Home shoppers itching to reach the closing table this spring will find a mixed bag of conditions depending on their ZIP code, with only eight metros currently qualifying as genuine buyer’s markets.
The Realtor.com® economic research team on Thursday launched an innovative diagnostic tool, the Market Clock. Designed to track national and metro-level housing conditions across the country using months of supply, time on market, price changes, and list-to-sale ratio, the tool reflects the notion that real estate is hyper-local.
By providing greater nuance, the Market Clock helps buyers and sellers make informed decisions that go far beyond the broad national picture.
Each of the 50 largest metros are placed on a 12-hour clock face from a peak seller’s market at 12 o’clock to a peak buyer’s market at 6 o’clock to indicate where each market currently stands and where it is likely headed—loosening or tightening.
Based on the Market Clock data and its accompanying first-ever quarterly report, nearly half of the top markets (46%) are balanced, meaning that neither buyers nor sellers have the upper hand; 26% are seller’s markets, and just 16% are buyer’s.
Seven of the buyer’s markets are clustered in the South—Atlanta; Austin, TX; Jacksonville, FL; Miami; Nashville, TN; Orlando, FL, and Tampa, FL—and only one is in the West, Riverside, CA.
Metros where buyers are in charge
For all eight buyer’s markets, it’s 5 o’clock right now, signaling that these metros have plenty of for-sale homes to choose from, with more fresh listings being added every day, as sellers are starting to slash prices to boost demand—all hallmarks of shoppers gaining leverage.
Notably, there are no buyer’s markets in the Northeast or the Midwest. In these regions, high demand and restricted supply have created a stronghold for sellers and balanced markets.
Realtor.com senior economist Jake Krimmel explains that although active listings might not necessarily be up year over year in each of the eight markets, the number of homes for sale is up substantially over the last several years.
“Riverside and Nashville, for instance, have seen active listings increase 222% and 330%, respectively, since high interest rates reset the market in 2022—significantly greater than the national average of 172% since March 2022,” he says.
A closer look at the shifting market conditions across the octet of buyer’s markets over the last six months reveals that they have not been moving in lockstep.
Compared with their Market Clock positions in June 2025, Atlanta, Austin, Nashville, and Riverside all loosened 1 “hour,” crossing into an early buyer’s market from a late balanced market. Jacksonville followed a similar path, transitioning from a balanced to a buyer’s market.
Miami, Tampa, and Orlando, meanwhile were already early buyer’s markets in June, meaning they have been stagnant for the last six months.
“Buyers looking specifically for condos in the South Florida market definitely have leverage at this time,” Kevin Rutois, a luxury real estate adviser at Rutois International Realty in Miami, tells Realtor.com.
“Inventory has increased, and we are at a time right now where numerous buildings are undergoing amenity and exterior renovations, which is causing temporary rent decreases, which inevitably will also affect sale prices.”
Rutois explains that as many of Miami’s older condominium buildings are approaching the 20-year mark, some condo associations are being proactive and undertaking repairs now, which comes at a cost.
“Construction noise, amenity closures, and balcony closures I think are a big reason for the recent drop in both rent and sale prices,” says the adviser. “Those who are willing to deal with these things are at an advantage and could find a good deal.”
For prospective buyers in any one of the eight metros, Krimmel says time and options are on their side this spring, giving them free rein to play hardball when it comes to list prices and concessions—to a point.
Rutois agrees, saying that he has been seeing Miami sellers softening their stance on pricing as they adjust to the new market conditions—a notable change from just a few years ago when they would force aggressive terms on buyers and refuse to budge.
“You are seeing the buyer’s ability to negotiate longer due diligence periods, credits at closing for repairs, and longer financing contingencies,” he adds. “I would recommend touring in person and asking many questions, as you should be able to understand the seller’s situation and use that to your advantage.”
For sellers in metros like Nashville and Austin, the best course of action, according to experts, is to price competitively for the current market, be realistic about the selling pace, and be prepared to offer concessions to sweeten the deal.
Why market conditions vary by ZIP code
However, a “buyer’s market” designation on the clock might not tell the whole story. Local conditions can remain complex, with market dynamics often shifting from one neighborhood to the next within the same metro.
“I call it the ‘Tale of Two Markets’ in Nashville right now,” Wendy Monday, broker at Onward Real Estate, tells Realtor.com. “Some homes sit for weeks, and others generate multiple offers on day one.”
Monday says that on Wednesday, she took clients to view a newly listed home, getting there at 8:30 a.m. on the first morning of showings in hopes of beating the rush.
“And lo and behold, there were already two other buyer groups walking through at the same time,” recounts the broker. “By end of day, the sellers had multiple offers and were calling for highest and best by the following morning.”
Monday says this vignette illustrates how despite the fact that Nashville’s inventory is up, surging over 18% year over year in March according to the latest Realtor.com monthly housing market trends report, having more choices should not lull buyers into a false sense of security.
“The right home at the right price can still move incredibly fast,” she warns. “The buyers who win are the ones who are ready to write a compelling offer.”
Nashville’s sellers have learned from the recent increase in time on market and are mostly pricing competitively.
“Those who still want to ‘test the market’ at a higher price will be penalized by lingering on the market and selling for less overall,” says Monday. “The longer a house sits on the market, the more power shifts to the buyer.”
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