SEATTLE, Feb. 26, 2019 /PRNewswire/ -- Home shopping
season is almost here, and prospective buyers in Florida and the New
York metro area can expect more favorable conditions than
those in most other major markets, a new Zillow® analysis
reveals.
Zillow's Buyer-Seller Index shows how hot a region's housing
market is compared to others by analyzing sale-to-list-price
ratios, percentage of listings with a price cut and how long homes
stay on the market.
Among the nation's 35 largest metro areas, Miami (second coolest), Tampa (seventh) and Orlando (eighth) combine to show buyers in
Florida will have an easier
home-shopping experience than buyers in most other markets. That's
not to say those markets should be thought of as cold. In fact, all
three have seen year-over-year home-value growth the same or higher
than nation as a whole, and all three are seeing steady demand to
go along with good supply.
By contrast, San Francisco,
San Jose, Seattle and Denver all have seen home values grow more
slowly than the nation over the past year, but remain the four
hottest markets relative to elsewhere. That's largely because,
despite some of the highest prices in the country, buyers face more
competition for a more-limited inventory. But the winds are rapidly
shifting and they are expected to cool further this year.
In fact, the New York metro
area -- hardly thought of as an affordable or cold real estate
market -- is the most buyer-friendly market right now. People who
can afford to buy in the New York
metro face relatively little competition that incites bidding wars,
and properties sit longer on the market. It's pricey New York City, in fact, that's among the most
buyer-friendly within the metro area, while New Jersey cities such as Montclair, Bloomfield and New
Brunswick far more heavily favor sellers.
"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."
Overall, the housing market still favors sellers but is slowing,
trending toward historical norms. Inventory is the highest it's
been in a year, and the number of homes that sold for more than
their list price decreased from 21 percent in November to 19
percent in December – the largest month-over-month drop in
seasonally adjusted data since at least 2012, according to a recent
Zillow analysis. The share has been declining steadily since its
peak of 24 percent of homes sold above list price in May 2018.
Metropolitan
Area
(Ranked Most
Buyer-Friendly to
Most Seller-Friendly)
|
Median
Home
Value
|
Median
Days On
Market
|
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
|
Zillow
Zillow is the leading real estate and
rental marketplace dedicated to empowering consumers with data,
inspiration and knowledge around the place they call home, and
connecting them with the best local professionals who can help. In
addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of
economists and data analysts produce extensive housing data and
research covering more than 450 markets at Zillow Real Estate
Research. Zillow also sponsors the quarterly Zillow Home Price
Expectations Survey, which asks more than 100 leading economists,
real estate experts and investment and market strategists to
predict the path of the Zillow Home Value Index over the next five
years. Launched in 2006, Zillow is owned and operated by Zillow
Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
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