Monday Market Update: Easiest & Hardest Markets For Homebuyers

Is a pain-free home search possible…anywhere? 

The best things in life rarely come easy – and buying a home definitely falls into that category. However, some locations are easier to purchase in than others, and last week Realtor.com® revealed their picks for the 10 easiest and 10 hardest housing markets for buyers. 

10 Easiest Housing Markets For Homebuyers

1. Lubbock, TX

2. Punta Gorda, FL 

3. Lakeland, FL

4. Crestview, FL

5. Tampa, FL

6. North Port, FL

7. Miami, FL

8. Port St. Lucie, FL

9. Gainesville, FL

10. Orlando, FL

Wow! The first thing we noticed about this list was the prevalence of Florida metros; nearly all of the ‘easy’ purchase markets are in Florida with one city in Texas ranking #1. Even more interesting to use was not where these cities are, but why they made the list. The Realtor.com® analysis utilized the following criteria: 

- Year-over-year shift in median list price

- Year-over-year shift in the share of listings that saw price reductions

- Year-over-year shift in active listing count

- Median days on the market

- Change in active listing levels between July 2019 and July 2024

In general, cities where buyers have the power are slow-moving markets where supply outpaces demand, areas where new construction is abundant and regions that saw price surges during the early Covid-era pandemic days, yet those surging prices and climbing rates tempered demand so price corrections from ‘overheating’ are occurring. One more feature of note: the condo Florida market has softened tremendously after the collapse of the Surfside condo collapse in 2021. As such, new safety standards have been passed and resulted in costly special assessments for multi-family unit owners near the coast. 

10 Hardest Housing Markets For Homebuyers

1. Erie, PA

2. Syracuse, NY

3. Rochester, NY

4. Canton, OH

5. Kalamazoo, MI

6. Manchester, NH

7. Norwich, CT

8. Sioux Falls, SD

9. Toledo, OH

10. York, PA

While no single state largely dominates the ‘hardest’ areas to buy list, there are a few states that made more than once appearance (New York, Ohio & Pennsylvania). Realtor.com® declares that this list reflects cities in metros that have been the most resilient since the pandemic, where prices are continuing to increase despite nationwide affordability concerns. You may have noticed that the hardest markets are in the Northeast and Midwest, where new construction is more limited. Interestingly, while Realtor.com® noted that these areas have climbing prices now, they are previously affordable markets who have now attracted so many buyers that demand has outpaced supply, thus driving sales prices up. 

While no California or Bay Area cities made either list, you no doubt have your own barometer of how ‘easy’ or ‘hard’ it is to buy in your local market. The same criteria used to rank the cities can be re-purposed in your own analysis of what could make your next home search pain-free or particularly challenging. 

Full Article: America’s 10 Easiest Housing Markets for Homebuyers—and the 10 Hardest

Best wishes, 

Bobbi