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10 housing markets where buyers have the most power—and 10 where they have the least power

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The US housing market is now going through a seasonal soft window. This off-season spring is typically when regional markets experiencing home price adjustments will see the largest price releases.

To identify which metropolitan markets may offer buyers the most luck or potential right now, ResiClub analyzed the June 2024 sales average calculated by Zillow and released late last month.

A list-sales ratio greater than 1.0 means the average home in that metro is selling above list price, while a ratio below 1.0 means the average home is selling below list price.

Among the 250 largest metropolitan real estate markets, these 10 have four very high sale list:

  1. Rochester, New York —> 1.19
  2. Buffalo -> 1.08
  3. San Jose -> 1.07
  4. Syracuse, New York -> 1.06
  5. Hartford, Connecticut -> 1.06
  6. Trenton, New Jersey —> 1.05
  7. San Francisco -> 1.05
  8. Bridgeport, Connecticut -> 1.04
  9. Manchester, New Hampshire -> 1.04
  10. Madison, Wisconsin -> 1.04

Among the 250 largest metropolitan real estate markets, these 10 have four very low sale list:

  1. Naples, Florida -> 0.95
  2. Cape Coral, Florida —> 0.95
  3. Punta Gorda, Florida -> 0.95
  4. Panama City, Florida -> 0.95
  5. Macon, Georgia —> 0.96
  6. North Port, Florida -> 0.96
  7. Jackson, Tennessee -> 0.96
  8. Bowling Green, Kentucky -> 0.96
  9. Miami -> 0.96
  10. Port St. Lucie, Florida —> 0.96

So in other words, in Buffalo, the average home sells for 8% above its list price on average, while in Naples, Florida, the average home sells for 5% below its list price.

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As ResiClub has well documented, many housing markets in the Northeast, Midwest, Bay Area, and Southern California have been tight and firm this year, while many areas in the Sun Belt, especially resale markets around the Gulf, have been soft as well. weak.

Unlike most Sun Belt housing markets, many Northeast and Midwest housing markets have low housing construction rates. As new supply becomes available in the Southwest and Southeast markets—and builders use affordable repairs like buyouts to move it—an additional cooling effect is created in the resale market. The Northeast and Midwest don’t have that same level of new supply, so resale and resale homes aren’t the only game in town.

Another factor driving the boom is that some pockets of the Sun Belt and Mountain West experienced even greater home price growth during the Pandemic Housing Boom, which stretched the basics far more than local incomes. When epidemic-induced migration slowed, and rates rose, it became a problem in places like Austin and Naples.




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