Sun Belt Dominates Top 10 Buyer's Markets as Inventory Swells and Negotiating Power Shifts
As the spring housing season approaches, a significant shift is underway across the U.S. real estate landscape. A wave of new construction and cooling demand has transformed several major metropolitan areas into strong buyer's markets, with the Sun Belt region leading the charge. According to the latest analysis from Realtor.com®, these markets now offer more than six months of housing supply—a key threshold that grants shoppers greater choice and increased bargaining power.
"The dynamics have clearly changed in these areas," says Hannah Jones, Senior Economic Research Analyst at Realtor.com. "We're seeing a rebalancing, especially in markets that experienced frenzied growth during the pandemic. Years of robust building have finally caught up with moderated demand, creating a window of opportunity for buyers who can navigate today's interest rate environment."
The research, which ranks markets by their months of supply as of late 2025, reveals a pronounced Southern tilt. Florida alone claims four spots in the top ten. Miami tops the list with nearly 10 months of supply, a stark contrast to the inventory droughts of recent years. "Buyers have leverage again," notes Florida broker Jeff Lichtenstein of Echo Fine Properties. "They can take their time, request concessions, and negotiate on price—scenarios that were almost unthinkable in 2021."
The trend extends beyond Florida. Austin, Texas, and Nashville, Tennessee—both pandemic-era darlings—now show supplies of 9.5 and 6.2 months, respectively. Analysts point to a common pattern: a post-pandemic demand cooldown, combined with a sustained pipeline of new homes, has allowed inventory to accumulate. "Affordability constraints did their part to slow the frenzy," Jones adds. "Now, prices are adjusting to levels that could lure buyers back."
While the Sun Belt dominates, a few Northern markets like Pittsburgh also appear, though local agents caution that their surpluses may be seasonal and fleeting. The broader implication, however, is a national market becoming increasingly patchwork. For buyers in these highlighted metros, the pressure of bidding wars has eased. As Las Vegas agent Robert Little observes, correctly priced homes still sell quickly, but the sense of urgency has diminished for many listings. The window may not stay open indefinitely; economists warn that a significant drop in mortgage rates could rapidly reignite competition and deplete available homes.
Voices from the Market
David Chen, 42, First-Time Homebuyer in Tampa: "Finally, a chance to breathe. The last few years felt impossible. Now, I can actually view multiple homes, think it over, and not feel forced to waive every contingency. It's a psychological shift as much as a financial one."
Marcus Johnson, 58, Real Estate Investor in Atlanta: "This is a classic correction. The institutional buying frenzy artificially inflated prices in some Sun Belt corridors. With that pressure easing and new supply hitting, it's a healthy reset. Smart buyers with secure financing can find real value now."
Lisa Rodriguez, 37, Renter Considering a Move to Austin: "I'm torn. Part of me wants to jump in now before rates potentially drop and everyone rushes back in. But another part wonders if prices will fall further. The 'fear of missing out' has been replaced by 'fear of buying too soon.'"
Gregory Miller, 51, Homeowner in California Looking to Relocate: "This data is infuriating. It confirms what I've felt—that the 'hot markets' were massively overbuilt on speculative hype. Now, everyday people who bought at the peak are left holding the bag while coastal equity gets diluted. It feels less like a 'buyer's market' and more like a reckoning for irresponsible development."