Buying a house in today’s housing market is anything but simple. As asking prices are only getting higher and mortgage rates continue to fluctuate, the housing market is in a bad spot and looks to stay there for the foreseeable future.
Despite those overwhelming and overt housing market factors, there are still many metro areas across the United States that are actively taking the initiative to be more collaborative with those looking to buy a house this year. This month, Realtor.com released its report on the easiest and hardest housing markets for homebuyers to buy in right now, and it reveals a great deal about the United States housing market and how it is currently functioning.
The report defines the easiest places as those where buyers have more power and the hardest as places where buyers lack that leverage. To rank the metro areas, Realtor.com looked at numerous following metrics for the 200 largest metro areas in the United States.
These metrics included:
- Year-over-year shift in median list price
- Year-over-year shift in the share of listings that saw a price reduction
- Year-over-year shift in active listing count
- Median days on the market
- Change in active listings levels between July 2019 and July 2024
- Florida’s housing markets reigned supreme in Realtor.com’s report, with nine out of the top 10 in the Sunshine State.
“Buyers in the easiest markets tend to be relatively slow-moving as supply outpaces demand,” Hannah Jones, Realtor.com’s economist, stated in the report.
“Many of these markets saw prices and competition climb significantly during the early days of the [COVID-19] pandemic, but the combination of high prices and climbing mortgage rates tempered demand, leading to building inventory.”
Lubbock, Texas, is ranked as the metro area where buyers have the most power because the median home list price is $253,500 and the median amount of days on the market is fifty-five. In this way, there is a plethora of options at a relatively reasonable price point, giving buyers a significant upper hand in the power dynamic of the proceedings.
Jones elaborates that because there were 80% more homes for sale in the Texas city than a year before, properties are sitting longer on the market, which is a good thing for buyers.
“In response, eager sellers have brought prices down, suggesting that buyers are in a good position to negotiate,” Jones says.
Lubbock is located in the heart of West Texas and is commonly referred to as “The Hub City” because of its rich cotton farming industry. The city is also known for its rich musical heritage, especially in country and rock music, being the home to artists and acts such as Buddy Holly and Mac Davis.
Ten U.S. housing markets where buyers have the most power right now
- Lubbock, Texas
- Punta Gorda, Fla.
- Lakeland, Fla.
- Crestview, Fla.
- Tampa, Fla.
- North Port, Fla.
- Miami, Fla.
- Port St. Lucie, Fla.
- Gainesville, Fla.
- Orlando, Fla.
Punta Gorda, Florida, is ranked as the second housing market where buyers have the most power right now, just beneath Lubbock, Texas. The median home list price in Punta Gorda is $425,000, and the median days on the market are 90, according to Realtor.com’s report.
The analysis also says Punta Gorda is one of the cities in Florida experiencing “price corrections after overheating during the pandemic housing boom.” Punta Gorda, Florida, or “Fat Point” in Spanish, gets its name because it sits as a fat point jutting out into one of the U.S.’s largest natural harbors, Charlotte Harbor.
Punta Gorda is centrally located between Sarasota and Fort Myers. It is also less than a three-hour drive from Tampa, Orlando, and Miami. The Florida city is known as one of the top sport-fishing destinations, according to the Visit Florida website. Because it is situated along the Peace River where it meets Charlotte Harbor, Punta Gorda is also known for water recreation, including sailing and yachting.
