Phoenix leads buyer-friendly cities with 31.3% of properties slicing costs

Looking for a house could be difficult, however on the lookout for one in an actual property market that’s extra favorable to patrons may help ease that ache. 

Realtor.com reported Monday {that a} handful of cities stood out in Could as being probably the most “buyer-friendly,” providing ample stock and loads of properties with diminished costs. 

Cities in seven totally different states, all within the South or West, made up the ten metro areas that host housing markets most favorable for patrons, per the report. 

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In accordance with Realtor.com, these are 5 of the ten most “buyer-friendly” areas:

Phoenix, Arizona

Phoenix, the place over 1.67 million individuals reside, is the capital of the Grand Canyon State. Of the properties that the market had up on the market in Could, 31.3% carried a discount in worth, a share increased than any of the opposite cities within the top-10,  per Realtor.com. The variety of energetic listings in Phoenix posted a 23.1% year-over-year bounce final month. 

Tampa, Florida

Aerial drone view of sprawling Tampa Bay Skyline, Florida. (Joe Sohm/Visions of America/Common Photographs Group by way of Getty Photographs)

Properties in Tampa took 60 days to promote and sought a median worth of $417,500. Roughly 29.9% of its listings in Could had skilled a worth lower, the true property market reported.

Denver, Colorado

Aerial view of the Denver skyline and state capitol dome at sundown. (Joe Sohm/Visions of America/Common Photographs Group by way of Getty Photographs)

The energetic itemizing depend for Denver notched the largest year-over-year bounce in Could, with Realtor.com pegging it at 63.9%. In the meantime, the proportion of up-for-sale properties which have undergone worth cuts got here in at 29.4%. 

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Austin, Texas

In an aerial view, the downtown skyline is seen on April 11, 2023 in Austin, Texas. Town of Austin has been ranked as the highest vacation spot of U.S. job markets for the second consecutive 12 months, in response to information collected by The Wall Road Journal. (Brandon Bell/Getty Photographs)

Homebuyers in Austin noticed the median dwelling ask $525,000 in Could, in response to the report. Realtor.com discovered 29.1% of properties available on the market had a reduction. It serves because the capital of Texas, a state that has seen an inflow of individuals lately. 

Jacksonville, Florida

A view of the downtown Jacksonville, Florida skyline. (iStock)

In Could, the northeastern Florida metropolis of Jackson posted a 31.2% improve in energetic listings from a 12 months in the past, per Realtor.com. Roughly 28.8% of properties within the space featured a worth discount. The median $405,000 that properties available on the market sought in Could was solely beat by one different metropolis included in Realtor.com’s top-10.

The opposite metro areas within the top-10 included Charleston, South Carolina; Salt Lake Metropolis, Utah; Dallas, Texas; Palm Bay, Florida; and Portland, Oregon, in response to Realtor.com.

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Nationwide, the U.S. had over 1 million properties available on the market in Could, a stage that the U.S. hadn’t climbed above for the reason that winter of 2019, a separate report launched earlier within the month by the true property market discovered. 

Costs had been diminished on 19.1% of properties up on the market throughout the nation final month, in response to Realtor.com.

U.S. dwelling sellers sought a median worth of $440,000 in Could, marking a 2% improve from the prior month and a 0.1% elevate from a 12 months in the past.