Buyer’s Market vs. Seller’s Market Breakdown: March 2025 Update

Many local real estate markets across the United States have shifted dramatically over the past few years and now favor buyers over sellers.

This market shift could continue throughout 2025 due to economic uncertainties and a resulting hesitancy among some home buyers.

Here are five things you should know about this trend:

1. According to experts, the U.S. is currently in a “neutral” housing market.
2. That means it doesn’t strongly favor either buyers or sellers.
3. But when you drill down to the local level, conditions can vary widely.
4. Cities like Buffalo and San Jose are strong seller’s markets in 2025.
5. In contrast, cities like Miami and New Orleans currently favor buyers.

Report: U.S. Is a Neutral Housing Market in 2025

Earlier this week, Zillow published their latest housing market update, with data for the nation as a whole along with individual metro areas.

This report revealed that the United States is currently experiencing a neutral or balanced real estate market that doesn’t strongly favor sellers or buyers.

This is a major change from just a few years ago, when most cities across the U.S. were strong seller’s markets due to a pandemic-fueled housing boom.

According to the March 2025 Zillow report:

“Zillow’s market heat index shows the nation is currently a neutral market.”

Currently, a shift is occurring in many cities across the U.S., with local real estate conditions moving in a buyer-friendly direction for a change.

We could see an increase in the prevalence of buyer’s markets later in 2025, especially if inventory levels continue to rise.

Strongest Seller’s Markets: Buffalo, San Jose, San Francisco, Boston

Taken as a whole, the U.S. real estate market has reached a neutral or balanced stage.

But when we drill down and look at individual cities, conditions are much more diverse with some markets continuing to favor sellers.

Here are the strongest seller’s markets in early 2025, according to Zillow:

1. Buffalo, New York

The Buffalo, New York metro area sits at the top of this list for the second consecutive year. This housing market benefits from a strong influx of new residents driven by robust job creation—a metric often measured by the ratio of new jobs to new homes permitted.

Earlier this year, Buffalo was predicted to be one of the hottest housing markets of 2025, as shown below. And so far, that prediction seems to be panning out.

The Buffalo area is relatively affordable when compared to the rest of the U.S. Even so, inventory in this market remains tight, creating intense competition among buyers and allowing sellers to command premium prices.

The city’s economic revival is underpinned by affordable housing and a growing labor market, ensuring that properties sell quickly.

The median home price in Buffalo, New York is currently around $224,000, an increase of 5.5% from a year earlier.

2. San Jose, California

California’s San Jose metro area includes the region commonly known as Silicon Valley. In this area, strong housing demand driven by the region’s tech sector keeps the market highly competitive.

The Silicon Valley region also has a very low level of supply, when measured by the number of homes currently listed for sale. This is a common feature of all the metros on Zillow’s list of strongest seller’s markets.

Limited new construction has made it difficult for supply to catch up with demand. Despite the high price points, buyers are still active—often competing in a market where fast sales and minimal negotiation room are the norms, ensuring sellers retain the upper hand.

Despite having exorbitant home prices already, this market continues to see rapid appreciation in early 2025.

The median home price for the San Jose-Santa Clara-Sunnyvale metropolitan area is currently around $1.6 million, 8% higher than a year ago.

3. San Francisco, California

The San Francisco metro area (also known as the Bay Area) continues to suffer from a chronic shortage of homes relative to the number of buyers who are seeking them.

According to the latest data from Zillow, the San Francisco metro area currently has about a 2.5-month supply of homes for sale. That is well below the national average and miles below what’s considered to be a balanced market.

The limited supply forces many prospective buyers into competitive bidding, ensuring that sellers continue to have strong negotiation power despite minor downward price pressures.

The median home price for the San Francisco-Oakland metro region is currently around $1.1 million, an increase of 2.2% from a year ago.

4. Hartford, CT (Strong Seller’s Market)

In addition to being ranked as one of the strongest seller’s markets in the US, the Hartford, Connecticut metro area has appeared on other “hotness” rankings in recent weeks.

According to a March 2025 report from Realtor.com:

“Homes in Hartford sold in an average of 38 days, nearly twice as fast as a median U.S. home during the same period, solidifying the city’s status as this month’s hottest market in the nation.”

