Today’s guest, Jordan Cohen, is the six-time top RE/MAX real estate agent in the world and has shattered sales records time and again in his 30+ year career. As an agent, he’s represented famous athletes and celebrities, including Sylvester Stallone. On this podcast, Jordan shares how the perfect real estate listing presentation wins him business from the world’s most notable figures. Tune in and learn how to wow luxury listing clients and how to build confidence as a real estate professional. Jordan also discusses his new book, The Agent’s Edge. Don’t miss it!
Listen to today’s show and learn:
Jordan Cohen’s start in real estate [3:00]
Jordan’s first luxury listing [3:05]
The most important tool a Realtor can have [4:22]
The trick to geographic farming [5:29]
Winning real estate listings from mailers [8:27]
How to compete and win with real estate listings [12:59]
Listing presentation tips [14:15]
How to build confidence in yourself as a real estate agent [17:01]
A better way to win real estate listings [23:40]
The best way to generate leads [25:41]
How to win real estate listings via Instagram [26:42]
Commissions on luxury listings [33:52]
How to convince sellers that they need you for a full commission [34:59
What real estate really is [37:54]
Jordan Cohen on knowing your strengths and weaknesses [39:06]
Jordan’s advice for new real estate agents [41:29]
About The Agent’s Edge by Jordan Cohen [43:10]
Jordan Cohen
Jordan Cohen is the #1 RE/MAX Agent Worldwide. He annually closes over $314,000,000 in sales. Jordan prefers to work alone with two assistants, Kristi Dougherty for 16 years, and Madison Adams for nearly 3 years. He does not employ a team or partners. When working with Jordan Cohen, you will work with him directly.
Jordan graduated from Cal State Northridge in 1990 with a Communications Degree with an emphasis in Sales and Marketing, and headed straight into Real Estate. He has worked as a full time luxury real estate agent for 30 years.
Jordan Cohen specializes in Luxury Estates and has been recognized in many publications including Unique Homes, Dream Homes International, DuPont Registry and the LA Times. Additionally, since a third of his clientele are celebrities and professional athletes, he has been featured on ESPN.com and his listings have been profiled on EXTRA and Access Hollywood. Jordan has represented over 100 professional athletes, as well as numerous actors, entertainers, and Hollywood executives. In addition, Jordan is extremely active and highly engaged in social media. Verified by both and, he is closely followed by nearly 600,000 people.
Jordan’s greatest pleasure is spending quality time with his family. He also enjoys sports and travel whenever possible. Jordan is happily married to Becky, his wife of 29 years. Together, they have two children, Cameron, age 26, and Cassidy, age 23.
Jordan Cohen prides himself on an aggressive approach to marketing! Jordan is not a discount agent but works with estate clientele who expect and demand superior representation. He can be contacted at (818) 435-5220 or reached via e-mail at [email protected].
Follow Jordan on Twitter @JordanCohen21 and Instagram @JordanCohen1.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Welcome to the captivating world of luxury homes in Sarasota, FL, where elegance meets coastal charm. Sarasota is renowned for its exquisite properties that redefine the standard of living through their luxury home features. If you’re in the market for a luxury home in Sarasota, prepare to be captivated by the breathtaking waterfront residences that offer panoramic views of the Gulf of Mexico.
So what are the most sought-after home features that luxury homebuyers desire in this upscale market? From the convenience of a private boat dock and beautiful wine cellars to enhance your experience, Sarasota’s luxury homes are meticulously crafted to exceed expectations and provide an unparalleled living experience for buyers seeking the pinnacle of luxury, convenience, and comfort. In this Redfin article, we explore the top amenities and popular luxury home features in Sarasota.
1. Water view
Owning a home with a mesmerizing water view grants residents the privilege of waking up to breathtaking panoramas. A water view offers a sense of serenity, inspiration, and tranquility, allowing residents to connect with nature and experience a heightened level of relaxation.
Whether it’s enjoying a morning coffee on the balcony or hosting gatherings with a backdrop of sparkling waters, a water view adds a touch of tranquility and charm that elevates the living experience to new heights. The mesmerizing vistas not only create a sense of serenity but also offer a constant reminder of the natural beauty that surrounds the home. Embracing the soothing sounds of waves or enjoying breathtaking sunsets over the water, a water view enhances every moment, making everyday life feel like a retreat in a private coastal oasis.
2. Backyard oasis
With Sarasota’s pleasant year-round climate and lush surroundings, it’s the perfect place for homeowners to create their own personal sanctuary within the privacy of their backyard. These meticulously designed outdoor spaces often feature sparkling swimming pools, soothing spas, verdant gardens, and luxurious lounging areas.
Whether you’re hosting memorable gatherings, unwinding with a good book, or having dinner while enjoying the sunset, a backyard oasis becomes an extension of the home, seamlessly blending indoor and outdoor living. This sought-after luxury feature allows homeowners to embrace the idyllic Sarasota lifestyle, basking in the beauty of nature, and creating cherished memories that will last a lifetime.
3. Wine Cellar
For those of us who enjoy a good glass of wine, having a wine cellar in your home – often decked out with exotic woods and glass walls – offers a dedicated space to safely store and showcase your collection of vintages. A cellar also serves as a private retreat for tastings and entertaining, creating an immersive experience for wine enthusiasts.
