While it's probably too early to call a change in the cycle, there are markets where the conditions are turning better for bidders, on both a relative basis (think media values) and absolute basis (sellers have begun to cut prices in meaningful numbers).
"The shortage of starter homes across the country is finally starting to ease, and that's good news for would-be first-time buyers who have been saving up to make the leap into homeownership," Skylar Olsen, Zillow's director of economic research, said in a press release. "Unfortunately, prices of homes in the lower third of the market have risen so much in recent years that for many households' budgets they no longer qualify as affordable. But markets like Tampa and Las Vegas still provide plenty of bargains."
Last year saw the most first-time buyers
From the desert of the Southwest to all across Florida, here's a look at the 12 housing markets deemed best for first-time home purchasers.
Zillow based its list of best markets for first-time homebuyers on a combination of four metrics: Low median home value, forecasted home value appreciation, high inventory-to-household ratio, and a high share of listings with a price cut.
No. 12 Philadelphia, Pa.
2020 home value appreciation forecast: 6.4%
Available inventory-to-household ratio: 1.3%
Percentage of listings with price cut: 16.2%
No. 11 Houston, Texas
2020 home value appreciation forecast: 3.2%
Available inventory-to-household ratio: 1.6%
Percentage of listings with price cut: 18.7%
No. 10 Charlotte, N.C.
2020 home value appreciation forecast: 6.1%
Available inventory-to-household ratio: 1.2%
Percentage of listings with price cut: 16.4%
No. 9 Nashville, Tenn.
2020 home value appreciation forecast: 6.4%
Available inventory-to-household ratio: 1.6%
Percentage of listings with price cut: 14.9%
No. 8 Dallas-Fort Worth, Texas
2020 home value appreciation forecast: 8.1%
Available inventory-to-household ratio: 1.3%
Percentage of listings with price cut: 18.7%
No. 7 Detroit, Mich.
2020 home value appreciation forecast: 7%
Available inventory-to-household ratio: 1.1%
Percentage of listings with price cut: 16.5%
No. 6 Miami-Fort Lauderdale, Fla.
2020 home value appreciation forecast: 5%
Available inventory-to-household ratio: 2.8%
Percentage of listings with price cut: 18.6%
No. 5 Orlando, Fla.
2020 home value appreciation forecast: 5.9%
Available inventory-to-household ratio: 1.6%
Percentage of listings with price cut: 21.3%
No. 4 Atlanta, Ga.
2020 home value appreciation forecast: 7.8%
Available inventory-to-household ratio: 1.6%
Percentage of listings with price cut: 15.9%
No 3. Phoenix, Ariz.
2020 home value appreciation forecast: 8.5%
Available inventory-to-household ratio: 1.4%
Percentage of listings with price cut: 20.9%
No. 2 Las Vegas, Nev.
2020 home value appreciation forecast: 8%
Available inventory-to-household ratio: 1.6%
Percentage of listings with price cut: 23.9%
No. 1 Tampa, Fla.
2020 home value appreciation forecast: 6.2%
Available inventory-to-household ratio: 1.7%
Percentage of listings with price cut: 24.8%