The U.S. real estate market continues to surprise—and this spring, all eyes are on the South. Cities that were once booming with buyer activity are now undergoing a quiet transformation, offering opportunities for savvy home seekers. Markets in Florida, Tennessee, and Louisiana, previously swept up in pandemic-era demand, are cooling off—and that’s good news for buyers ready to make a move.
Pandemic Boomtowns Are Now Buyer-Friendly Markets
During the height of the pandemic, cities like Miami, Tampa, Jacksonville, New Orleans, and Memphis saw explosive growth. People relocated in droves, developers raced to keep up, and prices soared. But now, the tide has turned. Zillow’s latest report highlights these five metros as among the most favorable for buyers in 2025, with slow sales, rising inventory, and falling prices painting a very different picture from just a couple of years ago.
In fact, homes are sitting on the market for much longer than before. That breathing room gives buyers more time to shop, negotiate, and make smart choices—a far cry from the bidding wars and rushed decisions of recent years.
Florida Cities Like Miami and Jacksonville See Surging Inventory and Price Cuts
Take Miami, for example. The median time a home stays on the market there has reached 60 days—almost three times the national average. About 25% of listings had price reductions in February alone, according to Zillow. That’s a stark contrast to the breakneck pace we saw during the post-pandemic surge.
In Jacksonville, the birthplace of Southern rock and home to beautiful beaches, nearly 30% of sellers reduced their prices earlier this year. Inventory is up more than 26% year-over-year, signaling a shift from seller control to buyer opportunity.
Meanwhile, Tampa’s housing inventory has increased by nearly 20%, and roughly one-third of all listings in February saw price cuts. Buyers in these cities are no longer facing limited options or fast-expiring listings—they’re in a market that’s starting to work in their favor.
New Orleans and Memphis Face Slower Sales, Higher Listings
Outside of Florida, New Orleans and Memphis also stand out—though for different reasons. Both cities have experienced population declines, contributing to higher housing inventory and slower market movement.
Memphis, known for its musical legacy and affordability, has become one of the few cities where buying may now be cheaper than renting. With a typical mortgage payment around $1,228 (based on 20% down and a 30-year fixed loan), buyers are spending less than the city’s average rent of $1,400. That affordability gap may draw in new interest, especially from first-time buyers.
Homeownership Becomes Cheaper Than Renting in Select Cities
For those considering the long-term benefits of ownership, Memphis represents a rare window. Monthly costs are now lower with a mortgage than with rent, which is particularly compelling in an era of high interest rates and limited affordability across the country.
Similar trends are beginning to emerge in other southern metros, where home values are stabilizing, and buyers have a chance to step into ownership on more favorable terms.
Buyers Gain Power, But Risks Still Linger in These Markets
Of course, no market shift comes without caveats. These cities may be more affordable and flexible today, but some of the factors behind that shift are worth considering. Concerns around severe weather, flooding, crime, and urban infrastructure have caused many potential buyers to hesitate.
What we’re seeing, though, is a recalibration. The pandemic’s boom pushed many markets beyond sustainable limits, and now they’re adjusting to a more stable, buyer-friendly reality. For buyers willing to do their homework and weigh local risks, these cities may offer exceptional value.
As always, real estate is deeply local—and the best decisions come from understanding both the broader trends and the neighborhood-level details. But one thing is certain: for the first time in years, buyers in these southern markets have time, choices, and negotiating power on their side.
And that’s something we haven’t been able to say in a long time.