4. Beachfront property and a private boat dock
Beachfront property or private beach access is hailed as the epitome of luxury in Sarasota. The beach becomes an extension of your backyard, offering a private sanctuary where you can relax, unwind, and bask in the breathtaking beauty of the Gulf of Mexico.
With the city’s prime location along the Gulf of Mexico and numerous inland waterways, Sarasota is a boater’s paradise, and a private boat dock is also a luxury home feature, providing direct access to the shimmering waters. The convenience of a dock opens up a world of possibilities for boating enthusiasts, allowing them to embark on leisurely cruises, fishing expeditions, or adventurous water sports right from their own backyard.
Water access can really elevate a home listing in Sarasota and set it apart from the rest. The allure of living near the water is undeniable, and luxury homebuyers seek the unparalleled lifestyle that comes with easy access to the beach and a private boat dock.
5. Electric car charging
In the era of sustainability and eco-conscious living, the luxury home market is witnessing a rapid rise in the popularity of electric car charging as a coveted feature among potential homebuyers. As electric vehicles become increasingly prevalent, homeowners are seeking the convenience and efficiency of having a dedicated charging station right at their doorstep while reducing their carbon footprint.
Luxury homes equipped with electric car charging capabilities offer a seamless and eco-friendly lifestyle choice. The presence of a charging station not only caters to the growing number of electric vehicle owners but also signifies a commitment to environmental responsibility. This feature allows homeowners to effortlessly charge their vehicles at home, eliminating the need for frequent visits to public charging stations. Home listings with integrated electric car charging tap into the desires of environmentally conscious buyers who seek the perfect fusion of luxury, convenience, and sustainability.
6. Expansive lots
In the rapidly growing luxury market of Sarasota County, the demand for large lots has increased exponentially among buyers. As the region experiences unprecedented growth, the scarcity of expansive land parcels adds an exclusive appeal to luxury properties. The allure of a large lot lies in the abundance of space it offers, allowing homeowners to create their own private oasis and tailor their surroundings to their unique desires, whether it’s sprawling gardens, expansive outdoor entertaining areas, or the ample privacy.
Top neighborhoods with luxury home features in Sarasota
The prestigious neighborhood of Bird Key attracts discerning homeowners seeking the pinnacle of luxury lifestyle. From meticulously crafted architectural designs to exquisite interior finishes, Bird Key homes boast a blend of timeless charm and contemporary allure that homebuyers are willing to pay premium prices for. The prime waterfront location – with breathtaking views of the Sarasota Bay, Gulf of Mexico, and picturesque canals – is also a major draw.
The demand for homes in Bird Key remains high due to the limited inventory and the exclusivity associated with the neighborhood. The scarcity of available properties, combined with the exceptional amenities and lifestyle offerings, contributes to the higher price tags seen in this coveted neighborhood.
In fact, the average median sale price for homes in Bird Key was $1,850,000 in May 2023.
This figure significantly exceeds both the national median sale price and the city of Sarasota’s median sale price by over $1.3 million, highlighting the desirability of these upscale communities.
A final note on luxury home features in Sarasota
From beachfront living and private boat access to a backyard oasis and water view, these luxury home features enhance the lifestyle and elevate the experience of homeownership. As the luxury market continues to flourish, potential buyers are presented with a wealth of options.
If you’re buying a luxury home in Sarasota, your Redfin Premier Agent is equipped to offer valuable insights into the local market, including insight into the neighborhoods, highly sought-after amenities, pricing trends, and available luxury properties.
Minutes from the latest Federal Reserve meeting released on Wednesday show the Fed feels the country’s inflation rate remains “unacceptably high.”
While the central bank chose to hold the federal funds rate at 5.0% to 5.25% in its latest meeting back in June, the recently released minutes reveal the Fed has further rate hikes planned for the year, even if they won’t come as fast and furious as they have so far.
Don’t miss
If that news, along with sticky inflation, after a long winter of continuously climbing mortgage rates and steadily falling home prices, has you wringing your hands over the future of the housing market, don’t despair yet.
Despite the dreary outlook, data shows the market might not be crumbling just yet.
In fact, the median U.S. home is selling for around $383,000 — only about $4,000, or 0.9%, less than the all-time high set in June 2022. This marks the smallest year-over-year drop in close to four months, according to Redfin.
Here’s what’s keeping prices elevated, and why you shouldn’t worry about a major housing correction in the near future regardless of what the Fed has planned.
Inventory is tight, keeping prices high
High mortgage rates may be keeping some buyers at bay, but they’re also deterring plenty of potential sellers who are locked into low rates from just a couple years ago.
The average 30-year fixed mortgage rate hit 6.71% last week, more than double what it averaged in 2021.
New listings plunged 27% compared to last year during the four weeks ending June 25 — the largest drop since the start of the pandemic. That’s also pushed the total number of homes for sale down by 11% — the first double-digit decline in over a year.
A lack of inventory means that with fewer options for buyers to choose from, they’re snagging homes faster than they’re being listed, which in turn keeps prices afloat.
Read more: 3 big mistakes people make with cash back credit cards that cost them every time they swipe
What does this mean for Americans entering the market?
It may not be a proper housing correction, but it’s safe to say buyers and sellers alike are finding the conditions challenging.
“The market isn’t nearly as fast as it was 18 months ago, when homes were flying off the market for well over asking price, and it’s not as slow as it was six or seven months ago, when mortgage rates first shot up,” said Oakland, California Redfin Premier agent Andrea Chopp.
