The Las Vegas Valley is one of the strongest buyer’s markets in the country right now, according to Redfin.
Miami tops the list overall with 148 percent more home sellers than buyers, followed by Nashville (119 percent), San Antonio (109 percent) and then Las Vegas at 101 percent, according to the real estate brokerage’s report.
This shift represents part of a growing trend in residential real estate across the country as Redfin’s latest report, which looks at March data, found that 38 of the biggest metros in the country are now buyer’s markets, which is a 29 percent increase from last March. The report noted this is especially prevalent in Sun Belt cities such as Las Vegas.
“The Sun Belt skyrocketed in popularity during the pandemic, when scores of homebuyers moved in from more expensive parts of the country,” reads the report. “To meet surging demand, homebuilders ramped up activity, which is one reason there are now a lot more homes for sale than people who want to buy them. The buyer pool has also shrunk because soaring housing costs in recent years have priced many people out of the market.”
Only five metros in the country right now are seller’s markets, down from nine in 2025. Redfin said it defines a market where there are more than 10 percent more sellers than buyers as a buyer’s market, and a market where there are more than 10 percent fewer sellers than buyers as a seller’s market. Alternatively, a market where the gap is within 10 percent is considered a balanced market.
Nationally, there are an estimated 43.1 percent (or 600,168) more home sellers than buyers up until the end of March. This is just shy of the biggest gap ever recorded (2013).
“When sellers outnumber buyers, buyers typically hold the negotiating power because they have options,” reads the report. “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. High housing costs and economic uncertainty have caused many house hunters to retreat, creating an imbalance of buyers and sellers.”
The report noted that new construction can have a huge impact on whether negotiating power lies with buyers or sellers because it impacts the overall balance of supply and demand.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
