SANTA CLARA, Calif.,
Feb. 18, 2020 /PRNewswire/ -- The
nation's record low housing inventory is making shopping for a home
in Buffalo and Rochester, N.Y., Columbus, Ohio, and Salt Lake City feel more like the tech hubs of
San Francisco, Silicon Valley and
Seattle, according to a new
analysis issued today by realtor.com® that ranks the
toughest and easiest markets to find a home.
Based on the analysis, San Jose,
Calif., led the list of toughest markets to buy a home with
four listings per 1,000 homeowner households. San Jose is followed in rank order by
San Francisco, Rochester and Buffalo, N.Y., and Seattle, which had an average of 5.2, 6.1, 7.1
and 7.2 for sale homes per 1,000 households, respectively. This
compares to the national average of 16 listings per thousand
owner-occupied homes.
At the other end of the spectrum, the top 20 easiest markets to
buy a home had an average of 22 for sale listings per 1,000
households. Fort Myers, Fla.,
topped the list of easiest markets to buy with nearly 38 listings
per 1,000 households. It was followed by two other Florida markets -- Miami/Fort
Lauderdale with 31.8 listings per 1,000 households and
Deltona/Daytona Beach/Ormond at 30.9 listings per
1,000 households. Bridgeport/Stamford/Norwalk,
Conn., with 29.7 listings per 1,000 households, and
North Port/Sarasota/Bradenton with 25.8 listings per 1,000
households, rounded out the top five easiest markets to buy a
home.
"While the nation's housing supply continues to hit new lows
just in time for the spring home-buying season, local market
differences remain," said realtor.com® Chief Economist
Danielle Hale. "Although the
toughest list is sprinkled with some of the markets you expect,
others may be a surprise -- they represent markets where housing is
still affordable, but quality of life makes them attractive
markets, especially for first-time buyers."
Hale added, "We also found that 'easiest' doesn't mean that a
market is struggling. Buyers searching in easier markets generally
benefit from a combination of strong availability of homes for-sale
and, with some exceptions, healthy, yet more moderate price
growth."
To determine the toughest and easiest markets to find a home,
realtor.com® looked at the density of home
listings in each market relative to the available stock of owned
homes in the area and compared that to the number of active
listings in a market per 1,000 households during the fourth quarter
of 2019.
Toughest Markets to Find a Home
The top 20 toughest
markets include a diverse geographic mix of larger established
metros and up-and-comers where housing is still relatively
affordable. They are concentrated in three regions of the country
-- eight metros from the West, six from the Midwest and six from
the Northeast. None of the markets are located in the South, which
dominates the list of top 20 easiest markets to find a home.
California led the national
list of toughest markets, with six of the top 20 toughest markets
coming from the state. Ohio
followed with three markets -- Columbus, Cincinnati and Akron -- making the top 20 toughest markets
list.
The scarcity of homes is reflected in the market prices, and the
trend in most of the toughest markets is toward even fewer homes
for sale. The average median listing price for the top 20 toughest
markets was $480,830 in January, 40
percent higher than the average median price of the top 100 largest
markets. In addition, 17 of the top 20 toughest markets began 2020
with double-digit annual declines in available inventory, with a
handful of markets seeing more than a 30 percent drop, including
San Jose, San Francisco, Seattle, Salt Lake
City and San Diego.
Realtor.com®'s ranking of the top 20
toughest markets to find a home
Rank
|
Metro
|
Listings
Per 1000
Households
|
Jan. 2020
Active
Listing
Count
YoY
|
Jan. 2020
Median
Listing Price
|
Jan. 2020
Median
Listing
Price YoY
|
1
|
San
Jose-Sunnyvale-Santa Clara, Calif.
|
4
|
-37%
|
$1,099,550
|
10%
|
2
|
San
Francisco-Oakland-Hayward, Calif.
|
5.2
|
-30%
|
$907,550
|
10%
|
3
|
Buffalo-Cheektowaga-Niagara Falls, N.Y.
|
6.1
|
-16%
|
$197,950
|
10%
|
4
|
Rochester,
N.Y.
|
7.1
|
-21%
|
$218,450
|
15%
|
5
|
Seattle-Tacoma-Bellevue, Wash.
|
7.2
|
-32%
|
$599,675
|
6%
|
6
|
Milwaukee-Waukesha-West Allis, Wis.
|
7.7
|
-13%
|
$287,500
|
6%
|
7
|
Columbus,
Ohio
|
8.1
|
-9%
|
$285,000
|
13%
|
8
|
Salt Lake City,
Utah
|
8.3
|
-39%
|
$459,500
|
14%
|
9
|
Boston-Cambridge-Newton, Mass.-N.H.
|
8.4
|
-23%
|
$590,000
|
10%
|
10
|
Springfield,
Mass.
|
8.6
|
-20%
|
$277,500
|
11%
|
11
|
Harrisburg-Carlisle,
Pa.
|
8.7
|
-28%
|
$242,075
|
11%
|
12
|
San Diego-Carlsbad,
Calif.
|
8.8
|
-34%
|
$734,550
|
11%
|
13
|
Washington-Arlington-Alexandria,
D.C.-Va.-M.-W.Va.
|
8.9
|
-23%
|
$479,950
|
11%
|
14
|
Oxnard-Thousand
Oaks-Ventura, Calif.
