The number of properties for sale has hit a record low, and that could mean a tougher house hunt ahead for home buyers this spring. The housing shortage is hitting markets across the country, making places like Buffalo and Rochester, N.Y., Columbus, Ohio, and Salt Lake City feel more like the competitive housing markets and tech hubs of San Francisco, Silicon Valley, and Seattle, realtor.com® reports.
Realtor.com® researchers analyzed housing markets to find out where it’s toughest or easiest to find a home. San Jose, Calif., topped the list as toughest housing market in the country, with just four listings per 1,000 homeowner households. Markets like San Francisco and Rochester and Buffalo, N.Y., followed on its list. Overall, California led the nation with six of the top 20 toughest markets to find housing, but Ohio followed with three markets—Columbus, Cincinnati, and Akron.
“While the nation’s housing supply continues to hit new lows just in time for the spring homebuying season, local market differences remain,” says Danielle Hale, realtor.com®’s chief economist. “Although the toughest list is sprinkled with some of the markets you expect, others may be a surprise—they represent markets where housing is still affordable, but quality of life makes them attractive markets, especially for first-time buyers.”
The average median listing price for the top 20 toughest markets was $480,830 in January, which is 40% higher than the average median price of the top 100 largest markets across the country. Further, 17 of the top 20 toughest markets began the year 2020 with double-digit annual declines in available inventory, meaning housing shortages are only worsening, realtor.com® reports.
The following are the 20 toughest markets to find a home, according to realtor.com®:
On the other hand, home buyers in the South may have the easiest time finding a home. Florida metros claimed four of the top five spots and seven of the top 20 easiest markets to find a home, according to realtor.com®’s analysis.
“Buyers searching in easier markets generally benefit from a combination of strong availability of homes for sale and, with some exceptions, healthy, yet more moderate price growth,” Hale says.
The average median listing price for the top 20 easiest markets was $356,345 in January, which is 3% higher than the average median price of the nation’s 100 largest markets, realtor.com® reports.
The following are the 20 easiest markets to find a home.
Source: realtor.com®
