Each Florida metropolitan region listed in Redfin’s latest housing-market data qualified as a buyer’s market in July, as the number of homes for sale continued to significantly outpace the number of active buyers across the state’s largest metropolitan areas.
Miami had the widest imbalance in Florida and the nation, with an estimated 18,437 sellers compared with 7,258 buyers, meaning sellers outnumbered buyers by 154%, according to Redfin. That was up from a 134% seller surplus in June, indicating negotiating conditions shifted further toward buyers during the month.
Orlando also posted one of the largest gaps, with 18,680 sellers and 9,403 buyers, or 98.7% more sellers than buyers. Tampa recorded 24,843 sellers compared with 14,222 buyers, a 74.7% surplus, while Jacksonville had 12,213 sellers and 6,899 buyers, a 77% difference. West Palm Beach had 14,845 sellers compared with 8,233 buyers, leaving 80.3% more sellers.
Redfin’s table also listed Fort Lauderdale with 17,700 sellers and 8,786 buyers, or 101.5% more sellers, though the company noted elsewhere in the report that Fort Lauderdale was excluded from its broader metro analysis because of insufficient data.
Redfin considers a market a buyer’s market when sellers outnumber buyers by more than 10%. A gap within 10% in either direction is considered balanced, while markets with more than 10% fewer sellers than buyers are classified as seller’s markets.
Redfin attributed the broader imbalance primarily to weakening demand rather than an increase in supply. Nationwide, the estimated number of active buyers fell to a record-low 966,752 in July, down 2.5% from June, while the number of sellers declined just 0.3% to about 1.46 million.
Despite the greater leverage, Redfin cautioned that a buyer’s market does not necessarily mean an affordable one. High housing costs and borrowing expenses continue to keep many would-be purchasers on the sidelines, leaving those who can afford to buy with greater negotiating power.