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The 10 easiest housing markets for homebuyers
Home shoppers have received a boost in recent weeks as mortgage rates have begun to fall.
But the housing market remains tough, with elevated asking prices across much of the US.
However, those who are flexible on location may be pleased to know that some towns and cities have housing markets that have swung in the buyer's favor.
Realtor.com has revealed the top ten 'easiest' housing markets for buyers, where a combination of plentiful listings and price reductions mean they have more power.
'Buyers in the easiest markets tend to be relatively slow-moving as supply outpaces demand,' Realtor.com economist Hannah Jones said of the new report.
'Many of these markets saw prices and competition climb significantly during the early days of the pandemic, but the combination of high prices and climbing mortgage rates tempered demand, leading to building inventory.'
Lubbock, Texas is currently the easiest housing market in the country
To compile the list, Realtor.com analyzed year-over-year shifts in median list prices, the share of listings that saw price reductions, the changes in number of active listings and the median number of days on the market for the 200 largest metro areas in the US.
The easiest housing market is currently Lubbock, Texas, the report concluded.
Texas saw enormous growth in house prices during and in the years immediately following the pandemic.
Homebuyers who were able to work from home looked for more space for their money compared to expensive metros in states such as California.
Others were attracted by the burgeoning tech industry and relatively low taxes offered by the state.
However, a slowdown in jobs and population growth - preceded by a period of overbuilding - have caused both prices and rents to plummet.
'There were 80 percent more homes for sale in Lubbock than a year prior in July, leading to homes spending more than twice as long on the market,' Jones said.
'In response, eager sellers have brought prices down, suggesting that buyers are in a good position to negotiate.'
The next nine easiest housing markets are all in Florida.
Punta Gorda, Florida has seen a large increase in property listings
Lakeland, Florida, is the third easiest market for prospective buyers
Florida is experiencing a real estate crisis largely driven by a condo sell-off
The Sunshine State has many easy housing markets for buyers because it has seen a flood of active listings since the pandemic, and even more in the last year, according to Realtor.com.
Areas such as Punta Gorda, deemed the second easiest housing market in America, are experiencing price corrections after becoming a pandemic boomtown.
Other Florida hotspots - such as Lakeland, Tampa and Crestview - are also experiencing a real estate downturn as residents attempt to sell-off their condos.
Condo owners are slashing prices by up to 40 percent as they strive to dodge massive incoming repair costs.
Some units have had almost half a million wiped off their asking price as safety fears trigger a wave of sell-offs in what realtors have described as the worst real estate crisis in decades.
State legislation brought in following the 2021 collapse of the Champlain Tower South in Surfside, Miame-Dade County, which killed 98 people, means hundreds of thousands of condo owners must now fork out hefty sums for previously neglected maintenance.
Many could face fees greater than their mortgage payments, sparking a wave of distressed sales.
Miami Real Estate Agent Steven Kupchan told DailyMail.com people are flocking to Georgia, Texas, the Carolinas and even moving out of the country to places like Mexico or Central America.
'With the rise of remote work, some individuals who had moved to Florida for work reasons are now considering relocating to states with lower living costs or more stable real estate markets,' Kupchan said.
Many retirees and older residents are moving out, concerned about the increasing costs of condo association fees, insurance premiums, and potential assessments for repairs and maintenance, he added.
'Some middle-class families who were already on the fence about condo living are opting to move out due to the perceived instability and financial uncertainty.'