Trying to follow the trends on a national level can be tricky. The typical property may be going for its asking price, but June was only the second month this has occurred since August 2022. And although sale prices are dropping the most in big metros like Las Vegas and Phoenix, areas like Milwaukee and Miami are seeing a rise.
Chopp says buyers should be aware that some desirable homes are attracting several offers and selling above asking.
“And sellers should know that their home may not attract as much competition as their neighbor’s home did two years ago, but it will sell if they price it fairly and put effort into marketing,” Chopp adds.
“Things like making small repairs and staging are important again.”
What to read next
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Housing supply in markets across the country is in extremely short supply, so much so that home buyers may well find it difficult to find a suitable property this spring.
Indeed, the country’s existing housing supply declined by its steepest year-over-year decrease for 4 years in January, falling by 13.6%, according to realtor.com. The supply of homes for sale in the U.S. is now at its lowest level since realtor.com began tracking the data in 2012, it said.
Worse
still, the shortage is unlikely to be relieved any time soon,
realtor.com said. Volume of newly listed homes is also down, by
10.6%, since last year.
Danielle
Hale, realtor.com’s chief economist, said that homebuyers in the
past year have taken advantage of low mortgage rates and more stable
listing prices, and the result has been a depletion of an already
limit inventory of homes to buy.
“With
fewer homes coming up for sale, we’ve hit another new low of for
sale-listings in January,” Hale said. “This is a challenging sign
for the large numbers of Millennial and Gen Z buyers coming into the
housing market this homebuying season as it implies the potential for
rising prices and fast-selling homes—a competitive market. In fact,
markets such as San Jose in Northern California, which saw inventory
down nearly 40 percent last month, are also seeing prices grow by 10
percent while homes are selling at a blistering pace of 51 days.”
The
shortage of homes is being felt across all price points, not only the
entry-level segment, although that’s where it remains most evident.
In January, there was a 19% drop in inventory of homes priced under
$200,000, while homes in the $200,000 to $750,000 price bracket fell
12%. And even in the upper tier of homes priced above $750,000,
inventory fell by 5.9%
As
inventories fall, home prices are rising. The median U.S. listing
price increased by 3.4 percent year-over-year, reaching $299,995 in
January.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
There was a viral tweet going around from YouTube housing influencer Nick Gerli. You’ve probably seen it. Gerli cites data from a company called AllTheRooms to make the case that the Airbnb/short-term rental market is “crashing” and it will have a big impact on inventory.
Indeed, the chart he shared is alarming.
A nearly 50% drop in revenue in some markets!
But the data looks dubious. I interviewed Jamie Lane, the chief economist and head of analytics at AirDNA. He looked at the AllTheRooms data and ran a mirror analysis with AirDNA’s data and, well, just look.
Revenue per listing is down, but it’s not down by a third or more in those markets, according to AirDNA.
AllTheRooms didn’t respond to my requests for comment, but Gerli, who runs Reventure Consulting, said he was aware of the discrepancies in the data and had reached out to Airbnb “to provide their own data for these cities so we can get the most accurate figures.” (Airbnb itself said in a statement that the data was “not consistent with its own” and added that “more guests are traveling on Airbnb than ever before.”)
Gerli, however, did offer high level thoughts on the situation. His outlook remains bearish.
“Both data sources agree that the Airbnb supply in America has surged over the last 2-3 years since the pandemic started, particularly in cities like Phoenix. In some markets there are now 2-3x more homes listed on Airbnb than for sale, a situation that has robbed the housing market for inventory,” Gerli wrote in an email. “However, now that the Airbnb correction has started, we will likely see struggling Airbnb owners look to sell their properties. Look for the downturn to be worse in cities where 1) the revenues declined the most and 2) there’s the highest surplus of Airbnb inventory relative to homes for sale.”
Lane at AirDNA doesn’t see a ‘crash’ happening, even though revenue is trending down from last year and it is a relatively saturated marketplace in some metros (the number of listings was up 18% over the same period last year).
“I see that as an entirely false narrative,” he said. “The short-term rental industry has very healthy performance right now. If you look at overall occupancies for 2023, the industry is going to run 57%. That compares to a pre-COVID [level] of 55%. So we’re well above pre COVID occupancy levels. We are down from the 2021 highs, but that was a COVID anomaly in terms of industry performance.”
AirDNA expects modest Airbnb revenue declines throughout the rest of the year – a 1% drop for the rest of the year and no growth in 2024.
Let’s dive in a little further. Lane maintains that the fundamentals in STR remain strong – we see lower churn today than we saw pre-pandemic, the travel desire is absolutely real, a large segment of the population is more mobile than ever (thanks, remote work!), and about 20% of listings are private or shared rooms, not entire houses.
More importantly, revenue for most hosts across the country is still strong nationally, reducing the likelihood of forced sellers, Lane said.
“If you look at revenue today, average revenue per listing compared to pre-pandemic, we are 30% higher, and that has barely come down off the highs in 2022. The earnings of short term rental operators have not collapsed by any means.”
But let’s say demand nosedives due to a recession and the numbers no longer pencil out for some operators. What impact would that have on the market?
It’s hard to say, but an STR crash like the one Gerli describes already did happen, back in 2020.
