Zillow says New York and Florida have the best conditions for buyers
Spring is set to bring intense heat for some US housing markets this year while others will allow buyers more time and choice.
An analysis by Zillow finds that the most favorable conditions for homebuyers are in the New York metro area; assuming of course that they can afford to buy there! In New York City, bidding wars are not prevalent and homes are taking longer to sell.
Three Florida markets – Miami, Tampa, and Orlando – are also favoring buyers according to the analysis of the 35 largest US metro areas.
Meanwhile, despite a slower pace of home value growth in the past year, San Francisco, San Jose, Seattle, and Denver will challenge homebuyers with tight inventory and strong competition. Although the report notes that this is expected to ease later in the year.
Inventory climbing
"Blanket sellers markets are history," said Zillow senior economist Aaron Terrazas. "While inventory remains tight, it is starting to climb. The housing market has cooled and in a growing number of markets, buyers are gaining more and more leverage – especially those well-heeled buyers willing to pay top dollar in pricey communities. However, the crunch is still on in more affordable areas so the bulk of buyers continue to see some competition, though somewhat less than a few months ago."
|
Metropolitan Area |
Median |
Median |
Most Buyer-Friendly City |
Most Seller-Friendly City |
|
New York, NY |
$438,300 |
132 |
North Castle, NY |
Montclair, NJ |
|
Miami, FL |
$283,800 |
99 |
Bal Harbour, FL |
South Miami Heights, FL |
|
Baltimore, MD |
$267,900 |
97 |
Centreville, MD |
Columbia, MD |
|
Chicago, IL |
$224,800 |
102 |
Glencoe, IL |
Kenosha, WI |
|
Philadelphia, PA |
$232,700 |
90 |
Harrison, NJ |
King of Prussia, PA |
|
Pittsburgh, PA |
$143,900 |
87 |
Monroeville, PA |
Ross, PA |
|
Tampa, FL |
$213,600 |
75 |
Wimauma, FL |
Madeira Beach, FL |
|
Orlando, FL |
$237,100 |
84 |
Lady Lake, FL |
Sorrento, FL |
|
Houston, TX |
$205,500 |
89 |
Bellaire, TX |
Dickinson, TX |
|
Riverside, CA |
$367,100 |
83 |
Apple Valley, CA |
Ontario, CA |
|
San Antonio, TX |
$192,800 |
77 |
Fair Oaks Ranch, TX |
Converse, TX |
|
Washington, DC |
$406,200 |
82 |
Prince Frederick, MD |
Franconia, VA |
|
Detroit, MI |
$160,000 |
78 |
Oakland, MI |
Madison Heights, MI |
|
Cleveland, OH |
$145,600 |
82 |
Shaker Heights, OH |
North Olmsted, OH |
|
San Diego, CA |
$591,400 |
75 |
Rancho Santa Fa, CA |
Santee, CA |
|
Boston, MA |
$467,000 |
74 |
Weston, MA |
Cambridge, MA |
|
St. Louis, MO |
$167,000 |
76 |
Town and Country, MO |
Affton, MO |
|
Austin, TX |
$308,200 |
74 |
Lago Vista, TX |
Kyle, TX |
|
Los Angeles, CA |
$652,300 |
75 |
Malibu, CA |
West Hollywood, CA |
|
Minneapolis, MN |
$268,100 |
74 |
Orono, MN |
Inver Grove Heights, MN |
|
Portland, OR |
$397,300 |
80 |
Happy Valley, OR |
Hillsboro, OR |
|
Cincinnati, OH |
$168,900 |
74 |
Union, KY |
Amelia, OH |
|
Charlotte, NC |
$206,200 |
71 |
Tega Cay, SC |
Indian Trail, NC |
|
Dallas-Fort Worth, TX |
$242,600 |
71 |
Celina, TX |
Cedar Hill, TX |
|
Las Vegas, NV |
$277,900 |
69 |
Boulder City, NV |
North Las Vegas, NV |
|
Indianapolis, IN |
$163,900 |
70 |
Zionsville, IN |
Lawrence, IN |
|
Atlanta, GA |
$217,500 |
77 |
Milton, GA |
Forest Park, GA |
|
Columbus, OH |
$189,900 |
71 |
Galena, OH |
Gahanna, OH |
|
Sacramento, CA |
$408,700 |
67 |
Granite Bay, CA |
Citrus Heights, CA |
|
Phoenix, AZ |
$264,900 |
61 |
Cave Creek, AZ |
El Mirage, AZ |
|
Kansas City, MO |
$191,600 |
66 |
Leawood, KS |
Gladstone, MO |
|
Denver, CO |
$405,300 |
65 |
Elizabeth, CO |
Westminster, CO |
|
Seattle, WA |
$489,700 |
77 |
Eatonville, WA |
Tacoma, WA |
|
San Jose, CA |
$1,245,800 |
61 |
Hollister, CA |
Sunnyvale, CA |
|
San Francisco, CA |
$957,400 |
57 |
Oakley, CA |
San Francisco, CA |
