A new study finds the 10 metros with the best buyer conditions ahead of the peak spring real estate season. While three of the top metros were in Florida, the best overall market for buyers is New York.
The Zillow Buyer-Seller Index puts New York at the top, not because it is affordable, but because of all the 35 biggest U.S. metros, it has the longest number of days on market, 132 days. The next longest tenure of days on market is in Chicago (102 days), and Miami (99 days). New York's median home value in January 2019 was $438,300. The share of listings with a price cut in the metro is 14.6 percent. The metro with the highest share was Tampa, Fla., at 23.2 percent.
The third metric in the buyer-seller index is the sale-to-list-price ratio. A ratio above 100 percent indicates that buyers are paying more than list price. The further the ratio falls below 100 percent, the better the market is for buyers – because they’re paying that much less than list, which would be 100 percent even. The lowest ratios among the largest metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent.
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