Local homeowners looking to list are in luck this home shopping season, as Dallas has been named one of the friendliest markets for sellers by real estate database titan Zillow.
Zillow analyzed housing markets in the 35 largest metros across the country and ranked them on a spectrum from most buyer-friendly to most seller-friendly. The index "shows how hot a region's housing market is compared to others by analyzing sale-to-list-price ratios, percentage of listings with a price cut, and how long homes stay on the market," the company says in a release.
The Dallas-Fort Worth metro area ranks No. 24, making it more seller-friendly than most major metros in the country. DFW has a median home value of $242,600, and homes stay on the market for an average of 71 days.
The report drilled down further to name Cedar Hill, where the median home value is $211,300 and homes spend only 53 days on the market, the most seller-friendly spot in DFW. Celina, approximately 15 miles north of Frisco, is the most buyer-friendly location in the area. Zillow notes 28.2 percent of homes there see a price cut.
According to Zillow, the suburbs of Burleson, Waxahachie, Rowlett, and Crowley all landed in the middle of the buyer-seller index, meaning they are not as buyer- or seller-friendly as other cities on the spectrum in the area.
Houston (No. 9) and San Antonio (No. 11) are the most buyer-friendly large markets in Texas, whereas Austin landed right in the middle of the index at No. 18.
Nationwide, Zillow says buyers in Florida and the New York metro area will have "more favorable conditions than those in most other major markets."
While it may be surprising to see New York City on the list, as Zillow points out in its release, what makes a buyer-friendly market isn't necessarily based on pricing. In New York, for example, homebuyers who can afford the expensive real estate face low competition, thus making it a buyer's market.