If you are looking to sell your home, living on the West Coast drastically gives you the upper hand on selling power as spring home shopping season heats up. According to Zillow’s latest analysis of national buyers and sellers markets, sellers in the West have better odds selling their home, compared to buyers in the Midwestern and East Coast, who face less competition for buying a home.
“The real estate data in markets on both coasts are telling markedly different stories. Relatively strong job markets in the West are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge,” said Zillow Chief Economist Stan Humphries.
“In the East, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand,” Humphries added.
As a result, Humphries explained that buyers in sellers’ markets this spring can expect tight inventory, increased competition and a greater sense of urgency. In comparison, sellers in buyers’ markets may need to be prepared to lower their asking price, or to wait longer for the perfect buyer to come along.
As a result, Zillow comprised this list of the top five seller and buyer markets.
Top 5 seller markets
1. San Jose, Calif.
As the top selling market, San Jose boasts a $748,800 Zillow home value index, compared to a $2,819 Zillow rent index. Year-over-year the ZHVI changed 13.5%.
2. San Francisco, Calif.
The city home to the Golden Gate Bridge recorded a $648,700 ZHVI, a 17.7% year-over-year change. Meanwhile, the city posted a $2,676 ZRI.
3. San Antonio, Texas
San Antonio is the city furthest to the east and posted a $152,400 ZHVI, a 4.3% year-over-year change, and a $1,249 ZRI.
4. Los Angeles, Calif.
Los Angeles hit a $503,400 ZHVI, which is a 16% year-over-year change. Plus, the busy city posted a $2,356 ZRI.
5. Seattle, Wash.
Just south of Canada and home of Zillow, Seattle recorded a $312,400 ZHVI, a 9.7% year-over-year change, and a $1,751 ZRI.
Top 5 buyer markets
1. Cleveland, Ohio
Ranking as the number one buyers market, Cleveland recorded a $115,000 ZHVI, a .7% year-over-year change, and a $1,127 ZRI.
2. Philadelphia, Penn.
As one of two cities in Pennsylvania, Philadelphia posted a $193,000 ZHVI, a 2.4% year-over-year change, and a $1,517 ZRI.
3. Tampa, Fla.
Tampa, located in the Sunshine State, reported a $135,900 ZHVI and a $1,226 ZRI. This represents 15.3% year-over-year change in ZHVI.
4. Chicago, Ill.
Chicago reached a $177,800 ZHVI, a 8.3% year-over-year change, and a $1,615 ZRI.
5. Pittsburgh, Penn.
Barely making the top five list and the second city in Pennsylvania, Pittsburgh posted a $119,600 ZHVI, a 5.1% year-over-year change, and a $1,070 ZRI.