It’s been a seller’s market for the past couple of years, making buying a home challenging. But that may be coming to an end.
Zillow said this winter may be the time to shop in some of the country’s most expensive markets. Despite rising mortgage costs, homeowners looking to sell are starting to slash their asking prices as the market cools off.
Zillow looked at price cuts over the past year, mortgage affordability and rent appreciation across the country to find the best home markets this season. Affordability rate was determined by the portion of the monthly median household income that goes toward a mortgage payment, assuming 20% down and a 30-year fixed mortgage.
If you are looking for your first home or a change in location, check out the 10 top cities to house shop this winter, ranked by affordability.
10. Sacramento, California
Listings offering a price cut: 5.3%
Median home value: $400,600
Affordability rate: 28.8%
9. Seattle
Listings offering a price cut: 11.6%
Median home value: $486,600
Affordability rate: 28.6%
8. Portland, Oregon
Listings offering a price cut: 4.6%
Median home value: $263,300
Affordability rate: 26.1%
7. Boston
Listings offering a price cut: 3.9%
Median home value: $458,000
Affordability rate: 25.8%
6. Las Vegas
Listings offering a price cut: 9.8%
Median home value: $273,800
Affordability rate: 22.5%
5. Orlando, Florida
Listings offering a price cut: 6.8%
Median home value: $231,000
Affordability rate: 20.2%
4. Minneapolis
Listings offering a price cut: 1.9%
Median home value: $263,300
Affordability rate: 16.7%
3. Dallas
Listings offering a price cut: 2.5%
Median home value: $233,200
Affordability rate: 16.7%
2. Charlotte, North Carolina
Listings offering a price cut: 4.2%
Median home value: $199,400
Affordability rate: 15.1%
1. Columbus, Ohio
Listings offering a price cut: 4%
Median home value: $184,200
Affordability rate: 14.1%
Looking to buy a home? This guide has everything you need to get you started.
Image: monkeybusinessimages
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