“Buyers looking in these pockets of the Northeast should be prepared for a very different experience than buyers elsewhere in the country,” said Asad Khan, senior economist at Redfin, in Seattle.

“They may have less room to negotiate, especially on desirable, move-in-ready homes, and could face multiple-offer situations. If you’re shopping in one of these markets, it’s especially important to know your budget, be ready to act when the right home comes along and avoid getting swept up in a bidding war.”

October 2026

Top seller’s markets

Fewest qualifying markets since records began in 2016




#
Metro
Buyer edge
vs Sep




1
Nassau County, N.Y.
24.7%
↓ 3.6pp


2
Newark, N.J.
14.3%
↓ 3.3pp


3
Montgomery County, Pa.
12.1%
↓ 8.0pp

Only 3 of 50 metros qualified as seller’s markets in October 2026, tying the record low set in April 2020. Buyer edge = % by which buyers outnumber sellers. ↓ = narrowing vs prior month.

October 2026

Top buyer’s markets

Strongest buyer conditions on record nationally




#
Metro
Seller surplus
vs Sep




1
Miami, Fla.
195.8%
↑ 35.3pp


2
Nashville, Tenn.
159.5%
↑ 25.2pp


3
Las Vegas, Nev.
149.9%
↑ 27.1pp


4
Austin, Texas
124.8%
↓ 3.4pp


5
Dallas, Texas
118.6%
↓ 1.9pp

41 of 50 metros are buyer’s markets in October 2026 — an all-time record in Redfin’s data. Seller surplus = % by which sellers outnumber buyers. ↑ = widening buyer advantage; ↓ = narrowing.

Source: Redfin Buyers vs. Sellers Report, October 2026. A seller’s market is defined as one where buyers outnumber sellers by more than 10%. A buyer’s market is defined as one where sellers outnumber buyers by more than 10%. MoM = month-over-month change in percentage-point (pp) gap versus September 2026. All figures refer to the 50 most populous U.S. metro areas.

Rising rates push the buyer pool to its lowest level on record

Nationally, an estimated 895,752 homebuyers were active in October, the lowest figure in Redfin’s data since 2013. That’s down 2% from September and the sixth straight monthly decline.

Mortgage rates averaged 7.33% in October, rising from 6.86% the prior month. Meanwhile, 1,526,984 sellers remained active, the highest since March 2020, pushing seller concessions to a new peak in the deepening buyer’s market.

Glen Weinberg of Fairview Commercial Lending says post-election mortgage rate relief may be temporary, with volatility likely to remain the dominant theme for lenders and brokers. https://t.co/HH8yJviJ55


— Mortgage Professional America Magazine (@MPAMagazineUS) November 9, 2026

“Mortgage rate stability is crucial and more important than simply lower rates. Most buyers don’t require rates to return to 4% although that would certainly be welcome. They need confidence in the market,” Jay Lessard, mortgage broker at Sonoran Lending, in Arizona, previously told Mortgage Professional America.