Map Shows 10 Housing Markets Where Buyers Have More Power
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
The top ten coldest housing markets in the United States, where buyers have more power, are all in the South, according to the latest Zillow's Market Heat Index, while the hottest ones, where sellers have more power, are clustered in the Northeast.
The figures highlight how an incoming reversal of the dynamics that have dominated the U.S. housing market for over a decade is already well underway in those parts of the country that have seen the biggest surges in inventory and have been the most overheated during the pandemic.
Where Are The Coldest Markets In The Country?
Zillow's Market Heat Index measures competitiveness across 250 major metropolitan areas nationwide, based on the balance between for-sale supply and demand. This assessment considers user engagement on Zillow's active home listings, the share of listings with price cuts, and the share of for-sale listings that go pending within 21 days.
Based on this factors, it then gives a score of 70 or above for a metro identified as a "strong sellers market;" a score from 55 to 69 for a "sellers market;" a score from 44 to 55 for a "neutral market;" a score from 28 to 44 for a "buyers market"; and a score of 27 or below for a "strong buyers market."
In May, according to the latest index released earlier this month, the best market in the country for aspiring homeowners was Macon, Georgia, last month, which Zillow researchers identified as a "strong buyers market" with a score of 23.
It was followed by Jackson, Tennessee (24); Brownsville, Texas (27); Gulfport, Mississippi (27); Naples, Florida (27); Longview, Texas (27); Daphne, Alabma (29); Punta Gorda, Florida (29); Beaumont, Texas (30); and Cape Coral, Florida (31).
This list includes markets that became red-hot during the pandemic homebuying frenzy due to their affordability and are now experiencing a more dramatic correction than the rest of the country, as rising costs—including prices, mortgage rates, property taxes, and home insurance premiums—have dampened demand.
Florida and Texas, which feature prominently in this list, are also facing higher levels of inventory than the rest of the country, having started more building projects than any other state over the past few years.
Where Are The Hottest Markets In The Country?
The hottest markets in the country—where sellers still have the upper hand over buyers—are concentrated in the Northeast, with major metros in New York claiming as many as four spots on Zillow's top ten.
Rochester, New York, was the hottest market in the country with a score of 145, followed by Buffalo, New York (110), Syracuse, New York (100), Charleston, West Virginia (99), Albany, New York (97), Hartford, Connecticut (89), Lansing, Michigan (85), Anchorage, Alaska (83), Springfield, Massachusetts (82) and Manchester, New Hampshire (81).
All of these metros are located in parts of the country where the inventory shortage that has plagued the country since the Great Recession remains acute, more so than in the South and the West.
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