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Here are eight U.S. cities that currently favor buyers over sellers, plusinsights into each housing market.
What Is a Buyers Market?
Buyers and sellers markets are the result of shifts in supply and demand.
A buyers market can occur on a national or state level.
For example, California last experienced a statewide buyers market in February 2012, perThe Real Deal.
However, fluctuations between buyers and sellers markets are much more common on a regional level.
Does a buyers market lead to lower prices in that area?
Generally, yes but remember that prices are relative.
That could mean a long-term price drop in the local housing market if the supply continues to outpace demand.
Top 8 Buyers Markets in the U.S.
Looking for the best place to buy a home?
Here are eight U.S. cities that Zillows latestMarket Heat Indexhas rated as buyers markets.
Cape Coral, Florida
Cape Coral is a coastal city in southwestern Florida.
Its known for its extensive canals, boating and marine wildlife.
Home prices in Cape Coral have been steadily dropping since their latest peak in April 2023.
Cape Coral is currently seen as an overvalued market.
McAllen, Texas
McAllen is a border town in southern Texas with ayoung, multicultural community.
This town is known for its vibrant shopping centers and tourism.
With a median year-over-year price decline of around 4%, McAllen is currently a buyers market.
Home prices in McAllen have plateaued over the past few months.
Now that the demand appears to have stabilized, buyers can likely expect prices to continue falling.
New Orleans
New Orleans is one of themost popular tourist citiesin the South.
Known for its vibrant culture and rich history, this city attracts young professionals, families and retirees alike.
Most homes sit on the market for around 68 days.
On average, homes sell for just less than 4% below the asking price.
Home prices in New Orleans have risen slightly this year but have declined in the past few months.
Deltona, Florida
Deltona is a central Florida town halfway between Orlando and Daytona Beach.
This is apopular bedroom community, with most residents working outside the city.
Its known as a family-friendly area with plenty of parks andsafe outdoor spaces.
Home prices in Deltona have remained fairly stable over the past year.
Most homes sell for slightly below the asking price 1.3% after around 38 days on the market.
This fast-growing city is popular among retirees.
In fact,Quicken Loansnamed it the second-fastest-growing city in 2023, just behind Cape Coral.
This is a popular destination forboth families and retirees.
On average, homes sell for around 3.3% below the asking price after 64 days on the market.
The surplus of supply in theMiami housing marketmay be due to an outflow of residents.
Miami has lost around 15,000 residents since the start of the COVID-19 pandemic in 2020, perMiami Today.
Home prices in urban Honolulu are notoriously high.
However, prices are quickly falling as the market stabilizes.
The average home stays on the market for around 65 days.
As prices continue to fall, now could be a great time to buy if you have the means.
Despite a nearly 16% price increase in the past year, Memphis is still a buyers market.
The average home sells for around 4% below the asking price and spends 45 days on the market.
Supply is still outpacing demand in Memphis.
However, as the city continues to gain popularity among younger homebuyers, that may change.
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