“In 2020, listings fell by 25%, we saw many markets essentially decline by half, with no disruption to the broader housing market,” Lane said.
Inventory, as ever, is key to all this. Currently, there are about 1.4 million short-term rental listings in the U.S. While there are about 600,000 active for-sale listings. Even if all the 1.4 million STR listings hit the market at the same time, I don’t think that would crash the market.
“Active listings in a normal period would be between 2 to 2.5 million,” said HousingWire’s Lead Analyst Logan Mohtashami. “Even if all those homes came to market overnight, they would need to not get a bid over 60 days to allow the active inventory to return to historical norms.”
Added Lane: “When you look at major cities, let’s say the 50 largest metros, most of that [Airbnb] inventory is not available full time. Over 50% was available for rent less than 180 days over the previous year. So it’s not full time short term rental investments.”
Lane argued that a flood of Airbnb’s wouldn’t crash heavily saturated markets either.
“So you look at a market like Phoenix and how many new homes are being built any given year, that’s larger than the entire short term rental industry,” Lane said.
The broader housing market needs more inventory any which way it can get it, but I don’t see much coming from non-viable Airbnbs. What do you think? Share your thoughts with me at [email protected].
In our weekly DataDigest newsletter, HW Media Managing Editor James Kleimann breaks down the biggest stories in housing through a data lens. Sign up here! Have a subject in mind? Email him at [email protected]
There was a viral tweet going around from YouTube housing influencer Nick Gerli. You’ve probably seen it. Gerli cites data from a company called AllTheRooms to make the case that the Airbnb/short-term rental market is “crashing” and it will have a big impact on inventory.
Indeed, the chart he shared is alarming.
A nearly 50% drop in revenue in some markets!
But the data looks dubious. I interviewed Jamie Lane, the chief economist and head of analytics at AirDNA. He looked at the AllTheRooms data and ran a mirror analysis with AirDNA’s data and, well, just look.
Revenue per listing is down, but it’s not down by a third or more in those markets, according to AirDNA.
AllTheRooms didn’t respond to my requests for comment, but Gerli, who runs Reventure Consulting, said he was aware of the discrepancies in the data and had reached out to Airbnb “to provide their own data for these cities so we can get the most accurate figures.” (Airbnb itself said in a statement that the data was “not consistent with its own” and added that “more guests are traveling on Airbnb than ever before.”)
Gerli, however, did offer high level thoughts on the situation. His outlook remains bearish.
“Both data sources agree that the Airbnb supply in America has surged over the last 2-3 years since the pandemic started, particularly in cities like Phoenix. In some markets there are now 2-3x more homes listed on Airbnb than for sale, a situation that has robbed the housing market for inventory,” Gerli wrote in an email. “However, now that the Airbnb correction has started, we will likely see struggling Airbnb owners look to sell their properties. Look for the downturn to be worse in cities where 1) the revenues declined the most and 2) there’s the highest surplus of Airbnb inventory relative to homes for sale.”
Lane at AirDNA doesn’t see a ‘crash’ happening, even though revenue is trending down from last year and it is a relatively saturated marketplace in some metros (the number of listings was up 18% over the same period last year).
“I see that as an entirely false narrative,” he said. “The short-term rental industry has very healthy performance right now. If you look at overall occupancies for 2023, the industry is going to run 57%. That compares to a pre-COVID [level] of 55%. So we’re well above pre COVID occupancy levels. We are down from the 2021 highs, but that was a COVID anomaly in terms of industry performance.”
AirDNA expects modest Airbnb revenue declines throughout the rest of the year – a 1% drop for the rest of the year and no growth in 2024.
Let’s dive in a little further. Lane maintains that the fundamentals in STR remain strong – we see lower churn today than we saw pre-pandemic, the travel desire is absolutely real, a large segment of the population is more mobile than ever (thanks, remote work!), and about 20% of listings are private or shared rooms, not entire houses.
More importantly, revenue for most hosts across the country is still strong nationally, reducing the likelihood of forced sellers, Lane said.
“If you look at revenue today, average revenue per listing compared to pre-pandemic, we are 30% higher, and that has barely come down off the highs in 2022. The earnings of short term rental operators have not collapsed by any means.”
But let’s say demand nosedives due to a recession and the numbers no longer pencil out for some operators. What impact would that have on the market?
It’s hard to say, but an STR crash like the one Gerli describes already did happen, back in 2020.
“In 2020, listings fell by 25%, we saw many markets essentially decline by half, with no disruption to the broader housing market,” Lane said.
Inventory, as ever, is key to all this. Currently, there are about 1.4 million short-term rental listings in the U.S. While there are about 600,000 active for-sale listings. Even if all the 1.4 million STR listings hit the market at the same time, I don’t think that would crash the market.
“Active listings in a normal period would be between 2 to 2.5 million,” said HousingWire’s Lead Analyst Logan Mohtashami. “Even if all those homes came to market overnight, they would need to not get a bid over 60 days to allow the active inventory to return to historical norms.”
Added Lane: “When you look at major cities, let’s say the 50 largest metros, most of that [Airbnb] inventory is not available full time. Over 50% was available for rent less than 180 days over the previous year. So it’s not full time short term rental investments.”
Lane argued that a flood of Airbnb’s wouldn’t crash heavily saturated markets either.
“So you look at a market like Phoenix and how many new homes are being built any given year, that’s larger than the entire short term rental industry,” Lane said.
