Most restaurant market analysis relies on surveys, sentiment indicators, or small sample sizes that tell you how people feel about the market. Our data shows you what they actually do.

We Sell Restaurants operates the most highly trafficked website in the nation for restaurant sales, with more than 1,350 active listings representing over half a billion dollars in listing inventory. Every month, we track thousands buyer visits, thousands of inquiries, and hundreds of signed Confidentiality Agreements across every major market in the United States. When we analyze trends, we are not extrapolating from anecdotes. We are reporting patterns from the largest real-time dataset in restaurant brokerage. We narrow down all the results to focus on the top 25 listings across buyer inquiries, signed confidentiality agreements, Google searches, and the dozens of actual sales that occurred during the month.

November 2025 data from We Sell Restaurants reveals a market that defies typical year-end slowdowns. With dozens of completed transactions, consistent buyer inquiry patterns, and an average of 51 signed Confidentiality Agreements per listing, the restaurant resale market continues to demonstrate resilience as we approach 2026.

The numbers tell a story beyond simple volume. Fast-moving listings closed in as few as 13 days, while high-value transactions approached $1.5 million. Buyer activity remained concentrated in growth markets, and well-prepared sellers captured premium outcomes regardless of season.

Sun Belt Dominance Continues Across All Buyer Activity Stages

Geographic patterns in November reinforced what the Certified Restaurant Brokers have tracked throughout 2025. Florida and Georgia led both new buyer inquiries and closed transactions, with Texas, North Carolina, and Tennessee showing consistent strength across the buyer journey.

Among the Top 25 tracked buyer inquiry listings, Florida and Georgia each captured 7 inquiries, accounting for 56% of total activity. Texas followed with 4 inquiries, while North Carolina, Arizona, Minnesota, Kansas, Rhode Island, and Wisconsin rounded out the geographic spread. The concentration is unmistakable: the top three states captured 72% of all new buyer interest.

Closed transactions followed a similar pattern. Florida led with 7 completed sales, Georgia posted 5, and South Carolina contributed 3. What matters here is not just where deals closed, but the consistency of buyer interest from inquiry through closing. Southern states dominated every stage of the funnel.

This geographic concentration reflects buyer decision criteria that go beyond preference. Population growth, business-friendly regulatory environments, favorable tax structures, and strong restaurant fundamentals create operational advantages that sophisticated buyers recognize immediately. These markets offer not just current cash flow opportunities but long-term exit optionality that becomes increasingly valuable in uncertain economic environments.

Confidentiality Agreement Activity Signals Serious Buyer Intent

Signed Confidentiality Agreements remain one of the most reliable indicators of buyer seriousness, and November data shows impressive engagement at this critical stage.

Across tracked CA activity, Florida led with the most signed agreements, while North Carolina matched those results. Texas, Tennessee and Arizona contributed strongly followed by Georgia and Rhode Island. The aggressive counts of signed CAs across the Top 25 tracked listings demonstrates that buyers are moving beyond browsing into active evaluation.

More revealing is what happens after CAs are signed. Completed transactions in November averaged 51 signed Confidentiality Agreements per listing before closing, with a median of 50. This volume reflects competitive buyer interest, but it also highlights the importance of seller preparation. Listings that generated the most CA activity were those with complete financial documentation, clear lease terms, and realistic pricing from day one.

The standout example: a fully equipped Midtown Charlotte restaurant and bar attracted 153 signed CAs before closing. A drive-through dessert cafe in Glendale, Alabama generated 108 CAs before selling after being listed at $155,000. These numbers demonstrate that buyer interest alone does not guarantee a fast close. Pricing, positioning, and execution matter just as much as demand.

Restaurant for Sale Days on Market Tell Two Different Stories

The November data reveals a market with two distinct tracks. The average days on market across all closed transactions was 175 days, but the median was 140 days. This spread is significant and tells us that the market rewards preparation while punishing hesitation.

Fast-moving listings, those closing in under 90 days, shared common characteristics. A Tennessee restaurant in Donelson closed in 53 days at a price point under $50,000 after attracting 74 CAs. A Colorado cafe with $800,000 in annual sales closed in 59 days while priced at $299,000 after generating 24 CAs. A Nashville bar and restaurant moved in 67 days priced at $99,000 with 65 signed agreements. A Missouri hamburger concept with $1.2 million in sales and $313,957 in owner earnings closed in 81 days while priced at nearly $700,000.

What these fast closes have in common is not luck. They featured strong operational performance, complete financial transparency, realistic pricing, and sellers who were organized before going to market. Buyers recognized value quickly and moved decisively.

On the opposite end, listings that took longer than 237 days to close often faced one or more of three challenges: pricing that did not align with financial performance, incomplete or unclear documentation, or lease complications that created buyer uncertainty. The market does not penalize time itself. It penalizes lack of preparation.

The fastest transaction of the month, a restaurant space lease opportunity in Miami, closed in just 13 days with 6 CAs. The longest, that Glendale dessert cafe, took 449 days despite generating 108 CAs. The difference was not demand. It was execution.

