Rhode Island’s capital is the best city for homebuyers

September 25th, 2014

Zillow ranked Providence, Rhode Island as the more advantageous city for homebuyers.

A recent report from online real estate marketplace Zillow determine Providence, Rhode Island, is the top metro area for homebuyers.

The ranking was based on Zillow’s August Buyer-Seller Index. Seller’s markets were defined as having homes that sold closer to their last list price, fewer instances of price cuts and shorter times on market. Buyer’s markets have the opposite criteria.

“We now have several different types of markets emerging, including markets that are still muddling along the bottom; markets that shot up immediately after the recession ended and are now cooling quickly; and markets that are still very hot,” said Zillow Chief Economist Stan Humphries.

Here are the top 10 buyer’s markets:

  1. Providence, Rhode Island
  2. Cleveland
  3. Philadelphia
  4. Milwaukee
  5. Chicago
  6. Pittsburgh
  7. Tampa, Florida
  8. New York/Northern New Jersey
  9. Cincinnati
  10. Jacksonville, Florida

These are areas where investors did not have as much of a presence in the distressed sales market, according to CNBC. Prices and demand are both on the lower side, presenting opportunities for buyers to have leverage in price negotiations. Humphries said each location has its own pros and cons, which indicates buyers need to adjust their strategies to the metro areas even if they are in the top 10 list.