Zillow identifies where buyers will find more options and discounts, and where sellers will get top dollar
SEATTLE, April 8, 2025 /PRNewswire/ -- Home buyers have more opportunity this spring than they've had in years. They have more options: more than 1 million homes were for sale nationwide in February — the most for that month since before the pandemic. Affordability is improving: Mortgage rates are the lowest they've been this year, and home values aren't rising rapidly. And buyers now have more time to make a decision; it takes more than three weeks for the typical home to go under contract.
It's even better for buyers in certain parts of the country. A larger share of sellers are dropping their prices, and buyers have the bargaining power to land an even better deal. Yet there are other places where sellers still have the upper hand. Homes in these areas are flying off the market in as little as seven days, and bidding wars are pushing sale prices well above asking price.
"While affordability remains incredibly challenging, the housing market is improving for buyers nationally," said Zillow® Senior Economist Orphe Divounguy. "Some of the strongest buyers markets are in the Southeast, where builders have been able to keep up with demand. Sellers are still in the driver's seat in the Northeast and in Northern California, where buyers are competing for the few homes that are available."
This extreme mix of market conditions is making it hard for a buyer or seller to know what to expect. Zillow's market heat index is a good starting point to help buyers, sellers and their agents get a feel for how negotiations might go in their metro area. Zillow has analyzed key data points to identify the five best metro areas to buy a home — and the five best major metros to sell a home — this spring.
Best metro areas for buyers
Miami Homes in Miami take nearly three times longer to sell than they do nationally, meaning buyers can take their time and make sure a home is the right fit for them over the long term. As listings linger, sellers are more likely to drop their price. Nearly one-quarter of all homes for sale in Miami received a price cut in February.
Key data points:
Median days on market: 60
Share of listings with a price cut: 24.2%
New Orleans Buyers looking for vibrant culture and a city with a rich history will find the most for-sale options in the Big Easy. There are significantly more homes on the market today than there were prior to the pandemic and 11% more homes for sale than last year. And there's no rush to buy in NOLA; homes stay on the market for almost two months before going under contract.
Key data points:
Inventory: Up 42% from pre-pandemic levels, and up 11.4% from last year
Median days on market: 58
Jacksonville Buyers will find a winning combination of affordability and options in Jacksonville. There are 26% more homes on the market this year compared to last year. Buyers may also be able to snag a deal; nearly 30% of sellers dropped their asking price.
Key data points:
Inventory: Up 26.3% year over year
Share of listings with a price cut: 28.8%
Tampa Looking for discounts? Nearly one-third of all for-sale listings in Tampa took a price cut. Plus, home values are down 3.6% from last year, making it slightly more affordable for buyers to get their foot in the door to homeownership. Those buyers also have more for-sale homes to choose from. Inventory is about 20% higher than it was a year ago.
Memphis Come for the live music, stay for the affordability. On a monthly basis, it costs less to own than to rent in Memphis. The typical monthly mortgage payment in Memphis is about $1,200, while typical rents are more than $1,400. Plus, buyers have nearly a month to decide on a home before it goes under contract.
Buffalo Buffalo is living up to its title as Zillow's hottest market of 2025. A strong job market has fueled competition for homes, particularly from first-time buyers looking to put down roots in upstate New York. Most sellers find a buyer in 12 days or less, and many have a bidding war. More than half of all listings sell above their list price.
Key data points:
Median days on market: 12
Share of listings sold above list price: 56%
Zillow Home Value Index change: Up 5% year over year
San Jose The most expensive large metro area in the country is getting even pricier. Home values in San Jose are up 7.6% compared to a year ago, and nearly 60% of homes are selling for more than their list price. That's a strong signal that buyers are competing for homes, and they're snapping up properties just nine days after they hit the market.
Key data points:
Share of listings sold above list price: 57.1%
Median days on market: 9
Zillow Home Value Index change: Up 7.6% year over year
San Francisco Sellers are in great shape all across the Bay Area, but they'll have a bit more competition in San Francisco than in neighboring San Jose. There are 32.5% more for-sale listings this year compared to last year, yet 44% of all homes are selling for more than the asking price.
Key data points:
Share of listings sold above list price: 44.4%
Inventory: Up 32.5% year over year
Hartford Hartford sellers had better be ready to move. Homes in the insurance capital of the world are flying off the market in just seven days. That's more than two weeks faster than homes selling nationally. Buyers act quickly because there aren't many homes on the market. There were 71% fewer listings this February than there were before the pandemic. As a result, home values have climbed more than 57% in that time and risen 5.6% in the past year.
Key data points:
Median days on market: 7
Inventory: Down 71.0% from pre-pandemic levels
Zillow Home Value Index change: Up 5.6% year over year
Boston Bidding wars are common in Beantown. Multiple offers mean that 2 in 5 sellers can expect to sell their home for more than their list price. That's one reason why home values are appreciating twice as fast in the Boston metro area as they are nationally. Homeowners can expect a speedy sale, too: just eight days from listing to pending.
Key data points:
Median days on market: 8
Share of listings sold above list price: 40.4%
Zillow Home Value Index change: 4.2% year over year
Zillow's 5 best metro areas to buy and sell a home this spring
About Zillow Group Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing and renting experiences.
