In Many Markets, Conditions Begin to Favor Buyers

Challenged by low-inventory conditions and rising prices across much of the country, the outlook for prospective homebuyers has been strained for the past several years. But the shift is now on in many key U.S. cities. According to new research from realtor.com®, as home sales slow and for-sale listings increase in key locations, buyers are back in business.

"The U.S. housing market has largely favored sellers over the last several years as a result of record-breaking low inventory and red-hot demand that led to intense competition and fast-rising home prices. However, we're now seeing some metros buck this trend," according to Danielle Hale, realtor.com®'s chief economist. "Slowing sales and growing inventories have caused months supply to increase in many markets across the country. These buyer-friendly markets are areas where inventory already outpaces sales relative to other large markets and they are continuing to move in a buyer-friendly direction, but they're not the only areas trending this way."

Which markets are hitting the top of the charts for buyers?
  • Albany, N.Y.
  • Chicago
  • San Antonio
  • Jacksonville, Fla.
  • Riverside, Calif.
  • Los Angeles
  • Providence, R.I.
  • Dallas
  • Nashville, Tenn.
  • Tampa, Fla. 
Realtor.com® arrived at this Top 10 list by evaluating markets where:

- The pace of sales compared to available inventory is below the national average and slowing.
- Inventory of available homes for sale is growing.
- Sales prices are growing slower than the national average or declining.

According to the research, the months supply of inventory in these markets has increased to 5.2 months compared to 4.5 months this time last year. This means that it would take 5.2 months to run out of homes for sale.

As inventory increases in these 10 markets, home prices have leveled off, increasing just 1.4 percent on average. This is down dramatically from last year’s 8.4 percent sales price increase, and the 6.3 percent growth in 2017.

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