When it comes to negotiating power, it’s better to be a home seller in the Bay Area and a buyer in Philadelphia. Zillow’s spring analysis of buyers’ and sellers’ markets across the U.S. looked at how long homes spend on the market, how likely they are to have had a price cut and how much they sold for in relation to their listing price.
The nation’s top sellers’ markets are the big West Coast tech centers in San Jose, San Francisco and Seattle. Less competitive markets where buyers have time to negotiate are in the East and Midwest, including Philadelphia, Chicago and Cleveland.
The rankings are being released as home values are leveling off across the country, according to Zillow’s first quarter market reports. The Zillow Home Value Index (ZHVI) was up 3.9 percent from same time last year, and rents are up 3.7 percent.
You can see the full breakdown on top buyers’ and sellers’ markets below. For more on this report, check out Zillow Research.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”