Aug 2024 | Top 5 Buyer’s Markets in Major Cities
As we move through 2024, the real estate market is offering some intriguing opportunities for homebuyers, especially in some of the largest cities across the United States. If you’re in the market for a new home, now might be the perfect time to consider these five major metros where buyers hold the advantage. Let’s explore why Miami, Houston, San Antonio, Austin, and Cape Coral are currently some of the best places to find your next home.
1. Miami-Fort Lauderdale-Pompano Beach, Florida
Miami is often associated with luxury living, vibrant nightlife, and stunning beaches. But right now, it’s also a hot spot for homebuyers. The Miami-Fort Lauderdale-Pompano Beach area has seen a significant increase in active listings, with a 72% year-over-year change. Currently, there are over 38,000 homes on the market, giving buyers a plethora of options.
What makes Miami particularly appealing is the median days on market (DOM), which sits at 72 days. This extended selling period means you have time to weigh your options and negotiate better deals. With a market strength of just 27%, buyers here are in the driver’s seat, making it an ideal time to find your dream home in this sun-soaked paradise.
2. Houston-The Woodlands-Sugar Land, Texas
Houston is known for its booming economy, diverse culture, and sprawling urban landscape. The Houston-The Woodlands-Sugar Land metro area is another prime buyer’s market, with a 35% increase in active listings year-over-year. There are nearly 27,000 homes available, which means you’re likely to find something that fits your needs and budget.
What’s interesting about Houston is its market strength of 40%, indicating a relatively balanced market but still leaning in favor of buyers. Homes here spend about 46 days on the market, giving you a good window to explore different options and secure a favorable deal.
3. San Antonio-New Braunfels, Texas
San Antonio offers a unique blend of history, culture, and affordability, making it a top destination for homebuyers. The San Antonio-New Braunfels area has seen a 45% increase in active listings compared to last year, with 11,845 homes currently on the market. This surge in inventory provides buyers with ample choices, whether you’re looking for a historic home downtown or a modern house in the suburbs.
The median DOM in San Antonio is 53 days, and with a market strength of 35%, buyers can expect to find favorable conditions. Whether you’re a first-time homebuyer or looking to upgrade, San Antonio’s current market dynamics offer an excellent opportunity.
4. Austin-Round Rock-Georgetown, Texas
Austin is one of the fastest-growing cities in the U.S., known for its tech industry, music scene, and outdoor activities. The Austin-Round Rock-Georgetown area has experienced a 31% increase in active listings, with 11,135 homes currently on the market. Despite Austin’s popularity, the current market favors buyers, thanks to a median DOM of 58 days.
With a market strength of 32%, the Austin area presents a unique opportunity for buyers who want to be part of a dynamic, growing city. Whether you’re drawn to the city’s vibrant downtown or its peaceful suburban communities, now is a great time to invest in Austin real estate.
5. Cape Coral-Fort Myers, Florida
Last but certainly not least, Cape Coral-Fort Myers offers a more relaxed, coastal lifestyle. This area has seen a 61% increase in active listings, with 9,547 homes currently on the market. The extended DOM of 84 days indicates that homes are staying on the market longer, which is great news for buyers who want time to make informed decisions.
The market strength in Cape Coral-Fort Myers is at 26%, one of the lowest among these major metros, making it a particularly attractive market for buyers. Whether you’re looking for a waterfront property or a quiet neighborhood inland, Cape Coral-Fort Myers has plenty to offer.
Conclusion
If you’re in the market for a new home, these five cities—Miami, Houston, San Antonio, Austin, and Cape Coral—offer some of the best conditions for buyers this August. With increasing inventories, extended days on market, and favorable market strength, now is the perfect time to explore your options and secure a great deal. For more in-depth analysis and tips on navigating these buyer’s markets, be sure to become a Smart Equity Lab Member for only $12/year. Access up to the minute housing data. Happy house hunting!