High-Value Transactions Demonstrate Market Capacity

November included several transactions that prove buyer appetite for well-performing restaurants remains strong at higher price points.

The highest-value transaction, a Cabarrus County, North Carolina restaurant with $579,000 in owner benefit, closed at seven figures after 120 days on market. A Georgia restaurant concept with $2.5 million in annual sales sold for seven figures after 206 days. The Missouri hamburger restaurant mentioned earlier closed at near its selling price in just 81 days. A two-store Subway franchise package in Volusia County, Florida sold for close to asking price after 126 days.

These transactions share one critical characteristic: documented financial performance. Buyers at higher price points are increasingly sophisticated. They demand verified earnings, clean financials, and operational transparency. Sellers who provide this documentation early in the process compress time to close and capture stronger multiples.

The market for high-performing restaurants has not softened. It has become more discerning.

Independent Restaurants Continue to Dominate Market Activity

Independent restaurants accounted for 90% of November closed transactions. While this is consistent with some trending tracked during 2025, this may be attributed to the government shutdown which lasted from October 1 until November 12, 2025. During this period, SBA lending was completely stalled. Franchise transactions are frequently sold with lending and even though the government re-opened on November 12, it will take weeks to deal with the resulting backlog, affecting restaurant sales through the end of the year. Of the dozens of sales completed in November, just 10% were franchises.

On the other hand, independent concepts are ideal for buyers that favors flexibility. Operators that want the ability to adjust menus, modify concepts, control costs, and make decisions without brand constraints are drawn to these concepts In an environment where labor costs remain elevated and supply chain predictability varies, independence offers strategic advantages that franchise systems cannot always match.

This does not mean franchise resales are struggling. The franchise transactions that closed in November moved efficiently and at solid valuations. What it means is that buyers increasingly evaluate concepts based on operational fundamentals rather than brand recognition alone. Franchise sellers who understand brand transfer requirements, prepare early, and price appropriately continue to achieve successful outcomes.

What November Data Means for Sellers Right Now

For sellers evaluating exit timing, November data provides clear guidance. Buyers are active, but they are selective. Listings that succeed share common preparation characteristics.

First, financial documentation matters more than ever. Buyers will not move forward without complete financials, and they will walk away from deals where information is incomplete or inconsistent. Sellers who organize tax returns, P&L statements, and balance sheets before listing compress their time on market significantly.

Second, lease clarity is non-negotiable. Buyers need to know lease terms, renewal options, transfer provisions, and landlord approval processes before committing to due diligence. Sellers who address these issues proactively avoid delays and maintain buyer momentum.

Third, realistic pricing separates fast closes from extended marketing periods. The data shows that overpriced listings generate CA activity but fail to close. Buyers will evaluate concepts, but they will not overpay. Sellers who price based on financial performance rather than emotional attachment move faster and achieve better outcomes.

November and December remain viable selling months when preparation is complete. The notion that buyers disappear during the holidays is outdated. Serious buyers operate on their own timelines, and well-positioned listings continue to attract interest regardless of calendar.

What Buyers Should Take From November Trends

For buyers, November data sends an equally important message. Quality opportunities continue to come to market, but competition remains strong in the most desirable regions.

Buyers who are organized, responsive, and ready to move will win deals. Those who hesitate, delay financial review, or drag out lease negotiations will watch opportunities pass to more decisive competitors. The Missouri hamburger restaurant that closed in 81 days did not wait for indecisive buyers. It went to the operator who recognized value and acted quickly.

Working with a Certified Restaurant Broker provides buyers with access to off-market opportunities, context on local market conditions, and guidance on due diligence processes that can mean the difference between closing a deal and losing it to better-prepared competition.

The November data also shows that buyers who fixate on a single geographic market may miss opportunities. While Sun Belt states dominated activity, strong concepts in secondary markets still attracted buyer interest. However, the Rhode Island Cafe that closed after 183 days proves that value exists beyond the obvious growth markets.

Looking Ahead to Year-End and Early 2026

As we close out 2025, November data reinforces confidence in the restaurant resale market. Demand has not softened, buyer interest remains concentrated in growth markets with strong fundamentals, and transactions continue to move forward when pricing and preparation align.

We expect this momentum to carry into early 2026, particularly as sellers who postponed decisions earlier in the year revisit exit planning conversations and with lending back on track. Both the re-opening of SBA lending and interest rate cuts should fuel activity. The combination of finally declining interest rates, continued population growth in Sun Belt states, and persistent buyer appetite for cash-flowing businesses creates a favorable environment for well-prepared sellers.

At We Sell Restaurants, we will continue to track these trends closely and share insights from the front lines of restaurant brokerage nationwide. Our 23-year track record and database of over 130,000 restaurant buyers provides us with visibility into market dynamics that most brokers simply do not have.

If you would like to understand what these trends mean for your restaurant, your market, or your exit planning timeline, our team is ready to help you evaluate your options with clarity and confidence. The difference between a successful sale and a missed opportunity often comes down to preparation and timing. November data shows that both matter more than ever.

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