During the pandemic, the housing markets in Florida and Texas enjoyed a surge in popularity. Unencumbered by office attendance, remote workers headed south to cash in on the Sun Belt’s warm temperatures, low tax rates, and new construction.
Redfin data released Monday shows the U.S. is firmly a buyer’s market, with sellers outnumbering buyers by 43% in March—just shy of the largest gap on record dating back to 2013. But the pain is not evenly distributed.
In the lopsided market, Ohio holds steady
The five most lopsided buyer’s markets in the country are all in the Sun Belt: Miami (where sellers outnumber buyers by 148%), Nashville (119%), Austin (112%), San Antonio (109%), and Las Vegas (101%). Every major Florida and Texas metro Redfin tracks is now a buyer’s market, with Houston sellers outnumbering buyers by 97% and Dallas by 87%.
“High property taxes, rising insurance costs, and fears about job security are making homebuyers very selective,” Barb Cooper, a Redfin Premier real estate agent in Austin, said in a statement. “The buyers who are in the market want turnkey homes in every sense, and they can afford to wait without compromising because we have tons of inventory.”…