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Miami Herald
2 days ago
- Business
- Miami Herald
Map Shows 10 Housing Markets Where Buyers Have More Power
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. 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. 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. Related Articles Map Shows Most Expensive Home Sales Across USMap Shows Which States Will Feel Hottest TodayMap Shows How Much Each NATO Member Contributes as Trump Touts IncreaseMap Shows $10B Rail Megaproject Between US and Mexico 2025 NEWSWEEK DIGITAL LLC.
Newsweek
3 days ago
- Business
- Newsweek
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.
Time Out
20-05-2025
- Business
- Time Out
This New York county is one of the hottest places to move to in the US, says new study
It turns out that 'moving to Rochester' isn't just something your college roommate said on a whim—it's a winning strategy. According to a new report from the National Association of Realtors, Monroe County (home to Rochester) ranked as the country's seventh hottest real estate market this spring. That's out of more than 1,600 counties nationwide. The 'hotness' ranking, which blends buyer demand with housing supply data like time on market and online views, crowned Monroe the most competitive housing market in New York State by a mile. And it's not just Rochester. Several other Upstate pockets made the national top 100, including Broome County (Binghamton) at No. 23 and Livingston County (home to scenic Geneseo) at No. 27. So what's making the Rochester area such a magnetic draw? In a word: affordability. While prices have jumped more than 20% in the past year, the median home still goes for around $225,000, which is pennies compared to New York City. But don't mistake low prices for low stakes. The market is ruthless. Bidding wars are routine. Contingencies? Forget it. The average Rochester home is under contract in less than 10 days, and listings often receive dozens of offers. Zillow recently ranked Rochester hotter than San Francisco, Boston and New York on its Market Heat Index, clocking in at 146.5 (anything above 70 signals a strong seller's market). Redfin reports that 68% of local homes sell in bidding wars, with average offers 8.7% above asking. With inventory tighter than a jar of Wegmans jam (just 913 homes were for sale in March), buyers are turning to older properties, like charming American Foursquares and colonials. Many newcomers are priced-out city dwellers, but locals and investors are also fueling demand. The downside? Builders aren't rushing in to save the day. Low margins and high costs are stalling new construction, even as buyers scramble for options. Still, experts say Rochester's boom is far from over—and the smart money might just be on making a move before the rest of the country catches on.
Yahoo
18-04-2025
- Business
- Yahoo
Sellers are putting more homes on the market. But it's proving difficult to find buyers.
Sellers put up considerably more houses than were bought last month, Zillow found. This resulted in a housing inventory increase of 9% year-over-year. Buyers are still being held back by affordability challenges even as more homes come available. The housing market saw a pronounced buyer-seller mismatch last month, and it's proving difficult to draw prospective home buyers off of the sidelines, according to Zillow. That could spell good news on the housing-affordability front. Buyers holding back from buying a home due to cost concerns could eventually prompt price cuts, and just in time for one of the hottest home-buying seasons of the year. Sellers put more than 375,000 homes on the market last month, a 32% increase from last month and a 9% increase compared to levels recorded the same month last year, according to a report Zillow released on Monday. But buyers haven't been keeping pace with the growth in new listings. Pending home sales for the month remained flat compared to last year's levels, with just 265,000 listings transitioning into a pending sale in March. That means the housing market added a net 110,000 listings last month, pushing overall inventory up 19% year-over-year to 1.15 million, Zillow estimated. That's the most inventory the market has seen since March 2020, when the pandemic pushed the housing market into a near-standstill, according to Skylar Olsen, the chief economist at Zillow. "Home price growth paused and inventory swelled during what is typically one of the most competitive home shopping months of the year. That's despite mortgage rates reaching a 2025 low in March," Olsen wrote in the note. "While sellers leaned on the gas, buyers didn't keep up," she added. This embedded content is not available in your region. Olsen said buyers may have been held back by affordability concerns, with high home prices keeping mortgage payments elevated. The typical mortgage payment, assuming a 20% down payment on a home, cost around 25% of the median US household income in March, Zillow estimated, outside the recommended guideline to keep housing costs under 30% of one's total income. Sellers have already started to give in to pressure to slash home prices. with 23% of listings on Zillow seeing a price reduction over March. That's the largest share of homes with a price cut since 2018, and up slightly from last month's share, when 21% of homes on Zillow had a price cut, the firm said. That said, the housing market has been tipped towards sellers' favor for most of the last five years. Zillow's Market Heat Index, which shows whether the housing market is more favorable to buyers or sellers, moved from "neutral" territory to "sellers market" territory in March, the first time it's done so since June of last year. Read the original article on Business Insider Sign in to access your portfolio
