S
outhern charm is on sale. While the rest of the country is scrambling to find a home, buyers in Miami, Jackson, Tampa, New Orleans, and Memphis are enjoying a buyer's market like no other.

    In these five cities, the real estate landscape has shifted dramatically since the pandemic. Eager developers built homes to meet the surge in demand, but now excess stock has turned once-red-hot locales into bargains. Buyers can take their time, with median home stays on the market nearly three times longer than the national average.

    Miami's sun-kissed streets are particularly appealing, with a quarter of listings getting price reductions in February and homes staying on the market for 60 days – a leisurely pace by any standard. Jacksonville's sellers are also feeling the pinch, with nearly 30% dropping their prices last month.

    Tampa's inventory has grown by 20% since last year, making it easier than ever to find a deal. And in Jackson, the birthplace of Southern rock, buyers can enjoy 22 miles of white sand beaches and plentiful price cuts – nearly 30% of sellers dropped their prices in February alone.

    Meanwhile, Memphis and New Orleans are experiencing population declines, leaving behind a surplus of homes for sale. In New Orleans, inventory is up 42% since before the pandemic, giving buyers greater bargaining power. The average home stays on the market for just 58 days – plenty of time to negotiate a better price.

    But it's not all sunshine and rainbows in these cities. Buyers may be hesitant due to concerns about severe weather, flooding, crime, and poverty. Still, with prices dropping and inventory piling up, now is an excellent time to head south and snag a deal on a home that's been lingering on the market for months.