Albany, New York tops the list Photo by: Joe Sohm/Visions of America/Universal Images Group via Getty Images)
Universal Images Group via Getty Images
Realtor.com® recently crunched the numbers on the top 10 markets for home buyers thanks to climbing inventory, slowing sales, and lackluster price growth. “The top ten home markets have above the national average in monthly supply relative to other markets across the country. That’s why they are more buyer-friendly than other areas,” explains realtor.com’s chief economist Danielle Hale.
The rankings were compiled using four key benchmarks; months of supply, months of supply year-over-year, active listing count year-over-year and year-over-year median sales price. Markets, where supply increased along with flat price increases, made the top ten.
“To determine the top markets for buyers, realtor.com focused its analysis on markets where the pace of sales relative to inventory is below the national average and slowing, inventory of available homes for sale is growing, and sales prices are growing slower than the national average or declining.” Here’s the rankings of the “top ten markets for home buyers.”
Topping the list is Albany, followed by Chicago, San Antonio, Jacksonville, Riverside, Calif, Los Angeles, Providence, Dallas, Nashville, and Tampa. “What we saw with selling prices were not so many declines as year-over-year prices not increasing anywhere near the level we were seeing last year,” Hale adds. Sellers should consider this when pricing their homes. Most market savvy real estate agents and brokers do try to manage client expectations when it comes to listing prices in today’s market. If you’re a seller who needs to sell, then you want a solid offer as soon as possible.
Top Ten Markets for Home Buyers Home
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Here’s a deep dive into the top markets. At number one on the chart is the Albany-Schenectady-Troy, New York market. Head upstate to these cities you’ll find 6.4 months of supply accounting for a 31% year-over-year increase. Median year-over-year sales prices remain flat. A four-bedroom raised ranch with spacious yard in the Capital Hills neighborhood just went on the market for $214,900.
In the second spot is Chicago-Naperville-Elgin, Illinois metro. It’s experienced the same flat median sales price increase as the Albany area. Active listing counts increased 5% year-over-year. Elgin, 35 miles northwest of Chicago offers Midwest buyers a good selection of properties in the mid-$200,000 range. A 2,363 square foot custom home in the prestigious Sherwood Oaks area on almost an acre is listed at $275,000. A large backyard with mature trees and landscaping makes up for the cosmetic work needed to update.
Moving down the list to number three is San Antonio-New Braunfels, Texas. According to realtor.com, the area has a 13% year-over-year increase in active listings. That makes house hunting easier than a year ago. New Braunfels is about 32 miles from downtown San Antonio. With a median listing price of $254,997 New Braunfels speaks to the affordability problems, buyers face. A four- bedroom two-story 2,700 square foot home built in 2007 came on the market two days ago at $259,900.
Buyers looking in these ten markets can expect to see “a dramatic slowdown in prices escalating. It comes down to prices aren’t declining just not increasing as much,” Hale notes. For first-time buyers with flexibility in where they can live, these markets do offer affordable options now.
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