Sun Belt buyers hold the most power this spring
Rhea-AI Summary
According to Zillow's latest analysis, the Spring 2025 housing market shows significant regional variations in buyer competition. Nationwide, there are 5.5 engaged home shoppers per listing, with Northeast markets experiencing the highest competition. Buffalo, Hartford, Providence, and Boston see more than 10 buyers per listing, leading to bidding wars and quick sales.
The Sun Belt region offers more favorable conditions for buyers, with 12 of the 14 least competitive markets located there. Miami has the lowest competition, with only 2.6 shoppers per listing. The market is showing signs of balance with inventory up 20% year-over-year and 25% of sellers cutting prices - a record high for April. Despite continued affordability challenges, buyers have gained more negotiating power compared to recent springs.
Positive
- Inventory levels are up 20% compared to last year
- 25% of sellers are cutting prices, indicating increased buyer negotiating power
- Market showing signs of better balance between buyers and sellers
- Homes listed on MLS typically sell for 1.5% more than off-market listings
Negative
- Intense competition persists in Northeast markets with 10+ buyers per listing
- Housing affordability challenges continue nationwide
- More than half of homes in competitive markets sell above list price
- Typical homes sell in just 10 days in most competitive markets
News Market Reaction
On the day this news was published, ZG declined 1.03%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
More homes for sale and more price cuts make this home shopping season more promising for buyers in many markets
- There are 5.5 engaged home shoppers for every for-sale listing nationwide.
- In parts of the Northeast, buyers outnumber listings 10 to 1, fueling bidding wars and fast sales.
- Twelve of the 14 least competitive markets are in the Sun Belt, where buyers generally have more options.
There are 5.5 engaged home shoppers — people who have saved or shared a for-sale listing on Zillow — for every home on the market nationwide. The ratio is greater than 10 to 1 in four Northeast markets:
Five most competitive markets:
Buffalo Hartford Providence Boston Richmond
"This spring, we're seeing signs of a more balanced housing market. Inventory is up
Nationwide, the housing market is becoming friendlier to buyers, despite continued affordability challenges. More sellers than buyers have entered the market so far this spring, causing inventory to rise. Buyers now have more negotiating power than in recent springs, prompting about
Buyers will have the best shot at being the only bidder on their dream home in the Sun Belt. Of 14 major metro areas with fewer engaged home shoppers per listing than the national average, 12 are in the Sun Belt. The other two are
Five least competitive markets
Miami Houston New Orleans Memphis San Antonio
In markets like
As mortgage rates continue to fluctuate, quickly knowing which homes are within a buyer's budget can be a competitive advantage, especially in fast-moving markets. Zillow Home Loans' BuyAbility℠ tool gives buyers a personalized, real-time estimate of the home price and monthly payment that fit within their budget, and it now quickly and clearly shows home shoppers the listings within their BuyAbility. If mortgage rates fall, more homes for sale may appear within a buyer's search on Zillow.
Metro Area* | Engaged Home Shoppers | Share of Homes Sold | Median Days to |
5.5 | 27.0 % | 17 | |
7.4 | 45.2 % | 22 | |
7.4 | 45.5 % | 17 | |
6.9 | 38.6 % | 8 | |
5.6 | 18.3 % | 24 | |
3.4 | 14.3 % | 28 | |
7.0 | 46.3 % | 6 | |
7.7 | 42.0 % | 8 | |
2.6 | 8.2 % | 50 | |
5.7 | 21.9 % | 28 | |
10.3 | 52.9 % | 7 | |
5.1 | 15.7 % | 29 | |
8.4 | 63.5 % | 13 | |
5.1 | 35.9 % | 23 | |
7.6 | 36.7 % | 9 | |
7.7 | 43.5 % | 6 | |
7.3 | 41.9 % | 15 | |
8.0 | 39.8 % | 15 | |
4.6 | 13.8 % | 30 | |
6.2 | 31.9 % | 11 | |
6.0 | 42.4 % | 7 | |
6.8 | 38.9 % | 6 | |
4.7 | 11.6 % | 33 | |
6.1 | 24.6 % | 16 | |
4.3 | 17.1 % | 37 | |
8.3 | 37.1 % | 12 | |
8.3 | 39.9 % | 12 | |
8.2 | 26.7 % | 9 | |
7.8 | 30.6 % | 5 | |
4.9 | 14.3 % | 35 | |
4.6 | 20.9 % | 24 | |
7.8 | 37.7 % | 5 | |
6.3 | 33.3 % | 6 | |
7.3 | 21.8 % | 9 | |
7.9 | 36.4 % | 6 | |
7.9 | 75.5 % | 10 | |
5.6 | 14.0 % | 19 | |
6.6 | 34.8 % | 23 | |
10.8 | 51.3 % | 10 | |
5.1 | 12.5 % | 49 | |
6.0 | 50.0 % | 15 | |
6.0 | 22.5 % | 20 | |
8.9 | 25.3 % | 10 | |
3.9 | 15.8 % | 22 | |
9.1 | 40.9 % | 6 | |
6.8 | 29.1 % | 6 | |
3.5 | 11.5 % | 47 | |
5.0 | 32.4 % | 15 | |
11.3 | 61.8 % | 6 | |
12.7 | 56.9 % | 10 | |
4.7 | 24.8 % | 17 |
* | Table ordered by market size |
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 app and website in
Zillow Group's affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.
All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.
SOURCE Zillow
FAQ
What is the current buyer-to-listing ratio for Zillow (ZG) nationwide in Spring 2025?
Which housing markets are the most competitive according to Zillow's Spring 2025 report?
What percentage of home sellers are cutting prices in Spring 2025?
Which region offers the best opportunities for homebuyers in 2025?
How much has housing inventory increased according to Zillow's 2025 report?
