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5 Housing Markets That Finally Favor Buyers — and 8 Neutral Ones

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At last, home shoppers in some of the nation’s biggest metros can celebrate some good news: A few places finally are turning into buyer’s markets.

Among the 50 top metros nationwide, a handful are starting to tilt toward buyers, according to Zillow. In these markets, those hoping to purchase new homes now have a bit more leverage in negotiations.

During May, nearly 25% of all homes for sale nationwide saw a price cut, the highest share at any time during the past six springs.

In the following markets, your odds of getting a bargain are particularly good, based on their low scores on Zillow’s market heat index, which indicate that they are cooling markets.

New Orleans, LA

Homes in New Orleans
Nina Alizada / Shutterstock.com

As of May 2024, this metropolitan area has a:

  • Zillow market heat index of 37.2
  • Zillow Home Value Index of $241,191

New Orleans is known for its music and its party spirit. It’s also home to both the most historic districts of any city in the U.S. and the longest continuous bridge in the world.

Miami, FL

Brightly colored Miami home.
SergeevDen / Shutterstock.com

As of May 2024, this metropolitan area has a:

  • Zillow market heat index of 38.1
  • Zillow Home Value Index of $490,511

Miami is the only city in the U.S. bordered by two national parks — Everglades National Park and Biscayne National Park. It is also renowned for the world’s largest collection of art deco architecture.

Jacksonville, FL

House in Jacksonville, Florida
jthomasweb / Shutterstock.com

As of May 2024, this metropolitan area has a:

  • Zillow market heat index of 42.1
  • Zillow Home Value Index of $360,547

Jacksonville is a monster-sized city: At more than 840 square miles, it is the largest city by landmass in the contiguous U.S. It also has 1,100 miles of shoreline, tops in Florida.

Tampa, FL

Tampa, Florida
picturin / Shutterstock.com

As of May 2024, this metropolitan area has a:

  • Zillow market heat index of 42.9
  • Zillow Home Value Index of $381,414

Tampa has the longest continuous sidewalk in the world — the nearly 4.5-mile Bayshore Boulevard. The metro area also enjoys an average of more than 240 days of sunshine annually.

Memphis, TN

Homes in Memphis, Tennessee
Steven Frame / Shutterstock.com

As of May 2024, this metropolitan area has a:

  • Zillow market heat index of 43.6
  • Zillow Home Value Index of $242,300

Like New Orleans, Memphis is all about the music. Beale Street is known for its vibrant blues scene, and the city itself has been name-checked in more than 1,000 songs at last count.

Neutral housing markets

Homes in the suburbs of Austin, Texas
Roschetzky Photography / Shutterstock.com

In addition to the budding buyer’s markets mentioned above, there are several cities that now have a “neutral” status that places them between buyer’s and seller’s markets. Those cities — and their market heat indexes — are:

  • Austin, TX: 46.5
  • Orlando, FL: 47.3
  • San Antonio, TX: 49.7
  • Atlanta, GA: 51.0
  • Houston, TX: 53.1
  • Nashville, TN: 53.1
  • Oklahoma City, OK: 53.8
  • Charlotte, NC: 55.3

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Copyright © 2024 ONSWM News. Content posted on the Old North State Wealth News page was developed and produced by a third party news aggregation service. Old North State Wealth Management is not affiliated with the news aggregation service. The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date the articles were published. The information presented is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities discussed.