What's happened
New data from Redfin and Zillow show a split in the housing market. Long Island remains a strong seller’s market near Manhattan, while many other metros swing toward buyers. Renters are testing new cities, and out-of-town demand signals rising home-purchase activity in places like Buffalo, Chicago and Houston.
What's behind the headline?
Insight into the split
- Markets near major cities remain hot for sellers where demand outstrips supply, notably Long Island, even as the national trend moves toward buyer-friendly conditions in many metros.
- Renters are testing non-local markets, with Buffalo, Chicago and Houston showing strong out-of-town search growth that often precedes buying activity.
- The dynamic ties affordability, commute, and job opportunities to migration within the country, signaling that next-wave sales could follow rental patterns.
What this means for readers
- If you’re considering a move, the newest data suggests looking at markets with strong local demand and proximity to major employment hubs.
- Buyers may face fierce competition in top seller’s markets, while renters should watch out for price shifts as rents rebound in many markets.
- Regional differences matter: the coasts remain pricier, but midwest and southern metros show growing momentum.
How we got here
The latest data set combines Redfin’s metro-by-metro sales data with Zillow’s rental-search trends. As buyers and renters explore affordability and job markets, out-of-town interest is shifting where people choose to live.
Our analysis
According to Redfin data on Manhattan-adjacent markets and Long Island seller dynamics, and Zillow observations on out-of-town rental searches in Buffalo, Chicago, Houston and other metros; CNBC corroborates ongoing rental-market shifts and inversion in demand patterns.
Go deeper
- Will your city see more buyers or renters in the next quarter?
- Are you considering a move to a market near a major employment hub?
- What price changes should buyers anticipate in top seller’s markets near big cities?
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