Homes in these former US boomtowns are now easier to own

Buyers in these southern US cities are spoiled for choice. Spring is a hot time for the real estate market, and these sweltering cities have a lot to offer.While high prices and elevated mortgage costs have put off buyers across the country, some markets in Florida, Tennessee and Louisiana have further lagged thanks to surplus housing stock and sluggish listings. Long spells on the market and widespread price cuts may indicate that some once-eager buyers are turning away from life in these cities.

If you’re not, though, it’s time to head south. These five southern cities — Miami, Jackson, Tampa, New Orleans and Memphis — all landed on Zillow’s “best metro areas for buyers” list based on the balance of sale-supply and demand in these markets.The Daily Mail first reported on the data.Interested buyers flocked to Florida cities like Miami, Jacksonville and Tampa during the pandemic, and eager developers followed.

Housing largely kept up with demand, but the excess stock has turned these once red-hot locales into buyers’ markets. Buyers in Miami can be leisurely, and not just because of the sun and sand.Homes are staying on the market for a median of 60 days — nearly three times longer than the rest of the country.

A quarter of Miami listings also got price reductions in February, Zillow reported. Jacksonville, the birthplace of Southern rock, boasts 22 miles of white sand beaches and plentiful price cuts.Nearly 30% of home sellers dropped their prices in February, and inventory was up more than 26% year-over-year.In Tampa, inventory was 19.8% higher than it was compared to the same period last year.

Nearly one-third for for-sale homes in Tampa took a price cut in February, as well.Meanwhile, populations have recently been on the decline in both Memphis and New Orleans. New Orleans, known for its vibrant nightlife and delicious cuisine, has significantly more homes on the market today than before the pandemic, according to Zillow — 42% mor...