Miami Beach tops list for best markets for homebuyers
Miami Beach tops the list for the best markets for home buyers, according to data published by Realtor.com.
In most parts of the country, it is a seller’s market. However, the data shows that there are still some places where the buyer has the advantage. They came up with the ten best towns in the United States that are favorable towards buyers at this time. They looked at cities where home prices had not risen more than 10% in the past year and calculated the number of homes for sale per 1,000 households. All the cities had at least 50,000 residents, and the list was limited to one city per state.
The median listing price in March in Miami Beach was $495,000.
Year-over-year price change in March:-5.7%
Listings per 1,000 households: 50
The list includes:
- Miiami Beach, FL
- Newburgh, NY
- Odessa, TX
- Springfield, Ill.
- Iowa City, IA
- Stamford, CT
- Las Cruces, NM
- Hoboken, NJ
- Sioux Falls, SD
- Tuscaloosa, AL
Miami Beach is high on the list because the abundance of condos under construction. Further, according to the data at Realtor.com, the pandemic has resulted in fewer international buyers, allowing for sellers who are more willing to accept an offer.
However, there is still competition. Many buyers are looking for condos they can immediately rent out. Abraham Ash, a real estate broker at Multivest Realty, shared with Realtor.com that there are only a few buildings that allow these kinds of rentals. There is also competition with other parts of Miami where buyers are looking to buy like Brickell or Coral Gables.