Phoenix leads buy-friendly cities at 31.3% of homes that cut prices
Industry experts say the US real estate market is about to change over the coming months.
Buying a home can be difficult, but looking for it in a real estate market that is more favorable for buyers can help ease that pain.
Realtor.com reported On Monday, a few cities stood out as the most “buyer friendly” in May, offering plenty of homes with ample stock and low prices.
Cities in seven different states, south or west, made up 10 metro areas to host Housing Market According to the report, it is the most advantageous for buyers.
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According to Realtor.com, these are five of the most “buyer-friendly” areas.
Phoenix, Arizona
The aerial view shows the downtown skyline in the heat waves of Phoenix, Arizona on July 15th, 2023. Today’s weather forecast predicts temperatures to reach 115 degrees. The Phoenix area is tackling record-breaking temperatures. (Brandon Bell/Getty Images)
With over 1.67 million people living there, Phoenix is the capital of the Grand Canyon province. Of the real estate on sale in the market in May, 31.3% lowered prices. This is a higher percentage per Realtor.com than in the top 10 other cities. Number of Active List Phoenix recorded a jump of 23.1% from the previous month.
Tampa, Florida
Aerial drone view of the vast Tampa Bay Skyline of the Florida Skyline. (Joe Sohm/Visions of America/Universal Images Group via Getty Images)
The Tampa home took 60 days to sell and sought a median of $417,500. Approximately 29.9% of listings in May experienced price cuts, the real estate market reported.
Denver, Colorado
Aerial view of the Denver skyline and the dome of the State Capitol at sunset. (Joe Sohm/Visions of America/Universal Images Group via Getty Images)
Denver’s active listing count scored the biggest jump from the previous year in May, with Realtor.com peging at 63.9%. Meanwhile, the proportion of homes for sale and sales due to price reductions reached 29.4%.
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Austin, Texas
Aerial views will show you the downtown skyline in Austin, Texas on April 11, 2023. Data collected by the Wall Street Journal shows that Austin has been ranked as the top destination in the US job market for the second year in a row. (Brandon Bell/Getty Images)
According to the report, Austin homebuyers saw them ask for $525,000 in May. Realtor.com has found that 29.1% of homes on the market are receiving discounts. It functions as a capital Texas’sIn recent years, we have been seeing an influx of people.
Jacksonville, Florida
View of the downtown Jacksonville, Florida skyline. (istock)
In May, the city of Jackson, northeastern Florida, saw a 31.2% increase in active listings a year ago, according to Realtor.com. Approximately 28.8% of homes in the area were characterized by price reductions. The median $405,000 homes that came to the market in May only hit another city in Realtor.com’s top 10.
Other metro areas in the top 10 included Charleston, South Carolina. Salt Lake City, Utah. Dallas, Texas. Palm Bay, Florida; Portland, Oregon, according to Realtor.com.
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Nationally, the US had over a million homes in the market in May. This is a level where the US has not risen to the top since the winter of 2019. This is another report released at the beginning of the month the real estate market discovered.
Prices were reduced at 19.1% of homes sold nationwide last month, according to Realtor.com.
US home sellers were looking for a median of $440,000 in May, up 2% from the previous month and earning a 0.1% lift from a year ago.