Key Details:
- Realtor.com® reveals the 10 easiest and 10 hardest U.S. housing markets for today’s homebuyers, analyzing key metrics like median list prices, inventory changes, and market pace to highlight where buyers have the most and least leverage.
- In Florida, several markets, including Punta Gorda and Miami, have seen significant price corrections and increased inventory, making them more favorable for buyers.
- Markets in the Northeast and Midwest, such as Erie, PA, and Rochester, NY, remain highly competitive with rising prices and limited inventory.
According to a new Realtor.com article, nine of the 10 easiest markets for homebuyers right now are in Florida. The other one, ranking at number one, is Lubbock, Texas.
At the other end of the spectrum, the toughest market for buyers, based on Realtor.com’s analysis of key market metrics, is Erie, Pennsylvania.
It remains challenging to afford a home in much of the country, which has funneled buyer activity into relatively low-priced areas. As a result, these markets have seen climbing demand and competition, which has driven prices higher.
While active listings climbed annually in much of the country in July, Erie, PA, saw listing counts fall 5.6%. Buyers flocked to this affordable market, resulting in falling inventory, a snappy market pace, and significant price growth.
So, what makes the top 10 in both categories so accommodating—or so brutal—for today’s home shoppers? Read on to find out.
Buyer-friendly (or not) market indicators
As is its custom, Realtor.com based its top ten lists on a thorough analysis of its data for the following key market indicators:
- Year-over-Year Shift in Median List Price—indicating how home prices have changed over the past 12 months, helping to identify market trends.
- Year-over-Year Shift in Share of Listings with Price Reductions—tracking the percentage change in listings that have reduced their asking price, indicating where sellers are more open to negotiating.
- Year-over-Year Shift in Active Listing Count—reflecting changes in the number of for-sale homes available on the market over the past year.
- Median Days on the Market—the average number of days homes remain on the market before going under contract, showing market competitiveness.
- Change in Active Listing Levels (2019-2024)—comparing current active listings with those from before the pandemic, showing long-term supply trends.
If you’ve read our recent blog on the hottest ZIP codes of 2024, the following lists probably won’t surprise you. The hottest markets are generally the ones where buyer competition is high, which is great for sellers—not so much for buyers.
These places are in high demand thanks to a combination of value and desirability. The easiest markets listed below have less competition on a per-property basis, mainly due to an increase in housing supply—something major markets in both Florida and Texas have in common.
The 10 Easiest Markets for Homebuyers
This year’s 10 easiest markets give homebuyers more leverage, thanks to increased housing supply and slower growth in home prices, providing more options to choose from and making sellers more amenable to negotiating.
Lubbock, TX, took the number one spot.
There were 80% more homes for sale in Lubbock than a year prior in July, leading to homes spending more than twice as long on the market. In response, eager sellers have brought prices down, suggesting that buyers are in a good position to negotiate.
#1: Lubbock, TX
- Median Home List Price: $253,500
- Median Days on the Market: 55
- Details: There were 80% more homes for sale in Lubbock compared to the previous year in July. Homes are staying on the market for more than twice as long, leading to price cuts and better conditions for homebuyers.
#2: Punta Gorda, FL
- Median Home List Price: $425,000
- Median Days on the Market: 90
- Details: Significant growth in active listings and price reductions following the pandemic housing boom have made this market more accommodating for homebuyers.
#3: Lakeland, FL
- Median Home List Price: $349,900
- Median Days on the Market: 51
- Details: A relatively higher number of homes for sale and slower price increases have given homebuyers more options and boosted their bargaining power.
#4: Crestview, FL
- Median Home List Price: $330,000
- Median Days on the Market: 55
- Details: The market is cooling, with increased for-sale inventory and steady prices offering buyers a more favorable environment.
#5: Tampa, FL
- Median Home List Price: $460,000
- Median Days on the Market: 54
- Details: Tampa has seen an increase in active listings, giving buyers more leverage compared to the height of the pandemic.
#6: North Port, FL
- Median Home List Price: $379,900
- Median Days on the Market: 83
- Details: The market is adjusting after the pandemic surge, with more homes available and buyers in a stronger position.
#7: Miami, FL
- Median Home List Price: $650,000
- Median Days on the Market: 66
- Details: Miami’s market has softened for buyers, particularly in the condo sector, due to increased safety standards and special assessments following the Surfside collapse.
#8: Port St. Lucie, FL
- Median Home List Price: $445,000
- Median Days on the Market: 60
- Details: Buyers here are seeing more options and less pressure to rush, thanks to increased inventory and stabilizing prices.
#9: Gainesville, FL
- Median Home List Price: $324,900
- Median Days on the Market: 56
- Details: Gainesville’s market is cooling, with homes staying on the market longer, giving buyers more time to negotiate.
#10: Orlando, FL
- Median Home List Price: $399,000
- Median Days on the Market: 54
- Details: The Orlando market has become easier for buyers as active listings have increased and price growth has slowed.
The 10 Most Challenging Markets for Homebuyers
The toughest markets for buyers are characterized by three specific challenges:
- High buyer demand
- Low inventory
- Rapidly rising home prices
It remains challenging to afford a home in much of the country, which has funneled buyer activity into relatively low-priced areas. As a result, these markets have seen climbing demand and competition, which has driven prices higher.
While active listings climbed annually in much of the country in July, Erie, PA, saw listing counts fall 5.6%. Buyers flocked to this affordable market, resulting in falling inventory, a snappy market pace, and significant price growth.
#1: Erie, PA
- Median Home List Price: $198,250
- Median Days on the Market: 29
- Details: Erie saw a 5.6% decrease in active listings, leading to more intense buyer competition, rapid sales, and significant price growth.
#2: Syracuse, NY
- Median Home List Price: $198,500
- Median Days on the Market: 28
- Details: The Syracuse market remains competitive, with strong demand driving up prices as homes fly off the market.
#3: Rochester, NY
- Median Home List Price: $184,900
- Median Days on the Market: 21
- Details: Rochester has a fast-paced market, with homes selling in just three weeks and prices staying relatively low but rising.
#4: Canton, OH
- Median Home List Price: $229,000
- Median Days on the Market: 23
- Details: Canton’s market is tight, with limited housing supply and rising home prices creating a challenging environment for buyers.
#5: Kalamazoo, MI
- Median Home List Price: $289,900
- Median Days on the Market: 31
- Details: Homes in Kalamazoo sell quickly, with a limited supply driving up prices and making it more difficult for buyers to find affordable options.
#6: Manchester, NH
- Median Home List Price: $417,000
- Median Days on the Market: 18
- Details: Manchester has one of the shortest market times, with homes going under contract in just 18 days, thanks to strong demand and limited supply.
#7: Norwich, CT
- Median Home List Price: $239,900
- Median Days on the Market: 28
- Details: Norwich’s market is competitive, with homes selling quickly and prices remaining relatively low but climbing.
#8: Sioux Falls, SD
- Median Home List Price: $369,900
- Median Days on the Market: 35
- Details: Sioux Falls has a constrained market, with homes selling rapidly and prices rising, making it more challenging for buyers.
#9: Toledo, OH
- Median Home List Price: $129,900
- Median Days on the Market: 27
- Details: Toledo’s market remains tough for buyers, with home prices remaining affordable but competitive
#10: York, PA
- Median Home List Price: $269,900
- Median Days on the Market: 27
- Details: York’s market is competitive, with limited inventory and prices on the rise, challenging buyers to find suitable homes.
Read the full article on Realtor.com for more details.
