Map of 10 US Cities Where Homebuyers Have the Upper Hand
Summary
In the U.S., some cities have more home sellers than buyers, giving buyers an advantage to negotiate prices. Cities like Miami, Nashville, and Houston have the most sellers compared to buyers, making it easier for buyers to find deals despite high mortgage rates and rising home prices.Key Facts
- Miami had nearly 140% more home sellers than buyers in June, the highest in the U.S.
- Nationally, there were about 48.5% more home sellers than buyers in June, marking a buyer’s market.
- A buyer’s market means there are at least 10% more sellers than buyers.
- Around 70% of U.S. housing markets (33 of 47 metro areas) are currently buyer’s markets.
- Many top buyer’s markets, especially in Florida and Texas, saw a boom in home buying during the pandemic due to low mortgage rates and remote work.
- The rise in housing supply in these areas outpaced demand as mortgage rates rose to about 6.5%, and some remote workers returned to offices.
- This extra supply caused home prices to stop rising as fast, benefiting buyers in these cities.
- Despite the buyer’s market, high borrowing costs keep many potential buyers from making purchases.
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