Houston homebuyers are in luck this home shopping season, as Houston has been named one of the friendliest markets for buyers by real estate database titan Zillow.
Zillow analyzed housing markets in the 35 largest metros in 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.
Houston ranks as the ninth most buyer-friendly housing market out of the 35 largest metros in the U.S., with a median home value of $205,500 and homes staying on the market for an average of 89 days.
The report drilled down further to name Bellaire, where 20.7 percent of homes saw price cuts last year, the most buyer-friendly location in the area. Dickinson, which had a sale-to-list-price ratio of 98 percent, was named the most seller-friendly spot in the Houston area. According to Zillow, the suburbs of Cypress, Sugar Land, and Atascocita 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 is the only Texas metro to appear in the buyer-friendly top 10 list. San Antonio barely missed that group as the 11th most buyer-friendly area; Austin landed in the middle of the index at No. 18; and Dallas-Fort Worth ranked No. 24, making it more of a seller-friendly market.
Nationwide, Zillow says buyers in Florida and the New York metro area will have "more favorable conditions than those in most other major markets."