Where To Find Deals In Today’s Market
These Are The Top 10 Metros With the Most Discounted Listings
Steep interest rates and high borrowing costs have caused the majority of owners to reconsider placing their property on the market. But some have dismissed the housing market turbulence and have decided to take the plunge and list their homes anyway.
While inventory is still flying off the shelf in certain cities, the pool of buyers and investors has largely shrunken. This has left a handful of metros dry with little activity; causing listings to go stale as they sit on the market longer than usual.
As a result, sellers are slashing prices left and right in an effort to lure an offer that tops their bottom line. Of the Top 10 Markets with the Largest Increase in Price Reductions, Miami came in at #2. Two other metros in The Sunshine State took #3 and #7. Texas also showed up on the list more than once. San Antonio and Dallas took 8th and 9th place respectively.
Here’s the full list of metros with the most deals floating around:
Portland, Oregon Metro median list price: $600,000 Increase in share of listings with a price reduction: +8.8%
Miami, Florida Metro median list price: $550,000 Increase in share of listings with a price reduction: +5%
Tampa, Florida Metro median list price: $416,000 Increase in share of listings with a price reduction: +4%
Columbus, Ohio Metro median list price: $377,000 Increase in share of listings with a price reduction: +3.4%
Oklahoma City, Oklahoma Metro median list price: $323,000 Increase in share of listings with a price reduction: +3.1%
Memphis, Tennessee Metro median list price: $325,000 Increase in share of listings with a price reduction: +3%
Orlando, Florida Metro median list price: $435,000 Increase in share of listings with a price reduction: +3%
San Antonio, Texas Metro median list price: $335,000 Increase in share of listings with a price reduction: +2.9%
Dallas, Texas Metro median list price: $435,000 Increase in share of listings with a price reduction: +2.8%
Virginia Beach, Virginia Metro median list price: $385,000 Increase in share of listings with a price reduction: +2.8%
Surprisingly, neither California nor New York made the list. With California being home to the West Coast’s largest metro - Los Angeles - and NYC holding the crown in the Upper East; many would expect two of the most expensive housing markets in the nation to be a bit more price sensitive. However, home values have remained relatively strong in both cities.
Contrarily, the post-covid darlings throughout the Southeast and Sunbelt regions appear to have been hit the hardest with the highest increase in price reductions. After the lockdown was lifted, both businesses and families moved in droves to Florida and Texas the second they got the chance. This pushed home prices to fever pitch heights in Miami, Austin, and the surrounding suburbs. But just as quickly as they’ve risen, prices are also retreating at a similar pace.
For homeowners situated in the more firmly established markets along the West and East Coast, the pricing stability offers a bit of reprieve amongst the unease that’s been caused by fluctuating interest rates and the spike in borrowing costs. And for buyers that are looking to relocate to one of the more trending markets, such as Miami’s South Beach or the new ‘Texas Tech Scene’, the recent dip in home prices opens the door wide open for those ready to make a move.
If you’re considering a home purchase, sale or investment this year, and you’d like professional guidance and assistance throughout the process, our team is here to help.
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