Sun Belt buyers hold the most power this spring
More homes for sale and more price cuts make this home shopping season more promising for buyers in many markets
- There are 5.5 engaged home shoppers for every for-sale listing nationwide.
- In parts of the Northeast, buyers outnumber listings 10 to 1, fueling bidding wars and fast sales.
- Twelve of the 14 least competitive markets are in the
Sun Belt , where buyers generally have more options.
There are 5.5 engaged home shoppers — people who have saved or shared a for-sale listing on Zillow — for every home on the market nationwide. The ratio is greater than 10 to 1 in four Northeast markets:
Five most competitive markets:
-
Buffalo -
Hartford - Providence
-
Boston -
Richmond
"This spring, we're seeing signs of a more balanced housing market. Inventory is up 20% over last year, and about 1 in every 4 sellers are cutting prices," said Zillow Senior Economist Orphe Divounguy. "Still, there are areas where competition is intense and there are bidding wars for most homes. To compete in these markets, buyers need their finances in order, full visibility into what's for sale and an agent who is an expert negotiator in their corner."
Nationwide, the housing market is becoming friendlier to buyers, despite continued affordability challenges. More sellers than buyers have entered the market so far this spring, causing inventory to rise. Buyers now have more negotiating power than in recent springs, prompting about 25% of sellers to cut their price — a record high for April in Zillow's data.
Buyers will have the best shot at being the only bidder on their dream home in the
Five least competitive markets
-
Miami -
Houston -
New Orleans -
Memphis -
San Antonio
In markets like
As mortgage rates continue to fluctuate, quickly knowing which homes are within a buyer's budget can be a competitive advantage, especially in fast-moving markets.
|
Metro Area* |
Engaged Home Shoppers |
Share of Homes Sold |
Median Days to |
|
|
5.5 |
27.0 % |
17 |
|
|
7.4 |
45.2 % |
22 |
|
|
7.4 |
45.5 % |
17 |
|
|
6.9 |
38.6 % |
8 |
|
|
5.6 |
18.3 % |
24 |
|
|
3.4 |
14.3 % |
28 |
|
|
7.0 |
46.3 % |
6 |
|
|
7.7 |
42.0 % |
8 |
|
|
2.6 |
8.2 % |
50 |
|
|
5.7 |
21.9 % |
28 |
|
|
10.3 |
52.9 % |
7 |
|
|
5.1 |
15.7 % |
29 |
|
|
8.4 |
63.5 % |
13 |
|
|
5.1 |
35.9 % |
23 |
|
|
7.6 |
36.7 % |
9 |
|
|
7.7 |
43.5 % |
6 |
|
|
7.3 |
41.9 % |
15 |
|
|
8.0 |
39.8 % |
15 |
|
|
4.6 |
13.8 % |
30 |
|
|
6.2 |
31.9 % |
11 |
|
|
6.0 |
42.4 % |
7 |
|
|
6.8 |
38.9 % |
6 |
|
|
4.7 |
11.6 % |
33 |
|
|
6.1 |
24.6 % |
16 |
|
|
4.3 |
17.1 % |
37 |
|
|
8.3 |
37.1 % |
12 |
|
|
8.3 |
39.9 % |
12 |
|
|
8.2 |
26.7 % |
9 |
|
|
7.8 |
30.6 % |
5 |
|
|
4.9 |
14.3 % |
35 |
|
|
4.6 |
20.9 % |
24 |
|
|
7.8 |
37.7 % |
5 |
|
|
6.3 |
33.3 % |
6 |
|
|
7.3 |
21.8 % |
9 |
|
|
7.9 |
36.4 % |
6 |
|
|
7.9 |
75.5 % |
10 |
|
|
5.6 |
14.0 % |
19 |
|
|
6.6 |
34.8 % |
23 |
|
|
10.8 |
51.3 % |
10 |
|
|
5.1 |
12.5 % |
49 |
|
|
6.0 |
50.0 % |
15 |
|
|
6.0 |
22.5 % |
20 |
|
|
8.9 |
25.3 % |
10 |
|
|
3.9 |
15.8 % |
22 |
|
|
9.1 |
40.9 % |
6 |
|
|
6.8 |
29.1 % |
6 |
|
|
3.5 |
11.5 % |
47 |
|
|
5.0 |
32.4 % |
15 |
|
|
11.3 |
61.8 % |
6 |
|
|
12.7 |
56.9 % |
10 |
|
|
4.7 |
24.8 % |
17 |
|
* |
Table ordered by market size |
About
All marks herein are owned by
SOURCE Zillow
