Miami Has 138% More Home Sellers Than Buyers, Redfin Says

Miami is now sitting on one of the largest buyer-seller imbalances in the country. Miami has 138% more sellers than buyers, trailing only Nashville and ahead of Houston at 131%.

The numbers behind the imbalance

In Nashville, there were an estimated 139% more home sellers than buyers in August, the biggest gap in records dating back to 2013, making it the strongest buyer’s market in the country. Miami is right behind at 138%.

Sellers outnumbered buyers by at least two to one in eight major U.S. metros, including Orlando at 122%, Las Vegas at 117%, San Antonio at 116%, Austin at 115% and Dallas at 108%.

A national buyer’s market

There were an estimated 57.9% more home sellers than buyers in the U.S. in August, a jump from 52.1% the month before, which was itself the second-strongest buyer’s market on record.

The number of sellers increased 3.9% month over month, the largest monthly increase in Redfin’s records, while the number of buyers rose just 0.1%. That is a straightforward supply-demand story tilting hard toward buyers.

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Why Miami keeps topping the list

Miami frequently shows up as a buyer’s market because it has a lot of housing supply, which is partly due to the high number of condos. The gap has narrowed slightly though: Miami is at 138%, down from 149% a month earlier, but still the second-strongest buyer’s market in the country.

Broader housing backdrop

Existing-home sales fell another 2% in August to a 3.98 million annual pace, the lowest in 14 months, while available inventory climbed to 1.62 million homes.

Three in five homes sold in August went for less than their original asking price, while total housing inventory reached its highest level since 2020. The lock-in effect from sub-4% mortgages appears to be fading as more owners list despite higher rates.

Options market and stocks to watch

Watch homebuilders and housing-adjacent names with Sun Belt exposure for pricing pressure and margin commentary.

• LEN — Lennar has heavy Florida and Texas exposure, both epicenters of the seller surplus.
• DHI — D.R. Horton is the largest U.S. builder and concentrated in Sun Belt metros flagged by Redfin.
• RKT — Rocket now owns Redfin, so origination and brokerage volumes feed directly off this data.
• Z — Zillow’s traffic and lead economics track buyer-seller balance closely.
• OPAD — Offerpad has direct Sun Belt iBuying exposure where price cuts are most frequent.

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