The broader housing market needs more inventory any which way it can get it, but I don’t see much coming from non-viable Airbnbs. What do you think? Share your thoughts with me at [email protected].
In our weekly DataDigest newsletter, HW Media Managing Editor James Kleimann breaks down the biggest stories in housing through a data lens. Sign up here! Have a subject in mind? Email him at [email protected]
Homebuyers didn’t get any relief in mortgage rates this week, leaving them with little choice to either move forward with their purchase plans at elevated rates or stick to the sidelines.
The rate on the 30-year fixed mortgage edged higher to 6.71% from 6.67% the week prior, according to Freddie Mac. Rates have swayed between 6% and 7% since the start of the year, showing little signs of softening this summer.
The high rates have kept many homeowners from listing their homes, driving up prices on what’s left in the market and creating unfavorable conditions for the buyers still on the hunt.
“That move-up buyer is pretty much gone,” Luis Padilla, CEO of Oceanside Realty and Padilla Team in Miami, told Yahoo Finance. “It’s what’s putting the brakes on the market and inventory.”
Rate-trapped homeowners stall inventory growth
The latest data showing homes that went into contract in May underscores the inventory challenges.
Pending home sales, a leading indicator of the housing market’s health, dropped 2.7% in May from the previous month, much more than what was expected. That’s largely because buyers couldn’t find enough homes to make a deal, NAR chief economist Lawrence Yun said, noting that each listing received three offers on average.
The shortages have persisted. There were 459,000 single-family homes on the market for the week ending June 26, according to Altos Research. While up 1.9% from a week prior, that’s 10% fewer homes compared with a year ago.
“Normally by mid June you’d have 10-20% more homes on the market than over the holidays,” Mike Simonsen, CEO of Altos Research, wrote in his blog. “But this year we have fewer.”
The biggest reason for the dearth of properties is reluctance from homeowners, most of whom have a much lower mortgage rate than the prevailing rate.
“That move buyer doesn’t want to give up that 3% mortgage rate,” Padilla said. “They would rather commute 30 minutes to work than pay hundreds more on a monthly mortgage payment.”
Buyers move on to new homes
So what’s a homebuyer to do? Many of them who are still in the market are looking at new builds.
That was one factor that pushed the volume of mortgage applications for purchases up 3% for the week ending June 23, according to the Mortgage Bankers Association (MBA). That’s the third week of increases and the highest level of activity since early May.
“New homes sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market,” MBA Deputy Chief Economist Joel Kan said in a statement. “Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.”
Though new inventory offers a glimmer of hope, very few homes that are available are affordable to entry-level buyers.
Padilla noted that while the share of active listings had increased 19.5% in May in the Miami-Dade area, the average cost of a single-family home was $620,000, up 7.8% from a year prior. Prices for condos increased 6.5% to $415,000.
That tracks with national data this week showing prices have increased for three months in a row, making conditions worse for buyers out there.
“This is good news for homeowners gaining more equity,” Mark Fleming, First American’s chief economist, previously told Yahoo Finance. “But it will pressure affordability for the potential first-time homebuyer.”
Gabriella is a personal finance reporter at Yahoo Finance. Follow her on Twitter @__gabriellacruz.
Click here for the latest economic news and economic indicators to help you in your investing decisions
Read the latest financial and business news from Yahoo Finance
With the news this month that the housing market hit a milestone by showing the first year-over-year price decline in recent memory, homeowners who’d considered finally selling their home this year are finding themselves discouraged yet again.
What happened, they might wonder, to the not-so-distant glory days of frantic bidding wars and over-ask offers? Plenty of frustrated owners seem worried that the window for a fast and lucrative home sale might be shutting fast.
But here’s the reality: The U.S. housing market is no monolith. Although it’s true that many of the hottest markets of the past few years have seen prices fall in the wake of higher mortgage interest rates that broadly dampened home shoppers’ buying power, there are still cities where buyers continue to snatch up homes quickly and where sellers are getting their full asking price—or more.
This is why the Realtor.com® data team dug in to find the U.S. real estate markets that most favor sellers. (Sorry, buyers!)
The best places for sellers generally have persistently low housing inventory, strong demand from buyers, and often—but not always—lower prices that have room to swell. These are generally affordable metropolitan areas in the Northeast with a few in the Midwest.
Three of the metros on our list—Hartford, CT, Worcester, MA, and Providence, RI—are so close, you could tour homes in all of them in a single day. Our ranking also has one spot in the South and a somewhat bizarre outlier in California—more on that later.
To figure out if an area is a buyer’s or seller’s market, Pamela Ermen likes to track the change in the number of closed sales per month, compared with the change in the number of new listings per month.
“When sales are going up and inventory is going down, that’s a real seller’s market,” says Ermen, a Virginia Beach–based Realtor® at Re/Max and a speaker and coach at Real Estate Guidance.
Still, sellers who focus solely on low inventory can wrongly conclude that they can list their home at a higher price than an agent might advise. That can lead to their property languishing on the market not receiving strong offers. Meanwhile, buyers who focus only on the number of sales going down might wrongly think there’s less competition. That might result in heartache when they find out the hard way that many homes are still getting multiple offers.
