Zillow Finds Best Metros to Buy, Sell Homes This Spring

(Image of Miami courtesy of Daniel Alvarado/pexels.com)

Zillow, Seattle, found that Miami tops the list of best places to be a buyer this spring, and Buffalo, N.Y., is the best place to be a seller.

This comes amid more homes available for buyers nationwide–more than 1 million were for sale in February, the most for that month since before the pandemic.

“While affordability remains incredibly challenging, the housing market is improving for buyers nationally,” said Zillow Senior Economist Orphe Divounguy. “Some of the strongest buyers’ markets are in the Southeast, where builders have been able to keep up with demand. Sellers are still in the driver’s seat in the Northeast and in Northern California, where buyers are competing for the few homes that are available.”

In order to determine the best spots for buyers and sellers, Zillow analyzed data such as median days on market, inventory, typical monthly mortgage payments, area rents and share of listings with price cuts, among other factors.

Miami was deemed the top area for buyers in part because homes are taking longer to sell than they do nationally, meaning buyers can take their time. That dynamic also means sellers are more likely to drop their prices.

Next on the “good for buyers” list is New Orleans, which boasts a large inventory. Jacksonville, Fla., is No. 3, also with a larger inventory and nearly a third of sellers dropping their asking prices.

Tampa, Fla., is No. 4, with nearly 33% of homes listed taking a price cut, and home values in the metro falling, meaning buyers may snag a deal.

Finally, Memphis, Tenn., rounds out the top 5, with affordable housing costs for buyers compared with renters.

Buffalo, N.Y., topped the list of best markets for sellers, with a strong job market, significant competition driving bidding wars and more than half of listings selling above their list prices.

Next is San Jose, Calif., where home prices continue to soar and the median days on market is nine.

San Francisco is No. 3, with 44% of all homes selling for more than the asking price.

Coming in fourth is Hartford, Conn., where homes are spending just a week on the market and there’s not much inventory up for grabs.

Finally, Boston is the No. 5 best city for sellers, with 40% of sellers able to sell for more than their list price.