Hartford is emerging as one of the Northeast’s hottest markets due to its blend of affordability and strong local economic fundamentals. This market attracts buyers who are seeking value compared to pricier neighboring metros, increasing demand and giving sellers an edge.

Homes in Hartford sell exceptionally fast—often within a week—thanks to a combination of low inventory and high buyer interest. For all of these reasons and more, Hartford continues to be a strong seller’s market in 2025.

At $180,000, Hartford, Connecticut currently has the lowest home prices of any city in this report. But prices are rising fast and are up by 8% over the past year alone.

5. Boston, Massachusetts

Boston’s housing market remains a seller’s stronghold largely because of its limited inventory and a consistently strong local economy.

Even though the Boston area is known for its high property values, the demand continues to outstrip supply. This forces buyers into competitive bidding situations.

The enduring scarcity of available homes—coupled with factors like a solid employment base and a reputation for quality of life—ensures that sellers can achieve favorable prices.

The median home price for the Boston-Cambridge-Newton metropolitan area is currently around $698,545, up by 4.8% over the past year.

Strongest Buyer’s Markets: Miami, New Orleans, Jacksonville

Let’s now shift our attention to the other end of this spectrum, looking at housing markets that currently favor buyers rather than sellers.

Here are the four strongest buyer’s markets in the U.S. as we approach the spring of 2025, according to this latest analysis.

1. Miami, Florida

(Spoiler alert: almost the entire state of Florida is currently a buyer’s market.)

Miami is one of the few high-priced metro areas that has shifted toward buyer-friendliness over the past couple of years.

Recent market adjustments, including noticeable price cuts and an increase in available inventory, have eased the intense competition that once defined the market.

Like most major cities across Florida, the Miami metro area real estate market has cooled considerably over the past couple of years. This has led to a sharp increase in property listings.

As of early 2025, the Miami metro area had a major supply surplus (measured by the number of homes listed for sale). This gives buyers more choices and greater negotiating leverage.

For these and other reasons, Miami is ranked as the strongest buyer’s market in the nation, a distinction that could continue for some time.

2. New Orleans, Louisiana

In New Orleans, the local housing market is trending toward the buyer’s side.

Forecasts indicate that home values may even decline—reflecting a softer demand—while properties are taking longer to sell. Such conditions have created a market where buyers have ample time to negotiate and are less pressured by competition.

The New Orleans real estate market currently has about a 6-month supply of homes for sale, which is considered to be balanced. But weak demand for housing has pushed this metro area into buyer’s market territory.

In 2025, the New Orleans area had a median home price of around $232,000. The median price has declined by 3.2% over the past year.

3. Jacksonville, Florida

We travel back to Florida to find the third-strongest buyer’s market of 2025.

Jacksonville’s market offers buyers an edge thanks to its relatively higher inventory levels and a relatively weak demand for homes.

This Florida metro currently has a high median “days on market.” Homes in this market are taking much longer to sell, when compared to the national average.

The sluggish sales pace in Jacksonville allows buyers to negotiate from a position of strength.

The extended time on the market and less frenzied pace reduce the likelihood of bidding wars, providing buyers with more flexibility in terms of pricing and contract contingencies.

The median home value for the Jacksonville metro area has declined by nearly 2% over the past year and currently hovers around $288,000.

4. Tampa, Florida

Tampa has seen a significant cooling in its housing market in recent times, which has shifted power from sellers to buyers.

Multiple factors have influenced this shift, including hurricane concerns, rising insurance costs, and increasing property taxes. These trends have made some Florida home buyers increasingly hesitant to enter the market, leading to an uptick in inventory.

The Tampa real estate market also has a relatively high percentage of price reductions in 2025. This shows that home buyers are often able to negotiate downward from the original list price, a classic sign of a buyer’s market.

The median home price for the Tampa metro area is currently around $366,000. Prices have declined by 2.7% over the past year.

Stay Informed: Sign Up for U.S. Housing Weekly

Real estate conditions change constantly, as confirmed by this latest report.

U.S. cities that were considered strong seller’s markets just two or three years ago have now swung the opposite way, favoring buyers for a change.

And if the real estate market continues to cool going forward (as it has over the past year), even more cities could shift in a buyer-friendly direction.

It’s a lot to keep up with … and that’s where we come in!

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