Fifteen cities are home to the most competitive buyer conditions in the nation, most of which are located in the tech job-rich West.
The study by LendingTree assesses buyer credit score, median home price, and average down payment. The findings offered a surprise, as the most competitive market wasn't the most expensive in the study. Denver, the toughest market for buyers, has a median home price of $459,900, per Zillow data, running at about the middle of the pack in dollar terms. Fifty-six percent of buyers in Denver have good or excellent credit, and the average down payment is 16 percent, CNBC reports.
Other competitive cities are even cheaper: St. Louis, Missouri, with a median home price of $145,000, comes in at No. 6. And Milwaukee, Wisconsin, with a median home price of $124,000, earns the No. 10 spot. That means that, even in a more affordable housing market, it can still be challenging to buy a home.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development