The Sunbelt cities that boomed during the pandemic have flipped into the country's most lopsided buyer's markets, with home sellers outnumbering buyers roughly 2 to 1 in Miami, Nashville, and three Texas metros, according to a new Redfin report released Tuesday.

Nationally, sellers exceeded buyers by 48.5% in June, a gap of nearly half a million, giving house hunters meaningful leverage on price, concessions, and repairs.

Miami led the imbalance with an estimated 140% more sellers than buyers, followed by Nashville at 129%, and the Texas metros of Houston (124%), San Antonio (117%), and Austin (101%).

Roughly 70% of the 47 major metros Redfin analyzed qualified as buyer's markets under the brokerage's 10% seller-surplus threshold.

The brokerage counted an estimated 1,496,490 sellers and 1,007,735 buyers in the market in June, with listings hitting their highest level since 2020.

Both figures rose slightly from May, which is why the national gap barely moved, remaining below the December peak of 50.1%.

Redfin senior economist Asad Khan tied the shift to years of aggressive homebuilding in Florida and Texas colliding with elevated mortgage rates and record home prices.

"The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now, even in the face of record-high home prices and stubbornly high mortgage rates, have the power," Khan said.

"Many sellers are more willing to compromise than they have been in years," he added.

Miami's condo-heavy market has been squeezed by soaring insurance premiums, rising homeowners association fees, and mounting natural disaster risk, pushing more owners to list even as would-be buyers back off.

Houston posted the sharpest monthly swing, with its seller surplus jumping to 124% from roughly 104% in May. Orlando, Florida, climbed to 98% from 81%.

The picture is inverted in the Northeast, where limited construction, restrictive zoning, and homeowners locked into ultra-low mortgage rates have kept inventory tight.

Only seven metros qualified as seller's markets in June, led by Nassau County, New York (38% fewer sellers than buyers), with the New York City-adjacent markets of Newark and New Brunswick, New Jersey, also making the list on tight supply.

Milwaukee (30%), Montgomery County, Pennsylvania (21%), and Providence (18%) rounded out the group, along with San Francisco (16%), where an AI-driven hiring boom has kept demand elevated despite thin new construction.

For buyers with financing in hand, the practical effect is more room to negotiate on price, closing costs, and repairs, particularly across Florida, Texas, and other Sunbelt metros where inventory continues to build faster than demand can absorb it.