Key Details:
- New Zillow research shows there are 5.5 engaged home shoppers for every for-sale listing nationwide, with buyer competition exceeding 10-to-1 in markets like Buffalo and Boston.
- Meanwhile, 12 of the 14 least competitive metros are in the Sun Belt, where sellers are cutting prices at record levels.
- In Miami, just 2.6 shoppers compete for each listing, and the median time on market is 50 days.
New data has just confirmed what many agents already suspected: this spring market is serving two very different realities.
If you’re showing homes in Buffalo or Boston, you’re in the middle of a high-stakes bidding frenzy. But if you’re in Miami or Houston, your buyers might be able to breathe a little easier—and even negotiate.
According to Zillow’s latest analysis, there are 5.5 engaged home shoppers for every for-sale listing nationwide. That number jumps to over 10 buyers per listing in some Northeast markets, while parts of the Sun Belt are seeing far less competition and more price cuts.
So, what’s actually happening on the ground? Depends on where you are.
Here’s what you need to know—and where you might want to steer your next market update or Instagram post.
The Market Is Easing Up, But Only in Some Places
Nationwide, inventory is up 20% year over year, and 25% of sellers cut their prices in April. That’s the highest percentage ever recorded in Zillow’s data for that month.
That means more negotiating power for buyers, especially in slower-moving metros. But in hot markets, fast sales and over-asking offers are still the norm.
As Zillow Senior Economist Orphe Divounguy puts it:
“This spring, we’re seeing signs of a more balanced housing market. Inventory is up 20% over last year, and about 1 in every 4 sellers are cutting prices. Still, there are areas where competition is intense and there are bidding wars for most homes.”
10 Most Competitive Metros
These are the markets where your buyers will face the stiffest competition, and where sellers are still calling the shots. Each of these cities sees more than eight shoppers per listing, and homes go pending in 10 days or less in many of them.
Let your buyers know: pre-approval isn’t optional, and lowball offers probably won’t fly.
- Buffalo, NY – 12.7 shoppers per listing, 56.9% sell above list, 10 days to pending
- Hartford, CT – 11.3 shoppers per listing, 61.8% above list, 6 days
- Providence, RI – 10.8 shoppers per listing, 51.3% above list, 10 days
- Boston, MA – 10.3 shoppers per listing, 52.9% above list, 7 days
- Richmond, VA – 9.1 shoppers per listing, 40.9% above list, 6 days
- Raleigh, NC – 8.9 shoppers per listing, 25.3% above list, 10 days
- San Francisco, CA – 8.4 shoppers per listing, 63.5% above list, 13 days
- Portland, OR – 8.3 shoppers per listing, 37.1% above list, 12 days
- Sacramento, CA – 8.3 shoppers per listing, 39.9% above list, 12 days
- Pittsburgh, PA – 8.2 shoppers per listing, 26.7% above list, 9 days
10 Least Competitive Metros
On the flip side, these 10 metros are giving buyers a rare advantage. Less competition, longer days on market, and more motivated sellers mean your clients have room to negotiate, especially if they’re shopping in the Sun Belt.
If you’re in one of these areas, now’s the time to educate buyers on how to capitalize on that power.
- Miami, FL – 2.6 shoppers per listing, 8.2% above list, 50 days to pending
- Houston, TX – 3.4 shoppers per listing, 14.3% above list, 28 days
- New Orleans, LA – 3.5 shoppers per listing, 11.5% above list, 47 days
- Memphis, TN – 3.9 shoppers per listing, 15.8% above list, 22 days
- San Antonio, TX – 4.3 shoppers per listing, 17.1% above list, 37 days
- Las Vegas, NV – 4.6 shoppers per listing, 20.9% above list, 24 days
- Tampa, FL – 4.6 shoppers per listing, 13.8% above list, 30 days
- Orlando, FL – 4.7 shoppers per listing, 11.6% above list, 33 days
- Birmingham, AL – 4.7 shoppers per listing, 24.8% above list, 17
- Austin, TX – 4.9 shoppers per listing, 14.3% above list, 35 days
The Bottom Line for Agents
Whether your market is heating up or cooling down, this data is a goldmine for client education and content creation.
- Sellers in low-competition markets need to price strategically and get maximum exposure.
- Buyers in high-competition metros need to come in prepared with strong offers, clean contingencies, and the right expectations.
- Agents everywhere should be translating this data into local insights—via email, social media, or even a quick market explainer video.
This spring may not be easy, but it’s far from boring. And in this market, being the local expert who understands both national trends and local nuance is a definite separator, as long as you also know how to deliver the information your clients need, when they need it, with just the right amount of complexity.
If they know the process (and where they are in it at any given time), they can trust it. And they’re more likely to trust you.
