Buyers Take Control: Miami Tops List of U.S. Metros Where Homes Sit Nearly a Year

Why the real estate USA market is suddenly giving buyers the upper hand

If you have been watching the real estate USA market closely, the shift that closed out 2025 is hard to ignore. Inventory swelled, listing times lengthened and price flexibility increased in several Sun Belt and Western metros—turning more cities into what Realtor.com calls buyer’s markets. For house hunters and investors that means more negotiating power, but also more screening work and longer timelines.

The data driving this story is clear and specific. Researchers at Realtor.com analyzed November 2025 sales and listing data across the 50 largest U.S. metros and used the months-of-supply metric to rank market conditions. The headline: 18 metros now have more than six months of supply, with Miami leading at 11.5 months. That is the most extreme example: at that pace it would take nearly a year to sell all current listings in the city.

What “months of supply” actually measures

Months of supply is a simple but powerful indicator: it estimates how many months it would take to clear current inventory at the existing sales pace, counting both pending and active listings. Market classification by that metric is straightforward:

• Below 4 months of supply = seller’s market
• 4–6 months = balanced market
• Above 6 months = buyer’s market

Realtor.com used November 2025 data from its public records database plus MLS figures where available to compute these values. The result is a geographic snapshot of where supply growth is altering bargaining power.

What the numbers show: top buyer’s markets and how far they’ve moved

Here are the top 10 metros with the greatest months of supply based on November 2025 data and their January median list prices:

• Miami, FL — Months of supply: 11.5 — January median list price: $500,000
• Austin, TX — 10.5 — $455,000
• Orlando, FL — 8.2 — $415,000
• Tampa, FL — 7.9 — $399,727
• New York, NY — 7.7 — $749,000
• Las Vegas, NV — 7.4 — $465,000
• Riverside, CA — 7.4 — $585,000
• Nashville, TN — 7.3 — $525,000
• Jacksonville, FL — 7.2 — $375,000
• Atlanta, GA — 7.1 — $400,000

Several takeaways from this list matter for buyers and investors:

• Florida dominates the top spots: Miami, Orlando, Tampa and Jacksonville are all on the list. That signals a regional correction after the pandemic-era price surge.
• High-price markets can still be buyer’s markets. Miami has the most $1 million-plus listings in the U.S. and a January median list price of $500,000, yet it is the top buyer’s market because listings are piling up and sales are slowing.
• New entrants matter. Riverside, California enters the top 10 for the first time at 7.4 months, driven in part by a rise in delistings as sellers withdraw properties that aren’t meeting price expectations.

Why these metros flipped: the forces behind the shift

There are several overlapping reasons why the balance of power has shifted to buyers in many Sun Belt and Western metros.

• Pandemic surge and correction: Many Florida markets saw dramatic price increases during the COVID-19 period when demand soared. As Realtor.com senior economist Jake Krimmel put it, the issue now is “price pressures and the direction the market is headed, not about the absolute level of prices.” In plain terms, high prices do not reset overnight; they simply stop accelerating and then inventory catches up.

• Rising holding costs: In Florida, homeownership costs that feed into affordability have risen, including insurance premiums, condo or HOA dues and construction costs for maintenance. These add to buyers’ calculus and can reduce qualified demand.

• Higher interest rates and inflation: Elevated mortgage rates and broad inflation reduced buying power for many households, extending listing times and making sellers more likely to negotiate.

• Inventory growth and delistings: In some metros—Riverside is a notable example—sellers are pulling listings after failing to secure the price they sought. That creates churn and more visible inventory over the short term.

The result is not a uniform collapse in prices but a rebalancing: homes sit longer, and buyers can push for concessions that were rare two years ago.

What this means for buyers: practical steps and opportunities

If you are shopping for property in one of these metros, this environment rewards preparation, patience and negotiation. From interviews with broker Cara Ameer and the Realtor.com team, and from our own market reading, here is a checklist for buyers:

• Get pre-approved: Sellers and listing agents expect a buyer who can move quickly. A solid mortgage pre-approval gives you credibility.
• Be ready to ask for seller concessions: The article cites concessions such as contributions toward closing costs or buying down the interest rate as meaningful ways sellers can improve affordability. In a buyer’s market, agents say those requests are now common.
• Focus on condition and comparables: Turnkey listings in desirable spots still command strong prices; overpriced or poorly presented homes can sit for months. Use local comps to justify offers.
• Factor in carrying and insurance costs: Particularly in Florida, estimate insurance and HOA fees into your monthly carrying cost, not just principal and interest.
• Take your time to find the right property: With inventory rising, buyers have more choice—so conduct thorough inspections and be selective.

In our view, the biggest practical advantage for buyers is leverage on non-price terms—closing timeline flexibility, repairs, and credits can move a deal toward affordability without a large headline price cut.

What sellers and investors should watch

Sellers and rental investors must adjust to longer selling timelines and tighter margins in these markets. Key risks include:

• Price resistance: The data shows many sellers are reluctant to lower price expectations. That has led to delistings in markets like Riverside; a withdrawn listing is a financial and time cost.
• Carrying cost pressure: If a property needs repairs or sits vacant longer than expected, owners face higher interest, insurance and maintenance bills.
• Local cost inflation: In Sun Belt metros, higher insurance and HOA dues can erode net returns for landlords and complicate resale plans.

For investors, the shift increases the importance of underwriting conservative exit assumptions and stress-testing for longer vacancy or sales windows. If you are a landlord in one of the listed metros, check how month-to-month rental demand and cap rates have changed since the pandemic boom; the same forces that slow sales can affect rents.

Regional nuances: Miami, Riverside and Austin tell different stories

Not all buyer’s markets are the same. The data points to regional differences worth noting.

Miami: The city is the most striking example.