Some cities are still seeing bidding wars — but others are flooded with inventory
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Is it a buyer’s market or a seller’s market? The answer depends on where you live.
A new analysis from Zillow shows that while many once-hot Sun Belt markets have cooled, competition remains fierce along the East Coast — especially in cities where new housing construction hasn’t kept pace with demand.
Nationally, conditions are beginning to even out. “The market is starting to show signs of a more balanced housing market,” said Zillow senior economist Orphe Divounguy. “Inventory is up 20% over last year, and about one in every four sellers are cutting prices.”
That balancing act comes from sharp contrasts between regions. To measure competitiveness, Zillow analyzed the nation’s largest metro areas across three factors: the number of engaged buyers per listing, the share of homes selling above asking price, and how quickly homes go from “for sale” to pending.
Continue reading to see which markets topped the list — and which ones lagged behind.
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San Antonio’s housing market is relatively cool, with about four buyers per listing. Homes usually take 37 days to go pending, and only 17% sell above asking, indicating less urgency among buyers.
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Memphis has a softer housing market, with under four buyers per listing. Just 16% of homes sell above list price, though properties tend to move faster than in many other low-competition metros, going pending in about 22 days.
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In New Orleans, just 3.5 buyers compete per listing. Only 11% of homes sell above asking, and properties take an average of 47 days to go pending, making it one of the slowest-moving markets on the list.
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Houston sees limited competition, with just 3.4 buyers per listing. Homes here typically spend nearly a month on the market, and only 14% sell above asking, reflecting the slower pace.
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Miami ranks the least competitive markets, with fewer than three buyers per listing. Only 8% of homes sell above list price, and properties linger for around 50 days before going pending.
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Richmond rounds out the list of the most competitive markets, with more than nine buyers per listing. While only 41% of homes sell above asking, properties still move quickly, going pending in just six days.
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Boston’s housing market remains fiercely competitive, with more than 10 buyers per listing. Over half of homes sell above the list price, and properties typically go pending within a week, despite the city’s higher typical home value.
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In Providence, buyers face steep competition, with almost 11 interested shoppers per listing. Just over half of sales close above asking, and homes tend to go pending in about 10 day.
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Hartford stands out for both demand and speed, attracting over 11 shoppers per listing. An impressive 62% of homes sell above list price, and properties are usually under contract within six days.
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Buffalo tops the list as the most competitive market, with nearly 13 buyers vying for each available listing. More than half of homes sell above the asking price, and properties are typically pending in just 10 days.
