At last, home shoppers in some of the nation’s biggest metros can celebrate some good news: A few places finally are turning into buyer’s markets.
Among the 50 top metros nationwide, a handful are starting to tilt toward buyers, according to Zillow. In these markets, those hoping to purchase new homes now have a bit more leverage in negotiations.
During May, nearly 25% of all homes for sale nationwide saw a price cut, the highest share at any time during the past six springs.
In the following markets, your odds of getting a bargain are particularly good, based on their low scores on Zillow’s market heat index, which indicate that they are cooling markets.
New Orleans, LA
As of May 2024, this metropolitan area has a:
- Zillow market heat index of 37.2
- Zillow Home Value Index of $241,191
New Orleans is known for its music and its party spirit. It’s also home to both the most historic districts of any city in the U.S. and the longest continuous bridge in the world.
Miami, FL
As of May 2024, this metropolitan area has a:
- Zillow market heat index of 38.1
- Zillow Home Value Index of $490,511
Miami is the only city in the U.S. bordered by two national parks — Everglades National Park and Biscayne National Park. It is also renowned for the world’s largest collection of art deco architecture.
Jacksonville, FL
As of May 2024, this metropolitan area has a:
- Zillow market heat index of 42.1
- Zillow Home Value Index of $360,547
Jacksonville is a monster-sized city: At more than 840 square miles, it is the largest city by landmass in the contiguous U.S. It also has 1,100 miles of shoreline, tops in Florida.
Tampa, FL
As of May 2024, this metropolitan area has a:
- Zillow market heat index of 42.9
- Zillow Home Value Index of $381,414
Tampa has the longest continuous sidewalk in the world — the nearly 4.5-mile Bayshore Boulevard. The metro area also enjoys an average of more than 240 days of sunshine annually.
Memphis, TN
As of May 2024, this metropolitan area has a:
- Zillow market heat index of 43.6
- Zillow Home Value Index of $242,300
Like New Orleans, Memphis is all about the music. Beale Street is known for its vibrant blues scene, and the city itself has been name-checked in more than 1,000 songs at last count.
Neutral housing markets
In addition to the budding buyer’s markets mentioned above, there are several cities that now have a “neutral” status that places them between buyer’s and seller’s markets. Those cities — and their market heat indexes — are:
- Austin, TX: 46.5
- Orlando, FL: 47.3
- San Antonio, TX: 49.7
- Atlanta, GA: 51.0
- Houston, TX: 53.1
- Nashville, TN: 53.1
- Oklahoma City, OK: 53.8
- Charlotte, NC: 55.3
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