As the Spring selling season looms, investors will have to look at opposite coasts for the best locales in which to buy and sell homes, according to a recent Zillow report.
The East Coast hosts seven of the top 10 metros that have the best conditions for buyers, according to the Zillow Buyer-Seller Index. New York topped the list as the best metro for buyers, but Florida features three large metro areas — Miami, Tampa and Orlando — as top destinations for buyers.
While New York topped this list, Zillow reiterated that it’s still not an affordable metro. New York’s $438,300 median home value in January was nearly double the $225,300 U.S. median. While a challenge for many to enter such an expensive market, those that can stomach the costs are enjoying the benefits.
“Other aspects of the New York market are a boon to buyers who can afford it,” Zillow reported. “For example, among the largest 35 metros, it has the longest number of days on the market, at 132 days. The next longest time on market is 102 days in Chicago.”
Comparably, the No. 2 metro for buyers — Miami-Fort Lauderdale — sees less expensive prices and relatively long days on market. Miami’s median home value in January was $283,800 while homes sat on the market for an average of 99 days.
Another metric in Zillow’s buyer-seller index is the sale-to-list-price ratio. If the ratio is below 100 percent it’s a better market for buyers as they’re paying that much less than the original list price. The lowest ratios among the metros are Pittsburgh, at 93.7 percent, Miami at 93.9 percent and Chicago at 94.2 percent, according to Zillow.
Tech cities dominate the best sellers list
West Coast tech hubs reign atop the list of best metros for sellers.
San Francisco, San Jose and Seattle — each of which are some of the most-expensive markets — lead the pack of metros that have the best conditions for sellers.
San Francisco ranks as No. 1, featuring a median home value of $957,400 in January and an average market tenure of only 57 days. It also features the highest sale-to-list-price ratio among metros at 98.6 percent. San Francisco also had the smallest share of price cuts in January, at 11.5 percent.
No. 2 San Jose boasts the highest median home value on the list at $1.24 million and an average of 61 days on market. No. 3 Seattle posted a median home value of $489,700 and an average of 77 days on market.
Check out the maps below for more info on the best metros for sellers and buyers lists.
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