Shoppers dreaming of a new home might want to start looking soon.
Competitive momentum that had been swinging toward buyers in recent months is showing signs of stopping nationwide, according to real estate platform Zillow.
Overall, housing markets nationwide are at a point of neutrality, with neither buyers nor sellers having an edge. But in some individual markets, buyers have now gained the upper hand. In other markets, sellers reign supreme.
In a summary of findings, Kara Ng, Zillow senior economist, says that if you can afford a home and have been waiting to buy, now might be the right time:
“Sidelined buyers should revisit their budget; mortgage rates are lower than recent years, and in some markets, sellers are more willing to deal. But don’t expect this window of opportunity to stay open indefinitely. Buyers’ leverage is easing as many sellers put their plans to list on hold.”
Zillow looked at the top 50 largest metro areas and generated a market heat index score for each of them. Nationwide, the overall neutral housing market heat index reading sat at 52 in August.
But some markets had lower scores — meaning the market is leaning more toward buyers than sellers — while other markets had higher scores that indicate sellers are in control.
Here are the markets that finally favor buyers, and many other markets where sellers maintain the upper hand.
Buyer’s markets
Among the 50 largest metro areas, the following were categorized as buyer’s markets as of August:
- Miami, FL — Zillow market heat index of 36.2; Zillow home value index of $471,510
- New Orleans, LA — 40.0; $256,408
- Jacksonville, FL — 40.5; $349,605
- Austin, TX — 40.5; $433,296
- Seattle, WA — 42.9; $742,750
- Atlanta, GA — 43.2; $382,242
- Tampa, FL — 42.0; $358,438
Neutral markets
Among the 50 largest metro areas, the following were categorized as neutral markets as of August:
- San Antonio, TX — Zillow market heat index of 44.4; Zillow home value index of $280,484
- Houston, TX — 45.3; $307,762
- Indianapolis, IN — 44.6; $288,552
- Nashville, TN — 45.3; $452,088
- Memphis, TN — 45.0; $241,924
- Denver, CO — 46.1; $573,589
- Orlando, FL — 45.5; $386,490
- Charlotte, NC — 45.6; $385,392
- Louisville, KY — 46.7; $270,131
- Dallas, TX — 48.1; $365,592
- Birmingham, AL — 49.5; $255,889
- Oklahoma City, OK — 49.9; $241,224
- Phoenix, AZ — 51.4; $445,934
- Detroit, MI — 50.7; $263,336
- Raleigh, NC — 50.9; $440,125
- Pittsburgh, PA — 52.2; $226,704
- Las Vegas, NV — 51.6; $432,988
- Portland, OR — 53.3; $545,443
- Columbus, OH — 52.8; $326,786
- Salt Lake City, UT — 53.4; $557,273
- Cincinnati, OH — 54.3; $298,172
Seller’s markets
Among the 50 largest metro areas, the following were categorized as seller’s markets as of August:
- Virginia Beach, VA — Zillow market heat index of 57.4; Zillow home value index of $362,214
- Philadelphia, PA — 57.7; $381,504
- Riverside, CA — 57.8; $579,021
- Kansas City, MO — 58.9; $317,647
- Los Angeles, CA — 58.8; $945,166
- San Diego, CA — 59.5; $918,990
- Sacramento, CA — 59.0; $574,596
- Washington, DC — 61.5; $575,681
- Baltimore, MD — 60.8; $398,230
- Chicago, IL — 63.5; $341,381
- Cleveland, OH — 65.5; $243,904
- Minneapolis, MN — 64.6; $384,416
- St. Louis, MO — 66.0; $268,041
- Richmond, VA — 66.1; $384,156
- Milwaukee, WI — 67.4; $372,915
Strong seller’s markets
Among the 50 largest metro areas, the following were categorized as strong seller’s markets as of August:
- Boston, MA — Zillow market heat index of 70.3; Zillow home value index of $720,695
- Providence, RI — 72.0; $506,743
- New York, NY — 74.4; $705,186
- San Jose, CA — 74.5; $1,544,081
- San Francisco, CA — 79.0; $1,099,859
- Hartford, CT — 90.0; $386,436
- Buffalo, NY — 107.5; $281,368
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