Top 5 Buyer-Friendly Housing Markets with Price Cuts and Increased Inventory: A Guide for Homebuyers

Shopping for a new home can be a daunting task, but finding one in a real estate market that is more favorable to buyers can make the process much easier. According to a recent report by Realtor.com, several cities in the South and West stand out as being the most "buyer-friendly," offering ample inventory and plenty of homes with reduced prices. The report identified ten metro areas across seven different states that host housing markets that are most favorable for buyers. These areas include Phoenix, Arizona; Tampa, Florida; Denver, Colorado; Austin, Texas; and Jackson, Florida, among others. In Phoenix, over 1.67 million people live, and 31.3% of the properties on the market in May had a price reduction, the highest percentage of any city in the top-10. The number of active listings in Phoenix posted a 23.1% year-over-year jump last month. Tampa, Florida, saw homes take 60 days to sell and had a median price of $417,500. Roughly 29.9% of its listings in May had experienced a price cut. Denver, Colorado, had the biggest year-over-year jump in active listings in May, with a 63.9% increase. The proportion of up-for-sale homes that have undergone price cuts came in at 29.4%. Austin, Texas, saw the median home ask $525,000 in May, and 29.1% of homes on the market had a discount. Jackson, Florida, posted a 31.2% increase in active listings from a year ago, and roughly 28.8% of homes in the area featured a price reduction. Nationwide, the U.S. had over 1 million homes on the market in May, a level that the country hadn't climbed above since the winter of 2019. Prices had been reduced on 19.1% of homes up for sale across the country last month. U.S. home sellers sought a median price of $440,000 in May, marking a 2% increase from the prior month and a 0.1% lift from a year ago. If you're in the market for a new home, these cities may be worth considering as they offer a more buyer-friendly environment with plenty of options and reduced prices. Whether you're looking for a spacious family home or a cozy starter home, these cities have something to offer for everyone. So why not start your search here and see what kind of options you can find?