-end.
Realtor.com senior economist Jake Krimmel notes that prospective buyers in these metros enjoy both time and choices this spring, enabling leverage in price talks and concessions without rushing decisions.
While active listings may not have risen year over year in each of the eight buyer’s markets, Riverside and Nashville, for instance, have seen active listings increase 222% and 330%, respectively, since high interest rates reset the market in 2022 – significantly greater than the national average of 172% since March 2022.
Prospective buyers in all the eight metros have both time and options on their side this spring, giving them the opportunity to exert leverage up to a point when negotiating prices and concessions with sellers.
Implications for Buyers and Future Outlook
For buyers eyeing these metros, the Market Clock signals a rare window amid broader tightness. Ample supply at 5 o'clock means more negotiating power, with sellers motivated by accumulating listings and softening prices. This contrasts sharply with Northeast and Midwest dynamics, where limited inventory sustains seller advantages.
As spring buying season unfolds, these eight areas present tangible opportunities, though national trends like property tax pressures and fluctuating home values add layers of consideration. Buyers should monitor local metrics closely, as shifts—from balanced to buyer-favored—can happen incrementally, as seen in recent clock adjustments.
