Waiting for a Buyer’s Market? These Top 10 Metros Offer the Biggest Price Cuts—and Booming Inventory

The U.S. housing market has been a rollercoaster in recent years, with soaring prices and fierce competition giving way to a noticeable shift in 2025. For homebuyers who have been waiting for a more favorable market, the tide is turning. A growing number of metropolitan areas are transitioning into buyer’s markets, characterized by rising inventory, declining prices, and more negotiating power for those looking to purchase a home. Based on the latest data, 31 of the top 50 U.S. metros are now buyer’s markets, with sellers outnumbering buyers by a ratio of 3 to 1 in some areas. This article highlights the top 10 metro areas offering the biggest price cuts and booming inventory, making them prime targets for buyers seeking deals in 2025.

The Shift to a Buyer’s Market

A buyer’s market occurs when the supply of homes exceeds demand, giving buyers more choices and leverage to negotiate lower prices. After years of seller-dominated markets fueled by low interest rates and high demand during the pandemic, rising mortgage rates and economic uncertainty have cooled buyer enthusiasm. As of June 2025, national data shows a 34% higher number of sellers than buyers in many major metros, leading to increased inventory and significant price reductions. Homes are staying on the market longer, and sellers are increasingly cutting asking prices to attract offers.

This shift is particularly pronounced in certain regions, where inventory has surged, and price drops are becoming the norm. Below, we explore the top 10 metro areas where buyers can find the best opportunities, based on recent market trends, including price cuts of 8-22% from peak levels and substantial inventory growth.

Top 10 Metros for Buyers in 2025

1. Phoenix, AZ

Phoenix leads the pack as one of the most buyer-friendly markets in 2025. Approximately 31% of home listings in the metro area have seen price reductions, reflecting a cooling market after years of explosive growth. With nearly 19,981 properties on the market—an inventory increase of 33% compared to previous years—buyers have plenty of options. The median list price in Phoenix hovers around $550,000, down from its peak, making it an attractive destination for those seeking value in a sunbelt city.

2. Tampa, FL

Tampa, once a red-hot market for pandemic-era homebuyers, is now seeing a significant slowdown. Inventory has surged, with a growing number of homes lingering on the market. Price cuts are common, with sellers adjusting expectations to compete for fewer buyers. The median list price in Tampa is approximately $420,000, and the abundance of listings gives buyers room to negotiate in this coastal metro.

3. Denver, CO

Denver’s housing market has softened considerably, with single-family home prices down 8-22% from their peak through May 2025. Inventory is booming, and sellers are increasingly offering concessions to close deals. The median list price in Denver is around $650,000, but price reductions are making it easier for buyers to find homes below asking price in this vibrant mountain city.

4. Austin, TX

Austin, a former darling of the pandemic housing boom, is now one of the most buyer-friendly markets in the country. The median list price has dropped to approximately $620,000, with significant price cuts reflecting a correction from the city’s overheated market. Inventory is up, and homes are staying on the market longer, giving buyers more leverage to negotiate favorable terms.

5. Miami, FL

Miami stands out as the strongest buyer’s market among the top 50 metros, with sellers outnumbering buyers by roughly 3 to 1. Price reductions are widespread, and inventory is growing as demand cools. The median list price in Miami is around $580,000, but buyers can often secure homes at a discount, especially in the condo market, which has seen a particularly sharp increase in supply.

6. San Antonio, TX

San Antonio is another Texas metro experiencing a buyer’s market in 2025. Home prices have dropped 8-22% from their peak, and inventory is rising steadily. With a median list price of approximately $350,000, San Antonio offers affordability and a growing selection of homes, making it an appealing option for budget-conscious buyers.

7. Fort Worth, TX

Fort Worth, part of the Dallas-Fort Worth metroplex, mirrors San Antonio’s trends with significant price declines and increased inventory. Single-family homes have seen price cuts of 8-22% from their peak, and the median list price is around $380,000. Buyers in Fort Worth can take advantage of a growing supply of homes and sellers eager to make deals.

8. Portland, OR

Portland’s housing market is cooling, with single-family home prices down significantly from their peak. Inventory is up, and price reductions are becoming more common as sellers compete for buyers. The median list price in Portland is approximately $530,000, and the city’s buyer-friendly conditions make it a great time for those looking to settle in the Pacific Northwest.

9. San Francisco, CA

San Francisco, long known for its sky-high real estate prices, is seeing a rare opportunity for buyers in 2025. Price cuts are prevalent, and inventory is rising as demand softens in this tech-driven market. The median list price remains high at around $1.2 million, but significant reductions are making it possible for buyers to find deals in one of the nation’s most expensive cities.

10. New Orleans, LA

New Orleans rounds out the list with price declines of 8-22% from peak levels and a growing inventory of homes. The median list price is approximately $320,000, making it one of the more affordable metros on this list. Buyers can take advantage of a slower market and increased options in this culturally rich city.

Why These Markets Are Shifting

Several factors are driving the shift to buyer’s markets in these metros. Rising mortgage rates, which have hovered between 6.5% and 7.5% in 2025, have dampened buyer demand, forcing sellers to lower prices to attract interest. Additionally, many of these metros saw unsustainable price growth during the pandemic, leading to overcorrections as the market stabilizes. Increased construction in sunbelt cities like Phoenix, Austin, and Tampa has also boosted inventory, further tilting the balance in favor of buyers.

Economic uncertainty and a slowdown in relocation trends have also played a role. Cities like San Francisco and Austin, which benefited from an influx of tech workers during the pandemic, are now seeing reduced demand as remote work policies evolve and affordability concerns grow. Meanwhile, metros like Miami and New Orleans are grappling with oversupply in certain segments, particularly condos and luxury properties.

What This Means for Buyers

For prospective homebuyers, these markets offer a unique opportunity to purchase at lower prices and with more negotiating power than in recent years. However, buyers should proceed with caution and consider the following tips:

• Work with a Local Expert: Real estate markets are hyper-local, and conditions can vary by neighborhood. A knowledgeable real estate agent can help identify the best deals and guide you through negotiations.
• Monitor Inventory Trends: Rising inventory means more choices, but it’s important to track how long homes are staying on the market to gauge seller motivation.
• Be Prepared to Act: While these markets favor buyers, competition can still arise for well-priced homes in desirable areas. Be ready to move quickly when you find the right property.
• Consider Long-Term Value: Price cuts are enticing, but ensure the home and location align with your long-term goals, as markets can fluctuate over time.

Looking Ahead

The shift to buyer’s markets in these 10 metros signals a broader cooling in the U.S. housing market. With 31 of the top 50 metros now favoring buyers, and a national trend of increasing inventory and price reductions, 2025 could be a pivotal year for homebuyers. However, market conditions can change rapidly, and local factors such as job growth, interest rates, and new construction will continue to shape the landscape.

For those waiting for the right time to buy, these top 10 metros—Phoenix, Tampa, Denver, Austin, Miami, San Antonio, Fort Worth, Portland, San Francisco, and New Orleans—offer the biggest price cuts and booming inventory, making them prime targets for savvy buyers. Always consult with a real estate professional to verify local market conditions and ensure you’re making an informed decision.