Buying a house in today's housing market could be impossible, especially for first-time buyers who have been pushed to the sidelines due to soaring home prices.
The median sale price of a home in the US rose to $438,815 in July, marking a 4.0% year-over-year increase, according to data from Redfin. Mortgage rates also remain elevated, with the contract rate for the 30-year term settling at 6.46% in the week ending Aug. 22, per Freddie Mac.
But despite those factors, some metro areas in the US are still friendly to potential buyers, as reported by Realtor.com. The real estate listings website ranked 200 of the largest metro areas in the US by "easiest" to "hardest." Cities deemed to have the "easiest" market means buyers have more spending power while those marked the "hardest" or markets where buyers lack leverage.
The Realtor report analyzed several factors, including year-over-year shifts in median list price, the share of listings that saw price reductions, active listing count, the number of days a home spends on the market, and a change in active listing levels between July 2019 and 2024.
Housing Markets Where Buyers Have the Most Power
In many of the markets where buyers have the most spending power, there were a growing number of homes for sale. Price growths were also decelerating.
1. Lubbock, TX
Median Home List Price: $253,500
Median Days on the Market: 55
2. Punta Gorda, FL
Median Home List Price: $425,000
Median Days on the Market: 90
3. Lakeland, FL
Median Home List Price: $349,900
Median Days on the Market: 51
4. Crestview, FL
Median Home List Price: $330,000
Median Days on the Market: 55
5. Tampa, FL
Median Home List Price: $460,000
Median Days on the Market: 54
Housing Markets Where Buyers Have the Least Power
In contrast, housing markets where buyers had the least power have limited inventory for buyers, with the supply remaining below pre-pandemic levels. This has led to soaring home prices and increased competition among buyers.
1. Erie, PA
Median Home List Price: $198,250
Median Days on the Market: 29
2. Syracuse, NY
Median Home List Price: $198,500
Median Days on the Market: 28
3. Rochester, NY
Median Home List Price: $184,900
Median Days on the Market: 21
4. Canton, OH
Median Home List Price: $229,000
Median Days on the Market: 23
5. Kalamazoo, MI
Median Home List Price: $289,900
Median Days on the Market: 31
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