A new survey of market conditions by real estate portal Zillow shows that the top sellers’ markets in the country are concentrated on the West Coast, while on the East Coast buyers have more power. But the Boston market proves to be something of an exception, ranking as the 16th best market for sellers among the country’s 35 largest metro areas.

Locally, Cambridge was the top sellers’ market, while Plymouth was the top buyers’ market.

In Zillow’s analysis, a sellers’ market is not necessarily one where home values are rising, but rather one in which homes are on the market for a shorter time, price cuts occur less frequently and homes are sold at prices very close to (or greater than) their last listing price. In buyers’ markets, homes for sale stay on the market longer, price cuts occur more frequently and homes are sold for less relative to their listing price.

Across the country, the top sellers’ markets were San Jose, San Francisco, San Antonio and Los Angeles, while the top buyers’ markets were Cleveland, Philadelphia, Tampa and Chicago.

"The real estate data in markets on both coasts are telling markedly different stories. Relatively strong job markets in the west are helping spur robust demand, which is being met with limited supply, causing rapid home value appreciation and giving sellers an edge. In the east, housing markets are appreciating a bit more slowly, and homes are staying on the market longer, which helps give buyers the upper hand," Zillow Chief Economist Stan Humphries said in a statement.

According to Zillow’s February Real Estate Market Report, home values rose 6.5 percent year-over-year in February in the larger Boston metro, above the national increase of 5.6 percent over the same period. Rents rose 4.5 percent year-over-year. Greater Boston home values should rise another 0.7 percent over the next 12 months, Zillow predicts.

Zillow: West Coast Best For Sellers, East Coast Best For Buyers

by Banker & Tradesman time to read: 1 min
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