Just over 60 percent of the nation’s largest housing markets have shifted into balanced or buyer-friendly territory, while only 26 percent still favor sellers, according to a new analysis from Realtor.com.
The data arrives alongside the launch of the Realtor.com Market Clock, a new tool aimed at cutting through housing market noise and giving buyers, sellers and industry watchers a clearer, forward-looking view of local conditions.
The Realtor.com Market Clock currently pegs the national housing market at 3 o’clock, a “balanced-loosening” phase that signals a gradual shift toward buyer-friendly conditions, though not at an accelerated pace. But that national snapshot obscures a far more fragmented reality across the country’s largest metros, which now span nearly the entire dial.
Among the top 50 markets, 13 (26 percent) still favor sellers, while the largest share — 23 (46 percent) — sit in that balanced-loosening middle ground. Another eight (16 percent) have already tipped into buyer’s market territory. Meanwhile, six metros (12 percent) are moving in the opposite direction, landing in a balanced-tightening phase.
Danielle Hale | Credit: Realtor.com
It’s a reminder that in some pockets, seller leverage is starting to rebuild.
“A national picture is useful, but when making a real estate decision, the local details are what really matter,” Danielle Hale, chief economist at Realtor.com, said in a statement. “Right now, a homebuyer in Houston or San Antonio is navigating a very different market than someone in Hartford or Milwaukee. The Realtor.com Market Clock was built to make those differences visible at a glance.”
Sun Belt loosens as northern markets stay tight
The regional split underscores just how uneven the market has become. All eight buyer’s markets are concentrated in the South (seven) and West (one), while most of the 13 seller’s markets are clustered in the Midwest (seven) and Northeast (three). This analysis is similar to a recent ranking of “hot” and “cold” markets that noted sellers’ advantage in the Northeast.
Buyer-friendly conditions are especially pronounced in Florida and Texas, which account for five of the eight buyer’s markets, including Austin, Texas; Tampa, Florida; Jacksonville, Florida; Orlando, Florida; and Miami. Each of these metros falls into what the framework defines as “Early Buyer” territory. Inventory is building, price cuts are increasingly common, and negotiating power is shifting toward buyers, with further gains likely in the months ahead.
On the other side of the spectrum, seller strength remains most entrenched in the Midwest and Northeast. Four metros — including Hartford, Connecticut — sit at “Peak Seller,” where competition and pricing power are at their most intense.
Another six, including Milwaukee, San Francisco and Providence, Rhode Island, are in “Early Seller” phases, with already-strong conditions continuing to tighten. Meanwhile, three markets — including Boston and San Jose — are in late-stage seller territory, where competition remains elevated but early signs of softening are emerging.
Another eight of the top 50 metros land at 4 o’clock on the Market Clock. This is the “late balanced” phase, where conditions are still technically even but clearly tilting toward buyers.
In markets like Charlotte, North Carolina; Washington, D.C.; Phoenix; and Las Vegas, homes are lingering longer on the market, price softness is becoming more evident, and momentum is steadily shifting. If current trends hold, these metros are likely to tip fully into buyer’s market territory in the months ahead.
Housing data, simplified
The Realtor.com Market Clock is a new framework designed to simplify complex housing data into a clear snapshot of local market conditions. Built on metrics such as supply-and-demand balance, market pace and pricing pressure, it maps each metro onto a 12-hour clock face.
Seller-friendly conditions sit at the top (11 to 1 o’clock), buyer-friendly markets at the bottom (5 to 7), with balanced phases in between — either loosening toward buyers (2 to 4) or tightening back toward sellers (8 to 10). At 12 o’clock, sellers hold maximum leverage; at 6, buyers do.
The Realtor.com Market Clock is available through Realtor.com’s housing market research portal and will be updated quarterly.
