Zillow’s new market heat index has been released and Florida proved to have several top metros for home buyers.
According to Zillow, the South has been the most buyer-friendly, with Florida and Texas securing seven of the top 10 spots.
Miami and New Orleans notably tied for the most buyer-friendly market. Tampa, Jacksonville and Orlando also claimed spots in the top 10.
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Zillow’s market heat index aims to capture the balance between housing supply and demand, researchers said. It takes into account the share of homes that go pending quickly — in 21 days or less — the share of homes with a price cut, and engagement on active Zillow listings in a market.
Top Metro Areas for Home Buyers
- Miami, FL
- New Orleans, LA
- Tampa, FL
- Jacksonville, FL
- Memphis, TN
- Orlando, FL
- Austin, TX
- San Antonio, TX
- Houston, TX
- Atlanta, GA
Would-be buyers who witnessed intense competition in sunny Texas and Florida markets earlier on in the pandemic aren’t seeing such a frenzy now, as strong construction in many of these markets has helped restore inventory levels, Zillow reports. Austin and San Antonio are two of just three markets with more inventory now than pre-pandemic, while Tampa, Orlando and Jacksonville have among the smallest deficits.
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In part due to this relatively plentiful inventory, Florida metros make up three of the four markets considered to be “buyers markets,” researchers noted. An additional seven markets are considered to be “neutral” markets, with one of those in Florida and three more in Texas.
South Florida is seeing quite the shakeup, as the last few years have proved to be more of a seller's market or neutral market.
Buyers in the Miami Metropolitan Area have had more options to choose from than last year – as total inventory is up 41.3%.
Typical home values here are $489,836 – up 7.3% since last year.
24.6% of listings on Zillow reportedly had their price cut in April and these cuts are more common than in 2023 – as data shows the share of listings with a price cut are up 7.1% since last year.
More sellers are also joining the market – as new inventory is up 27.2% year over year.
Strong Buyer's Markets
- Cape Coral, FL
- McAllen, TX
- North Port, FL
- Deltona, FL
- New Orleans, LA
- Miami, FL
- Urban Honolulu, HI
- Tampa, FL
- Palm Bay, FL
- Jackson, MS
- Jacksonville, FL
