Three Florida cities- Miami, Orlando, and Tampa- were ranked in the top ten markets for homebuyers. With the spring homebuying season upon us, Zillow released a report that named the best markets for homebuyers. Miami ranked number two, Tampa ranked number seven, and Orlando ranked number eight. For millennials, in particular, each city is an affordable hub for homebuying.
The cities on the lists were ranked based on various factors: the median home value, the median number of days on the number, sale-to-list price ratio, and the percentage of listings where the price is cut.
Tampa and Orlando both rank in the top ten because they have a high percentage of listings where the price is cut. A price cut benefits a homebuyer, particularly millennials who are more likely to have a lower income. 23.2 percent of Tampa's listings received a price cut and 20.4 percent of Orlando's listings had a price cut.
But, the highest Florida city on the list, Miami, has the most benefits for a millennial homebuyer. Although New York City was ranked #1 on the list, Miami has more benefits for the homebuyer in many ways. The median home value for a home in Miami is $283,800, whereas New York City's was $438,300.
Not only does Miami have a great median home value for millennial home buyers, but 16.7 percent of their listings have also had their prices cut. New York City beats Miami with their average number of days for a listing to spend on the market with 132 days. A longer list period also benefits buyers. Miami has an average of 99 days.
According to Miami Agent Magazine, Miami's listings are continuing to grow with reliable prices that don't jump back and forth. With Miami's great weather and expanding condo market, it attracts out-of-state homebuyers. Especially millennials, who move out-of-state to go to one of Miami's popular colleges.
To read Zillow's report in full, visit their website here.