|
9
|
-23%
|
$827,525
|
18%
|
15
|
Grand Rapids-Wyoming,
Mich.
|
9.1
|
-9%
|
$297,950
|
7%
|
16
|
Madison,
Wis.
|
9.1
|
-11%
|
$352,500
|
3%
|
17
|
Los Angeles-Long
Beach-Anaheim, Calif.*
|
9.2
|
-19%
|
$843,974
|
17%
|
18
|
Sacramento--Roseville--Arden-Arcade,
Calif.
|
9.2
|
-28%
|
$500,000
|
11%
|
19
|
Cincinnati,
Ohio-Ky.-Ind.
|
9.3
|
-24%
|
$267,450
|
12%
|
20
|
Akron,
Ohio
|
9.4
|
-6%
|
$147,950
|
-2%
|
Easiest Markets to Find a Home
The South dominates the
list of easy places to find a home. Florida metros claimed four of the top five
spots and seven of the top 20 easiest markets to find a home.
Connecticut has three markets
represented, while South Carolina
and Texas each have two.
The average median listing price for the top 20 easiest markets
was $356,345 in January 2020, 3 percent higher than the average
median price of the nation's 100 largest markets. Despite having a
good supply of inventory, asking prices are growing and the number
of for sale listings is dropping. For instance, the Fort Myers metro saw asking prices grow 8
percent year-over-year in January, while inventory declined 22
percent during the same period, which was in line with national
market demand.
Realtor.com®'s ranking of the top 20
easiest markets to find a home
Rank
|
Metro
|
Listings
Per 1000
Households
|
Jan. 2020
Active
Listing
Count
YoY
|
Jan. 2020
Median
Listing Price
|
Jan. 2020
Median
Listing
Price
YoY
|
1
|
Cape Coral-Fort
Myers, Fla.
|
37.9
|
-22%
|
$325,045
|
8%
|
2
|
Miami-Fort
Lauderdale-West Palm Beach, Fla.
|
31.8
|
-11%
|
$413,050
|
5%
|
3
|
Deltona-Daytona
Beach-Ormond Beach, Fla.
|
30.9
|
-13%
|
$288,300
|
0%
|
4
|
Bridgeport-Stamford-Norwalk, Conn.
|
29.7
|
-16%
|
$712,050
|
-2%
|
5
|
North
Port-Sarasota-Bradenton, Fla.
|
25.8
|
-20%
|
$375,050
|
7%
|
6
|
Jacksonville,
Fla.
|
21.8
|
-10%
|
$317,545
|
5%
|
7
|
Charleston-North
Charleston, S.C.
|
21.7
|
-13%
|
$422,500
|
7%
|
8
|
Virginia
Beach-Norfolk-Newport News, Va.-N.C.
|
20.9
|
-26%
|
$310,000
|
11%
|
9
|
Las
Vegas-Henderson-Paradise, Nev.
|
19.9
|
-6%
|
$323,532
|
3%
|
10
|
New
York-Newark-Jersey City, N.Y.-N.J.-Pa.
|
19.5
|
-8%
|
$550,050
|
6%
|
11
|
Baton Rouge,
La.
|
19.2
|
-1%
|
$239,950
|
0%
|
12
|
Des Moines-West Des
Moines, Iowa
|
19.1
|
3%
|
$263,950
|
-8%
|
13
|
Houston-The
Woodlands-Sugar Land, Texas
|
18.4
|
-5%
|
$304,105
|
-2%
|
14
|
San Antonio-New
Braunfels, Texas
|
18.2
|
8%
|
$287,795
|
-1%
|
15
|
Lakeland-Winter
Haven, Fla.
|
17.6
|
-9%
|
$235,325
|
5%
|
16
|
Hartford-West
Hartford-East Hartford, Conn.
|
17.4
|
-19%
|
$275,000
|
6%
|
17
|
New Haven-Milford,
Conn.
|
16.8
|
-21%
|
$259,950
|
0%
|
18
|
Urban Honolulu,
Hawaii
|
16.7
|
-9%
|
$655,050
|
-6%
|
19
|
Palm
Bay-Melbourne-Titusville, Fla.
|
16.5
|
-24%
|
$299,950
|
6%
|
20
|
Greenville-Anderson-Mauldin, S.C.
|
16.4
|
-3%
|
$268,700
|
2%
|
Methodology
Households refer specifically to
owner-occupied household counts sourced from Claritas estimates
based on Census data. Listing per 1,000 households calculations
were performed using data from Q4 2019. The latest listing price
and active listings year-over-year data are from January 2020.
About realtor.com®
Realtor.com®
makes buying, selling and living in homes easier and more rewarding
for everyone. Realtor.com® pioneered the world of
digital real estate 20 years ago, and today through its website and
mobile apps is a trusted source for the information, tools and
professional expertise that help people move confidently through
every step of their home journey. Using proprietary data science
and machine learning technology, realtor.com® pairs
buyers and sellers with local agents in their market, helping take
the guesswork out of buying and selling a home. For
professionals, realtor.com® is a trusted
provider of consumer connections and branding solutions that help
them succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. under a perpetual license from the National
Association of REALTORS®. For more information, visit
realtor.com®.
Media Contacts:
- Cody Horvat -
cody.horvat@move.com
- Janice McDill -
janice.mcdill@move.com
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SOURCE realtor.com