On February 26th, Zillow published a press release featuring highlights from their latest Buyer-Seller Index (BSI). This index gives significant insights into current and changing housing market conditions, including whether an area leans toward being buyer-friendly or seller-friendly.
The latest data revealed that metros in Florida and New York are the two most buyer-friendly areas in the U.S.
Related: 10 Best Markets for Home Buyers
Miami, Tampa, Orlando: Buyer-Friendly Markets
Miami is ranked as the second friendliest metro for homebuyers, with Tampa ranked seventh and Orlando ranked eighth.
As one of the most buyer-friendly metros in the country, Miami has a median home value of $283,800, and the median number of days on the market is 99. Tampa and Orlando have median home values of $213,600 and $237,100, with a median of 75 and 84 days on the market respectively.
The most buyer-friendly city within each respective metro is:
- Bal Harbour in Metro Miami.
- Wimauma in Metro Tampa.
- Lady Lake in Metro Orlando.
And the most seller-friendly city within each metro is:
- South Miami Heights in Metro Miami.
- Madeira Beach in Metro Tampa.
- Sorrento in Metro Orlando.
New York City: Buyer-Friendly Market
New York City was listed as the most buyer-friendly metro in the U.S. With median home values of $438,300 and a median of 132 days on the market, home prices are higher on average than those in the rest of the country, with homes tending to stay on the market longer.
Of the cities in Metro New York, North Castle, NY is the most buyer-friendly and Montclair, NJ is the most seller-friendly.
About Zillow’s Buyer-Seller Index
This report is based on Zillow’s Buyer-Seller Index (BSI), which is data collected by Zillow in certain metro areas. Analysis is performed on data points such as:
- Sale-to-list-price ratio.
- Percentage of listings within a certain area that have a price cut.
- Length of time a home stays on the market.
Markets that are considered hotter are more difficult for buyers than cooler markets. Hot housing markets experience greater price increases and are more competitive, typically with less inventory on the market.
Cooler housing markets do not indicate poor market conditions. In fact, many of the cooler housing markets are strong and expected to continue growing. The fact that a housing market is labeled as “cool” indicates that it is a less competition market, causing prices to be more stable and less prone to rapid increases.
Other Buyer-Friendly Metros
In general, housing markets with higher prices have seen reduced competition and a better buyer experience in recent months. Affordable housing is still more competitive in much of the United States; however, these areas are seeing a trend toward reduced competition, though movement in that direction is slow.
Currently, the U.S. at large is still considered a seller’s market, but is already seeing signs of a buyer’s market.
Philadelphia and Pittsburgh, for example, are ranked as the 5th and 6th most buyer-friendly metros in the U.S. Both of these metros have median home values lower than, or similar to, the national average. And the city of Monroeville, PA is listed as the sixth most buyer-friendly city in the U.S.
California and Texas occupy both buyer-friendly and seller-friendly metros. Some metros like Riverside, CA, Houston, TX, and San Antonio, TX are buyer-friendly areas, while San Francisco and Dallas-Fort Worth are seller-friendly metros.
Marimark Mortgage
Marimark Mortgage is based in Tampa, Florida and serves the mortgage needs of homebuyers, homeowners, and investors in Florida, Virginia, and Pennsylvania.
We specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing, and help clients with HARP refinancing to lower their monthly mortgage payments.
To get started with a mortgage to buy your next home, please fill out our Quick Mortgage Application, or contact us direct.
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