To find true seller-friendly places, the Realtor.com data team looked at the May 2023 listing data for the 100 largest metropolitan areas. Then we ranked each based on the number of days that the median listing is on the market, combined with the portion of listings that have had the price reduced. These metrics tell us where homes are selling faster than average and with fewer sellers having to reduce their price to make the sale.
We selected just one metro area per state to ensure geographical diversity. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)
Here’s where sellers can expect the market to be most tilted in their favor this summer.
Median list price: $265,000 Median days on the market: 13 Listings with a price reduction: 1 in 17
Rochester, on the western edge of New York along the southern shore of Lake Ontario, not only is at the top of our seller’s saviors list—it’s also in a class of its own. Rochester had both the lowest number of days on the market and the lowest portion of listings with a price reduction. But this is nothing new for the so-called Flower City.
The metro area has become a mainstay of the Realtor.com hottest real estate markets list. It’s also where sellers are usually still getting their asking price, and where buyers can find one of the largest selections of homes for less than $200,000. Plus, home prices are well below the national median list price of $441,500 in May.
These affordable homes have made the area appealing to locals, out-of-towners, and investors.
“If you’re priced right in our market, you can expect to still sell in about one week,” says Jenna May, a local real estate agent at Keller Williams Realty.
When the market was at its pandemic peak in 2022, and even before anyone had heard of COVID-19, Rochester was still leading the nation in the low number of days on the market. Demand here for homes is high and seems destined to stay that way.
“There are people who are offering $80,000 over listing price and not getting the home,” says May. “It’s that competitive.”
Median list price: $424,925 Median days on the market: 19 Listings with a price reduction: 1 in 14
The capital city of Connecticut is also no stranger to the Realtor.com list of the nation’s hottest real estate markets. Hartford is the largest population hub in the state, with 1.2 million residents.
It also boasts home prices that are about 5% below the national median.
“The Northeast has been well undervalued compared with other markets—and not just for years, but for decades,” says Lisa Barrall-Matt, a senior broker at Berkshire Hathaway in West Hartford.
Homes in the Hartford area have been priced $100,000 less than comparable homes in other markets, Barrall-Matt says, for so long that she began to take it for granted.
Now, she’s feeling vindicated: “I used to say, ‘Why aren’t prices higher?’ Now I’m saying, ‘Where’s the ceiling?’”
Median list price: $622,500 Median days on the market: 24 Listings with a price reduction: 1 in 13
Portland became a popular pandemic destination for Northeasterners looking for a scenic, coastal city with some great restaurants, entertainment, and a brewery scene. The area has a rich history, having a Native American presence dating more than 10,000 years before becoming an early Colonial settlement.
The above-average prices in this artsy city on Casco Bay aren’t keeping sellers from enjoying quick sales. In fact, few listings are getting marked down. The demand for housing here is just so strong. Portland has been featured on our list of the best places to retire in 2022, and it has one of the last year’s hottest neighborhoods: Windham, just on the northwestern edge of Portland proper.
Prices in Portland have grown significantly faster during the pandemic—from May 2019 to now—than they did in most of the country. Where prices rose about 40% nationally, prices in Portland have grown by about 62%. Just since this time last year, prices rose 17%.
A newer four-bedroom home in South Portland that’s within walking distance of Fore River is listed for $650,000, close to the area average.
Median list price: $517,450 Median days on the market: 19 Listings with a price reduction: 1 in 10
Worcester, about 40 miles west of Boston, was nicknamed the “Heart of the Commonwealth” because of its central location in Massachusetts.
This medium-sized metro has a name that’s fun to say, like “rooster” but with a W. But it simply doesn’t have enough homes to match the high interest from potential buyers, according to Nick McNeil, a local Realtor with the Lux Group.
“The amount of demand and the absolute lack of inventory is nuts,” he says. “And there’s not much room for new construction in this area, with tight regulations on what can be built.”
Until there’s some kind of change in the supply and demand dynamic in the area, McNeil says, it’s going to be hard for buyers, and relatively easy for sellers—as long as they’re not also trying to buy.
“The best situation you can be in is if you can sell now,” he says.
Median list price: $384,250 Median days on the market: 25 Listings with a price reduction: 1 in 10
Amid the rolling hills of Eastern Pennsylvania’s Lehigh Valley, about 60 miles northwest of Philadelphia, Allentown has a few things going for sellers right now. The portion of homes with a price reduction is about half the national average, and homes are selling about 40% faster.
Like some other places on this list, the homes in this historic steel town are priced below the national average. But local incomes are a bit higher than average, offering buyers more affordability. That’s helping the real estate market to remain competitive as buyers seek out deals.
Allentown offers a mix of urban, suburban, and rural lifestyles, making it broadly attractive for buyers.
What’s especially notable about the area is the price growth over the past several years. Allentown metro prices have risen by 78% since before the pandemic, ahead of all the other places on this list.
For about the local median price in Allentown, buyers can find a five-bedroom bungalow in the Hamilton Park neighborhood west of downtown Allentown.
Median list price: $374,950 Median days on the market: 29 Listings with a price reduction: 1 in 11
Perched on the western shore of Lake Michigan in southeastern Wisconsin, Milwaukee is known for its breweries, including Miller and Pabst. It’s also where Harley-Davidson was founded. And it’s been a staple of housing affordability for some time.
However, prices have been rising in Milwaukee’s metro area: They rose by around 11% compared with this time last year.
