Top 5 Buyer’s Markets in the U.S. According to Zillow

[Corey Dutton]

According to results populated by its databases, Zillow identified the top 5 buyer’s markets in the U.S. The definition that Zillow gave for a “buyer’s market” is a market in which buyers are in a position of “power” as compared to sellers. Well, duh. In a buyer’s market, homes sit on the market longer with more frequent price reductions and usually sell for less than the originally list price.

Here were the top 5 buyer’s markets in the U.S.A., according to Zillow’s results:

1. Chicago, IL
2. Cleveland, OH
3. Philadelphia, PA
4. Cincinnati, OH
5. New York, NY

I was surprised that New Jersey was not on this list, given that it had the highest percentage increase in foreclosure starts over last year’s numbers. But consider the source: Zillow. Enough said.