Map Shows Where US Homebuyers Have the Upper Hand
Summary
The U.S. housing market has become more favorable for buyers in recent months, especially in certain areas like Miami, Florida, where there are more homes for sale than buyers. This shift is partly due to a large number of condominiums available and higher fees that have reduced demand for condos, giving buyers more power to negotiate prices.Key Facts
- Miami, Florida, has the strongest buyer’s market in the U.S. in ZIP code 33130.
- This area has about three times the usual supply of homes, with 15.5 months of supply.
- Almost 30% of homes for sale in this area have price cuts.
- High homeowners association (HOA) fees, increased after building safety rules from the 2021 Surfside collapse, have decreased condo demand.
- Condo supply in Miami-Dade County is 12.3 months, compared to 4.9 months for single-family homes.
- Less than 1% of South Florida condo buildings qualify for FHA loans, making financing harder.
- Other top buyer’s markets include Port Aransas, Texas, Lahaina, Hawaii, and North Miami Beach, Florida.
- Miami’s cost of living has risen sharply, now more expensive than New York and second only to San Francisco in the U.S.
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