The median number of days on the market is below the average now, just like it was before the pandemic. The same goes for the portion of listings with a price reduction. This is all very good news for home sellers hoping for a quick, profitable sale.
For $375,000, a buyer can get a large, four-bedroom home just 5 minutes from hiking trails, a golf course, and a dog park, all along the shoreline.
Median list price: $386,973 Median days on the market: 29 Listings with a price reduction: 1 in 9
The Virginia Beach metro area, a popular vacation spot for beach, maritime history, and seafood lovers, is another place where incomes are higher than average and home prices are lower.
Last year, sellers could count on getting multiple offers, usually leading to potential buyers bidding up the price, says Virginia Beach–based Realtor Ermen. Now, it’s not as easy to figure out that pricing sweet spot. If the home is listed too high, that’s when there’s eventually pressure to reduce the price.
In the month of May, even with a low number of price reductions, Erman says, “90% of price reductions were made before the listing hit the average time on market.”
That indicates sellers are getting antsy, and probably would have been better off pricing the home lower to begin with. But homes that are priced to sell are still moving briskly.
Median list price: $1,530,000 Median days on the market: 25 Listings with a price reduction: 1 in 9
San Jose is the oddball on this list.
Nestled in the heart of Silicon Valley, it is one of the most expensive real estate markets in the nation. Homes in this San Francisco Bay Area hot spot cost more than triple the national average, which means real estate attracts a very specific buyer.
Because San Jose is a global technology hub, its population is very diverse, and not just racially or ethnically. Roughly 40% of residents were born outside of the U.S., according to the U.S. Census Bureau. Most significantly, many residents have tons of money to spend, whether they’re high-salaried tech employees or they have had an entrepreneurial startup windfall.
Local real estate agents will tell you that San Jose is simply insulated from many of the market dynamics because the clientele is so wealthy. If they’re making an all-cash purchase, they don’t have to worry about higher mortgage rates. And that’s a big boon for sellers.
Median list price: $539,950 Median days on the market: 31 Listings with a price reduction: 1 in 10
Providence, home to Brown University and the Rhode Island School of Design, is a bustling town filled with older homes. About 50 miles southwest of Boston, it’s one of the medium-sized, Northeastern metros on our list that are enjoying especially strong housing markets right now.
Providence prices are significantly above the national average, but compared with nearby Boston, where the median list price is north of $850,000, Providence is a downright bargain.
Plus, it’s got a lot going for it. It boasts beautiful scenery along the Seekonk River, a thriving arts scene, and good jobs. The headquarters for CVS is located in nearby Woonsocket.
In Providence, for $550,000, a little above the local average, buyers can find a midcentury two-bedroom home with classic brick construction about 15 minutes from downtown.
Median list price: $229,950 Median days on the market: 31 Listings with a price reduction: 1 in 9
Home prices in this Rust Belt city, which has struggled in more recent years, are still dramatically lower than the national average—about 45% less expensive. And with the focus of buyers on affordability, it’s no wonder that Toledo has taken off.
In the past year, median list prices in Toledo have risen by 25% (10% per square foot), which is quite a bit higher than before the pandemic.
For less than the median list price in Toledo, buyers can get a massive, six-bedroom home in Toledo’s Old West End neighborhood, just northwest of downtown.
Mortgage rates continue to slide, and home prices just dropped by the biggest amount since 2011, but it’s not enough for wary Americans to jump back into the market.
Don’t miss
Freddie Mac chief economist Sam Khater says prospective buyers are keeping a close eye on rates as they wait for their moment. As for inventory, he adds, “a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.”
Buyers braving today’s rates will need a substantial income to afford a quality home.
Say you’re buying a $500,000 property. Assuming you have a 10% down payment and lock in a 30-year fixed mortgage at today’s average rate of 6.67%, you’d have to pay about $3,563 a month after property taxes and insurance, according to estimates from Zillow.
Considering that most lenders want you to keep your housing expenses at or under 30% of your gross income, you’d need to earn at least $142,500 a year to afford that $500,000 home.
30-year fixed-rate mortgages
The average 30-year fixed mortgage — the most popular home loan among American buyers — slipped from an average rate of 6.69% to 6.67% this week.
The rate still remains elevated from last year, however, when it averaged 5.81%.
While the Fed paused its series of hikes to the federal funds rate this month, officials said to expect another half-point increase by year’s end — higher than previously projected.
“In other words, borrowing, including home purchases, will likely remain expensive through the remainder of the year,” writes Realtor.com economist Jiayi Xu.
Xu adds that affordability remains a challenge for prospective buyers, meaning a significant share will be flocking toward cheaper markets — driving up prices in these areas as well.
“The heightened competition in these markets may worsen the conditions faced by buyers with financial constraints, particularly due to the already limited supply of affordable homes.”
15-year fixed-rate mortgages
The average rate on a 15-year home loan also dropped from 6.10% to 6.03% this week.
This time a year ago, the 15-year fixed-rate averaged 4.92%.
Meanwhile, the median price of an existing home also dropped in May — to $396,100, down 3.1% compared to the same month a year ago, reports the National Association of Realtors (NAR).
That’s the biggest year-over-year decline since December 2011.
Read more: Americans refuse to let higher prices derail their travel plans — 10 tactics to keep your summer vacation on budget
Buying may have faltered, but building picked up
Redfin deputy chief economist Taylor Marr says either a large drop in mortgage rates or a surge of new listings would jumpstart the housing market.
