In May, 46% of U.S. home sellers offered incentives such as discounts or covering closing costs, the highest rate recorded for the month to date. The percentage has doubled since 2022, marking the second consecutive year of growth. Sellers now outnumber buyers by about 47%, a level that puts pressure on demand amid high mortgage rates and economic uncertainty.
In Nashville, 76% of sellers provided incentives, the highest share among 28 major U.S. metropolitan areas. Charlotte followed with 71% and Atlanta with 69%. In contrast, only 3% of sellers in New York offered incentives last month.
The trend indicates that buyers have gained significant negotiating power across much of the U.S. housing market.