Homebuyers have a better shot at scoring a house in 10 cities where the number of properties for sale has skyrocketed the most

Seattle is one of the cities in the US that's seen the biggest increase in the number of homes for sale since last year.

Sean Pavone/Getty Images

• There are more homes for sale than last year in many cities across the country as the market cools.
• More properties on the market typically means less competition and an easier time scoring home.
• Realtor.com calculated 10 places where buyers have the most options to choose from.

Home prices are falling in some US cities, home sellers are losing hope, and economic experts fear a looming recession.

But a silver lining to the housing cooldown has emerged: homebuyers have more properties to choose from in many cities across the country. 

It's not because builders have constructed a slew of new homes or that more owners are listing their properties for sale. Instead, it comes down to still-high home prices and higher mortgage rates, which have put a damper on home sales. 

With the median listing price of a home in the US at $415,000 and rates in the 6% range, fewer Americans can afford to buy a property at all — and that means they're lingering on the market longer. More inventory means that homebuyers face less competition and fewer bidding wars. 

Realtor.com calculated the US cities where there are significantly more homes on the market than last year. In popular pandemic boomtowns like Austin, Texas, Phoenix, Arizona, and Nashville, Tennessee — which witnessed dramatic home-price increases over the last three years — buyers now have more options than they did in 2022. 

A word of warning: just because inventory has increased in these areas doesn't necessarily mean they are any more affordable. Homes on the market are still, for the most part, more expensive than they were even months ago. Remember to consider what best suits your personal finances. 

Keep reading to see where homebuyers have more options than last year.

10. Colorado Springs, Colorado

Home to national landmark Garden of the Gods, Colorado Springs sits at the eastern foot of the Rocky Mountains.

Jacob Boomsma/Getty Images

Year-over-year increase in number of listings for sale: 164%
Median home listing price: $493,250

9. Seattle, Washington

Located in northwestern Washington, Seattle is the headquarters of tech-industry juggernauts including Amazon and Microsoft.

Sean Pavone/Getty Images

Year-over-year increase in number of listings for sale: 181%
Median home listing price: $724,975

8. Phoenix, Arizona

Sitting in the Salt River Valley of central Arizona, Phoenix is a desert metropolis that's home to nearly 5 million people.

Kruck20/Getty Images

Year-over-year increase in number of listings for sale: 190%
Median home listing price: $478,395

7. Fayetteville, Arkansas:

The home of the University of Arkansas, Fayetteville is seated in the Boston Mountains, a subset of the Ozarks.

JTGrafix/Getty Images

Year-over-year increase in number of listings for sale: 211%
Median home listing price: $397,232

6. Raleigh, North Carolina

Raleigh, the North Carolina capital and part of its “tech triangle” is home to a slew of museums, which are responsible for its nickname the “Smithsonian of the South.”

Swapan Jha/Getty Images

Year-over-year increase in number of listings for sale: 255%
Median home listing price: $441,875

5. Sarasota, Florida

Jack Elka Photo/Getty Images

Year-over-year increase in number of listings for sale: 259%
Median home listing price: $539,750

4. Austin, Texas

Austin, the capital of Texas and home to the University of Texas, has emerged as a promising tech hub as companies like Tesla and Google relocate their headquarters to the metro.

Peter Tsai/Getty Images

Year-over-year increase in number of listings for sale: 260%
Median home listing price: $521,500

3. Nashville, Tennessee

Nashville, nicknamed “Music City,” is recognized as the country music capital of the world.

Michael Warren/Getty Images

Year-over-year increase in number of listings for sale: 304%
Median home listing price: $504,950

2. Huntsville, Alabama

Huntsville is situated in the Appalachian region of northern Alabama. It’s known for its military base Redstone Arsenal as well as many aviation and aerospace companies.

Denis Tangney/Getty Images

Year-over-year increase in number of listings for sale: 319%
Median home listing price: $389,800

1. Ogden, Utah

Ogden, a city of about 87,000 that's a half-hour drive north of Salt Lake City, is the oldest settlement in Utah.

Mandicoleman.com/Getty Images

Year-over-year increase in number of listings for sale: 392%
Median home listing price: $542,450

Read the original article on Business Insider

from Business Insider https://ift.tt/GunMa8F