Zillow report shows top markets for buyers, sellers
Many home sellers are thriving in the San Francisco, San Jose, and Las Vegas metro areas, where price cuts are relatively uncommon and homes often sell for at or near their asking price, according to Zillow’s new ranking of buyers’ and sellers’ markets.
On the other end of the spectrum, the Chicago, Milwaukee, and Cleveland metros are still buyers’ markets, with homes taking longer to sell and buyers logging average discounts of 5 percent off the asking price.
Zillow analyzed data on sale-to-list price ratios, number of days listings spent on Zillow and percent of homes on the market with a price cut, and ranked the 50 largest metro areas to determine whether buyers or sellers have more negotiating power in a given market. In this analysis, a sellers’ market is not necessarily one where home values are rising, but is a market where sellers are more likely to sell their home for close to asking price and where listings spend less time on the market. A buyers’ market is one where buyers have more bargaining power, thanks to listings lingering longer on the market and sellers being forced to cut asking prices.
|Top 10 Sellers’ Markets||Top 10 Buyers’ Markets|
|1.||San Jose, Calif.||1.||Chicago, Ill.|
|2.||San Francisco, Calif.||2.||Milwaukee, Wis.|
|3.||Las Vegas, Nev.||3.||Cleveland, Ohio|
|4.||Sacramento, Calif.||4.||New York, N.Y.|
|5.||Phoenix, Ariz.||5.||Philadelphia, Pa.|
|6.||Riverside, Calif.||6.||Jacksonville, Fla.|
|7.||Washington D.C.||7.||Providence, R.I.|
|8.||Los Angeles, Calif.||8.||Cincinnati, Ohio|
|9.||Salt Lake City, Utah||9.||Hartford, Conn.|
|10.||Austin, Texas||10.||Houston, Texas|
The above chart is from Zillow and here isthe link to the full Press Release
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