The 5 best metro areas to buy -- and sell -- a home this spring

Core Insights - The housing market is showing signs of improvement for buyers, with over 1 million homes for sale in February, the highest for that month since before the pandemic [1][3] - Mortgage rates are at their lowest this year, and home values are not rising rapidly, contributing to better affordability for buyers [1][3] - The time taken for homes to go under contract has increased, averaging more than three weeks, allowing buyers more time to make decisions [1] Summary by Categories Best Metro Areas for Buyers - Miami: Homes take nearly three times longer to sell than the national average, with about 25% of listings receiving price cuts in February [4] - New Orleans: There are 11% more homes for sale compared to last year, with homes staying on the market for almost two months [5] - Jacksonville: Inventory is up 26% year-over-year, with nearly 30% of sellers reducing their asking prices [6] - Tampa: Approximately one-third of listings have taken a price cut, with inventory up 42% from pre-pandemic levels [7][8] - Memphis: Monthly mortgage payments are about $1,200, lower than typical rents, and homes stay on the market for nearly a month [11][16] Best Metro Areas for Sellers - Buffalo: Homes are selling quickly, often in 12 days or less, with over 50% of listings selling above their list price [12][17] - San Jose: Home values have increased by 7.6% year-over-year, with nearly 60% of homes selling for more than their list price [13][18] - San Francisco: Listings are up 32.5% year-over-year, with 44% of homes selling above asking price [14][19] - Hartford: Homes are selling in just seven days, significantly faster than the national average, with a 71% decrease in listings compared to pre-pandemic levels [15][24] - Boston: Approximately 40% of sellers can expect to sell above their list price, with homes selling in just eight days [21][25]