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CA News 2024

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Zillow – NBC 6 South Florida

Zillow’s new market heat index has been released and Florida was found to have several top regions for homebuyers.

According to Zillow, the South was the most buyer-friendly, with Florida and Texas taking seven of the top ten spots.

Notably, Miami and New Orleans tied for the most buyer-friendly market. Tampa, Jacksonville and Orlando also claimed spots in the top 10.

Zillow’s market heat index is intended to capture the balance between housing supply and demand, researchers said. It takes into account the share of homes that are processed quickly – within 21 days or less – the share of homes with a price reduction and the involvement of active Zillow listings in a market.

Top urban areas for homebuyers

  • Miami, FL
  • New Orleans, LA
  • Tampa, FL
  • Jacksonville, FL
  • Memphis, TN
  • Orlando, FL
  • Austin, Texas
  • San Antonio, Texas
  • Houston, Texas
  • Atlanta, GA

Potential buyers who witnessed stiff competition in the sunny markets of Texas and Florida earlier in the pandemic are seeing no such frenzy now, as strong construction in many of these markets has helped restore inventory levels, Zillow reports. Austin and San Antonio are two of only three markets now with more inventory than before the pandemic, while Tampa, Orlando and Jacksonville are among the smallest shortages.

Partly because of this relatively plentiful supply, Florida metro areas make up three of the four markets considered “buyer’s markets,” researchers noted. Another seven markets are considered “neutral” markets, including one in Florida and three more in Texas.

South Florida is going through quite a shake-up as recent years have proven to be more of a seller’s market or a neutral market.

Buyers in the Miami Metropolitan Area have had more options to choose from than last year – as total inventory increased by 41.3%.

Typical home values ​​here are $489,836 – up 7.3% since last year.

Reportedly, 24.6% of listings on Zillow saw a price reduction in April, and these reductions are more common than in 2023 – as data shows that the share of listings with a price reduction increased 7.1% since last year.

More sellers are also entering the market – as new inventory is up 27.2% year over year.

Strong buyer’s markets

  • Cape Coral, FL
  • McAllen, Texas
  • Northhaven, FL
  • Deltana, FL
  • New Orleans, LA
  • Miami, FL
  • Urban Honolulu, Hi
  • Tampa, FL
  • Palm Bay, FL
  • Jackson, MS
  • Jacksonville, FL