US Housing Market Shifts Toward Buyers in Most Major Metros
A new report from Realtor.com indicates that a majority of major U.S. housing markets now favor buyers, a trend not seen in eight years, with the South leading the shift.
The U.S. housing market saw a significant shift in favor of buyers during the second quarter, with most major metropolitan areas offering increased leverage to purchasers, according to a Tuesday report by Realtor.com. This marks the most buyer-friendly market since 2016, as the national median listing price dropped approximately 2.5% compared to the previous year.
Realtor.com's analysis, which now includes the 100 largest metro areas, shows a clear regional divide. While Southern cities like Miami and New Orleans are experiencing strong buyer advantages, many Midwestern markets, including Indianapolis and Kansas City, continue to favor sellers. Senior economist Jake Krimmel noted that two-thirds of Midwestern metros remain tilted toward sellers, with no areas shifting into buyer territory.
Nationally, 70% of the 100 largest metro areas now favor buyers or are trending in that direction, a notable increase from 52% last year. The report identifies 19 buyer's markets, characterized by falling median listing prices and increased seller willingness to negotiate. These markets are concentrated in the South and West, where sellers are reportedly pricing homes more realistically.
Despite the overall trend, 25 metro areas remain seller's markets, though many are showing signs of loosening conditions. Only Hartford, Connecticut, is classified as a peak seller's market. The report suggests that market dynamics can shift rapidly, with several areas moving towards buyer favorability between the first and second quarters of the year.