But that’s not what happened this spring. In fact, new listings are down 24% compared to this season last year, while the total number of homes on the market is down 8% — marking the biggest plunge in over a year.
As mortgage rates remain well over 6%, homeowners are reluctant to put their homes for sale and lose their below-market rates.
“But even though there wasn’t much of a spring homebuying season this year, there was a spring building season,” Marr notes. Construction of new single-family homes is close to its highest peak in nearly 20 years.
“That means there’s hope for more listings somewhat soon, with homebuilders working to fill the inventory bucket.”
Mortgage applications slightly increase
Demand for mortgages inched up 0.5% from last week, according to the Mortgage Bankers Association (MBA).
Refinance activity dropped by 2% — and is 40% lower than the same week a year ago.
Joel Kan, vice president and deputy chief economist at the MBA, pointed to a notable 3% gain in loans backed by the Federal Housing Administration.
Since first-time buyers account for a large share of FHA loans, he says, “this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory.”
What to read next
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Only days after California launched a first-of-its-kind home loan assistance program, the $300 million allocated for it in the 2022-2023 budget was entirely reserved for applicants currently under contract to buy their first homes.An estimated 2,500 Californians will receive Dream for All Shared Appreciation Loans through the California Housing Finance Agency (CalHFA).“The demand was unprecedented,” said CalHFA spokesperson Eric Johnson. “We went through the entire allocation of 300 million dollars in about 11 days.”Johnson told KCRA 3 that no other government has tried to do something like this at this scale.How the program works:Dream for All helps home buyers with a 20% down payment.When they pay back that loan, either through selling or refinancing their home, they have to pay back the original loan.Recipients must also pay 20% of the increase in the home’s value.“If they buy a house for $500,000, and then five years down the road sell it for $600,000 the home has appreciated in value by $100,000,” Johnson explained. “They have to pay us, in addition to the original loan… twenty percent.”For some first-time home buyers, however, getting financing is only the first challenge.“I think the program came at a tough moment where we’re struggling, not only with affordability… but we’re really struggling with not enough listings,” said Ryan Lundquist, home appraiser and housing analyst for the greater Sacramento area.A lack of inventory could make things even more frustrating for home buyers in this already-competitive local housing market — for those not benefiting from a program like Dream for All.“To bring in extra stimulus in a market that already is tight, where supply and demand feel like they’re really competitive, it’s tough,” Lundquist said.The program’s popularity, Lundquist said, speaks to the tremendous desire for home ownership.“It shows that buyers and prospective buyers are hungry in today’s market,” he said.So what about the people who missed out on this opportunity?The state encourages people to explore the other homebuyer assistance programs posted on its website.“We also have other programs for the people who weren’t able to take advantage of this one,” said Johnson.Analysts recommend working with a lender well-versed in financing options that’ll fit your budget needs.“There might be something else out there that can – maybe not match – but maybe it can come close,” Lundquist said. “The only way to know is, I think, to explore those options.”In order to qualify for the Dream for All program, homebuyers needed to complete a loan education course.The state also said that each year, it will send recipients “reminders” about the special terms of their loans.
Only days after California launched a first-of-its-kind home loan assistance program, the $300 million allocated for it in the 2022-2023 budget was entirely reserved for applicants currently under contract to buy their first homes.
An estimated 2,500 Californians will receive Dream for All Shared Appreciation Loans through the California Housing Finance Agency (CalHFA).
Advertisement
“The demand was unprecedented,” said CalHFA spokesperson Eric Johnson. “We went through the entire allocation of 300 million dollars in about 11 days.”
Johnson told KCRA 3 that no other government has tried to do something like this at this scale.
How the program works:
Dream for All helps home buyers with a 20% down payment.
When they pay back that loan, either through selling or refinancing their home, they have to pay back the original loan.
Recipients must also pay 20% of the increase in the home’s value.
“If they buy a house for $500,000, and then five years down the road sell it for $600,000 the home has appreciated in value by $100,000,” Johnson explained. “They have to pay us, in addition to the original loan… twenty percent.”
For some first-time home buyers, however, getting financing is only the first challenge.
“I think the program came at a tough moment where we’re struggling, not only with affordability… but we’re really struggling with not enough listings,” said Ryan Lundquist, home appraiser and housing analyst for the greater Sacramento area.
A lack of inventory could make things even more frustrating for home buyers in this already-competitive local housing market — for those not benefiting from a program like Dream for All.
“To bring in extra stimulus in a market that already is tight, where supply and demand feel like they’re really competitive, it’s tough,” Lundquist said.
The program’s popularity, Lundquist said, speaks to the tremendous desire for home ownership.
“It shows that buyers and prospective buyers are hungry in today’s market,” he said.
So what about the people who missed out on this opportunity?
The state encourages people to explore the other homebuyer assistance programs posted on its website.
“We also have other programs for the people who weren’t able to take advantage of this one,” said Johnson.
Analysts recommend working with a lender well-versed in financing options that’ll fit your budget needs.
“There might be something else out there that can – maybe not match [Dream for All] – but maybe it can come close,” Lundquist said. “The only way to know is, I think, to explore those options.”
In order to qualify for the Dream for All program, homebuyers needed to complete a loan education course.
The state also said that each year, it will send recipients “reminders” about the special terms of their loans.