More Major Cities Turn Into Buyer’s Markets

As inventory improves and home-price growth moderates, more housing markets have been shifting in favor of buyers. While much of this growth has affected smaller, less densely populated areas of the U.S., many major cities are now becoming buyer's markets as well, according to a recent analysis from real estate marketing platform Realtor.com.

In early summer, seven of the top 50 U.S. metros were considered buyer’s markets, and by August, 11 of the top 50 metros became buyer’s markets.

Which markets are buyer’s markets?

Taking both inventory levels and home prices into account, the analysis shows Miami is the top buyer’s market. There, months of supply in August reached 8.7 months. Comparatively, four to six months of supply typically represents a balanced market.

The 10 remaining buyer’s markets include: Orlando; Austin, Texas, Riverside, Calif.; Tampa, Fla.; Jacksonville, Fla.; New York City; Nashville; Raleigh, N.C.; Denver; and Austin.

Over the past year, Southern markets have consistently favored buyers over other U.S. regions

• Top Housing Markets for Buyers and Sellers: Even among smaller metros—such as Macon, Ga; Jackson, Tenn.—the South is home to the most buyer's markets. 
• Buyers Have a Leg Up in These Housing Markets: Last year, a report from Zillow found that the top buyer-friendly markets include New Orleans, San Antonio, Miami, and Jacksonville, Fla.