Current Housing Market Insights
Recently, financial influencer Taylor Price appeared on ‘Varney & Co.’ where she discussed how shifting one’s mindset can assist Americans in building wealth and pursuing the American Dream.
As for the housing market, it seems there’s been some fluctuation across the country. A report reveals that only eight metro areas are genuinely considered buyer’s markets currently.
The Economist Research Team at Realtor.com tracks housing trends nationally and in metropolitan areas. Their market clock—based on factors like housing supply, time on the market, price adjustments, and sale ratios—captures local conditions effectively.
In their latest report focusing on the top 50 largest U.S. metro areas, findings showed that around 46% are in a balanced state. This means neither buyers nor sellers really hold an upper hand. Meanwhile, 26% of these markets are leaning towards sellers, while just 16% qualify as buyer’s markets.
Interestingly, most of these buyer markets are situated in the South, although there’s one exception in the West. In contrast, no buyer’s market is found in the Northeast or Midwest, largely due to robust demand and tight supply that has kept those markets balanced, or favoring sellers.
Rising Property Tax Concerns
Simultaneously, data has indicated that Americans are facing increasing property tax burdens, even as home values decline.
In the eight identified buyer’s markets, the market clock stands at five o’clock, suggesting there’s still room for growth. Home listings are rising, and sellers are beginning to reduce prices.
Half of these buyer markets can be found in Florida, specifically in Jacksonville, Miami, Orlando, and Tampa. Additionally, buyers can look to Atlanta, Austin, Nashville, and Riverside in California.
Spring Brings Housing Market Momentum
Even as the spring season kicks off, housing dynamics seem to be shifting positively. Jake Krimmel, a senior economist at Realtor.com, noted that while the number of active listings in these eight metro markets hasn’t necessarily risen year-over-year, there’ve been significant increases since high interest rates reset everything in 2022.
For instance, Riverside and Nashville have seen active listings swell by 222% and 330%, respectively, far surpassing the national average of 172% since March 2022.
This report also highlighted that cities like Miami and other Florida markets transitioned into buyer’s markets quite early and have maintained stability into the current timeframe.
Krimmel further emphasized that potential buyers in these eight metro areas can expect to have more time and options this spring. This shift will give them a chance to negotiate better prices and terms with sellers.
