A for sale sign hangs in front of a Detroit home. (Photo by Fabrizio Costantini/Bloomberg via Getty Images) ((Photo by Fabrizio Costantini/Bloomberg via Getty Images))
DETROIT - If you're looking to sell a home in Detroit, you've got robust competition.
And that's good news for home buyers.
According to a report from Redfin, Detroit is a buyer's market.
Home sellers outnumber buyers in Detroit
Home sellers in Detroit currently outnumber buyers by 37.9%.
According to Redfin, in the Detroit area, there are 5,152 buyers in the market.
Meanwhile, there are 7,102 sellers.
Most of U.S. a buyer's market:
At a national level, home sellers outnumber buyers by 63%.
That's the largest gap since the housing market crashed after the 2008 financial crisis, and it means most of the nation's largest cities are buyer's markets.
Many of the most robust buyer's markets are in the Sun Belt, where builders are adding new units to the housing stock.
In Miami, sellers exceed buyers by 158.9%. That's the highest in the country.
Nashville follows with a 152.3% surplus of sellers.
According to Redfin, only five of the top 50 most populous metro areas are seller's markets.
What they're saying:
Officials at Redfin say that high housing costs are pushing buyers out of the market.
"This is a buyer’s market born out of caution, not strength," said Asad Khan, a senior economist at Redfin. "Buyers have tremendous negotiating power in most of the country because so many other would-be buyers have been priced out of the market, or scared off by economic uncertainty. For house hunters who have the budget and job security to purchase a home in today’s market, that creates a unique opportunity: They can be picky, negotiate and even walk away if the deal doesn’t make sense financially or they find something they like better."
The Source: This story was written using data in a report published by Redfin. It was written in Eden Prairie, Minn.