Buying a home can be a tug of war between home sellers and homebuyers. In many markets, one side has an advantage over the other.
Now that home prices are declining, buyers are gaining some leverage on sellers in many cities — but not everywhere.
Despite the nation’s cooling real estate market, home sellers still have the upper hand in many markets. And in a few places, their power is especially strong, according to Realtor.com.
In these markets, price gains remain robust and many homes are selling. Following are the places where home sellers still reign supreme.
1. Davenport, Iowa
Year-over-year change in the home price per square foot in this market: 38.4% increase as of February
Median list price in this market: $208,700 as of February
Looking for a small, cozy new home? You might want to try your luck in Davenport. Iowa is one of the “10 States With the Smallest Homes.”
2. Montgomery, Alabama
Year-over-year change in the home price per square foot in this market: 26.5% increase as of February
Median list price in this market: $301,165 as of February
Home sellers might have the upper hand in Montgomery, but that doesn’t mean your dollar won’t stretch far here. Montgomery is No. 1 on the list of “America’s 15 Most Affordable Cities for Retirees.”
3. Wichita, Kansas
Year-over-year change in the home price per square foot in this market: 19.8% increase as of February
Median list price in this market: $319,995 as of February
Younger buyers might want to head to the heartland: Despite being a sellers’ market, Wichita is No. 1 on the list of “The 10 Best Cities for First-Time Homebuyers in 2023.”
The rest of the top 10
Here are a few additional markets where home sellers have the upper hand:
- Tulsa, Oklahoma: 18.5% year-over-year increase in the home price per square foot
- Youngstown, Ohio: 18.1% increase
- Minneapolis, Minnesota: 17.1% increase
- McAllen, Texas: 16.4% increase
- Harrisburg, Pennsylvania: 16.1% increase
- Little Rock, Arkansas: 15.9% increase
- Knoxville, Tennessee: 13% increase
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