hey there! Buckle up, because we've got some hot real estate gossip for ya! 🏘️
Top 5 Real Estate Markets with Price Reductions and Enhanced Supplies Beneficial for Buyers
If you're on the hunt for a new crib, you're in luck! The U.S. real estate market is about to shift in your favor, according to a shrewd industry insider.
Finding the perfect home can be a real struggle, but hunting for one in a market that's friendlier to buyers can help soften the blow.
So, get ready to grab that popcorn and notebook, because these are the steamy hotspots that Realtor.com has labeled as the most suited for buyers in May:
Phoenix, Arizona
We're kicking things off with the sun-drenched city of Phoenix, baby! Over 1.67 million people call this Grand Canyon State capital home, and get this — over 31.3% of properties listed for sale here in May had a price drop! Plus, the number of active listings posted a whopping 23.1% year-over-year jump last month. That's some serious market action, right there!
Tampa, Florida
Next stop, Tampa! Homes here took an average of 60 days to sell and sought a median price of $417,500. Around 29.9% of its listings had a price reduction, according to the real estate market experts over at Realtor.com.
Denver, Colorado
Denver's up next, and these Rocky Mountain Highs are no joke! The number of active listings in this midwest gem notched the biggest year-over-year jump in May, with a hefty 63.9% hike! And guess what? A generous 29.4% of properties on the market had price cuts too.
Austin, Texas
Welcome to Austin, and it's not just a city, it's a vibe! As the capital of Texas, this city has been witnessing a lot of movement as of late. In May, buyers in Austin saw the median home sell for $525,000, and a generous 29.1% of homes on the market had a discount.
Jacksonville, Florida
Finally, we have Jacksonville, a northeastern Florida beauty! In May, the city reported a 31.2% increase in active listings compared to the same period last year, and an impressive 28.8% of the homes in the area had price cuts.
So, there you have it! These metro areas are currently offering plenty of bang for your buck with reduced prices and ample inventory. 'Til next time! 🤩
[1] The most buyer-friendly cities in the U.S. real estate market currently, characterized by ample inventory and reduced prices, include: - Phoenix, Arizona - Tampa, Florida - Denver, Colorado - Austin, Texas[2] The market has shifted toward a more balanced or increasingly buyer-friendly environment nationally, with inventory levels at their highest since 2021.[3] Prospective buyers in these areas can expect less competition and a wider selection of homes alongside price reductions that improve affordability.[4] Overall, Phoenix, Tampa, Denver, and Austin stand out as the top U.S. cities where buyers have more power in the current real estate market due to significant price drops and growing home availability.
- In the current real estate market, Phoenix, Arizona; Tampa, Florida; Denver, Colorado; and Austin, Texas, are offering a favorable environment for buyers, thanks to ample inventory and reduced prices.
- The U.S. real estate market is undergoing a shift, showing signs of a more balanced or buyer-friendly environment, with inventory levels reaching their highest since 2021.
- For prospective buyers in these cities, the market presents less competition, a wider selection of homes, and price reductions that enhance affordability, giving them more power in the real estate market.
