Yahoo Finance 10 Cities With Homes That Just Won’t Sell
Spring is typically the busiest time of the year. More properties become available, prices start increasing for the summer rush and competition becomes fevered. However, with home prices and mortgage rates already so high, the majority of Americans have soured on the current housing market and optimism for the future is at an all-time low.
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According to Gallup’s annual Economy and Personal Finance survey, 76% of Americans say it’s a bad time to buy a house and 68% of those surveyed think the average price of houses in their area will increase this year.
Just three short years ago, homes were coming on and off the market at a dizzying pace, as buyers took advantage of historically low interest rates. In March, the median home sales price (not including new construction) was $393,500, the highest ever for that month and a 4.8% year-over-year increase, per the National Association of Realtors (NAR).
Nationally, homes spent a median of 50 days on the market in March 2024, per Realtor.com. While homes in some markets with tight inventory and high demand move much faster than that, in other areas homes are taking a lot longer to sell.
Here are 10 areas in the U.S. where homes were taking the longest time to sell in March, according to Realtor.com’s look at the 200 largest metropolitan areas. Listed are the median days on market and home list prices for March, plus the current number of homes available.
10. Naples, Florida
Median days on market: 64
Median home list price: $849,000
Homes for Sale: 7,472
According to Realtor.com, the time spent on the market was helped along by an increased housing inventory in all the metros listed here. Naples increased its inventory by 82% since March 2023. The Gulf Coast beach city is tied with Longview, Texas (below), as well as Cape Coral, Florida, and Baton Rouge, Louisiana (Nos. 11 and 12, respectively), with a median 64 days on market.
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9. Longview, Texas
Median days on market: 64
Median home list price: $305,500
Homes for Sale: 603
Longview was one of the smaller cities in Texas, like Brownsville (below), that experienced a glut of new residents during the pandemic. At that time, homes prices skyrocketed and people living in Texas’ larger metros sought to find places where they could get more bang for their buck. The Longview area saw median home prices increase by 55% between Jan. 2020 and Jan. 2022. The median home list price stood at $305,500 for March 2024.
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8. Waco, Texas
Median days on market: 66
Median home list price: $345,000
Homes for Sale: 1,161
Per March data, homes in Waco sell after 66 days on the market on average, but the trend for median days on market has gone down since January, when it was 79. There are 1,161 homes for sale now, ranging from $12K to $5M. Popular neighborhoods include Landon Branch, Mountainview and North Lake Waco.
7. Huntington, West Virginia
Median days on market: 66
Median home list price: $179,950
Homes for Sale: 343
Many slow-selling markets also have more affordable housing options. Eight of the 10 listed here have median list prices below the national average of $424,900, and the most budget-friendly houses can be found in Huntington, where the median home list price is nearly 58% lower than the national average.
6. Crestview, Florida
Median days on market: 66
Median home list price: $644,000
Homes for Sale: 923
Crestview in Florida had among the coolest property markets in March, with homes remaining up for sale for an average of 66 days. Homes have been languishing on the market for lengthy periods of time here. The lowest days on market count since the end of 2022 has been 39, in Feb. 2023.
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5. New Orleans, Louisiana
Median days on market: 67
Median home list price: $329,000
Homes for Sale: 3,982
New Orleans is a vibrant and culturally rich destination that continues to attract loads of visitors, even after Hurricane Katrina devastated the city. It’s housing market needs a shot in the arm, however, as homes in areas susceptible to storms and floods may be tougher to sell and insure.
4. Utica, New York
Median days on market: 68
Median home list price: $239,900
Homes for Sale: 234
Zillow has the average Utica home value listed at $180,298, which is up 8% over the past year. Realtor.com’s $239,900 median list price is affordable, too, but the city is having a hard time moving houses, which had a days on market number of 68 for March 2024.
3. Brownsville, Texas
Median days on market: 68
Median home list price: $308,000
Homes for Sale: 842
As mentioned above, Brownsville saw an influx of new residents looking for cheaper accommodation during the pandemic, when workers found they could work from anywhere. While houses in desirable neighborhoods like Brownsville Country Club, Downtown Brownsville and El Valle Grande might have been snapped up quick two years ago — thanks also in part to Space X setting up shop nearby, as NPR reported — they are moving slow across the city as a whole now. The median days on market in March was 68.
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2. Punta Gorda, Florida
Median days on market: 69
Median home list price: $419,000
Homes for Sale: 3,888
In Punta Gorda, Florida, it takes 69 days for a home listing to go to pending status after being shown for sale — longer than any other metro area in the country (tied with Lafayette, Louisiana). Inventory in Punta Gorda has grown more than anywhere else on this list, too. Year-over-year, this Charlotte Harbor city’s inventory has grown 130%.
1. Lafayette, Louisiana
Median days on market: 69
Median home list price: $259,250
Homes for Sale (current): 1,368
Although Redfin says that the housing market in Lafayette is “somewhat competitive,” with some homes receiving multiple offers, it’s far from hot. Tied with Punta Gorda for the highest median days on the market (with 69), the Acadian Hub City has a median sale price 44% lower than the national average — but homes still don’t sell.
Disclaimer: Photos in this gallery are representational and do not necessarily depict the specific city mentioned.
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This article originally appeared on GOBankingRates.com: 10 Cities With Homes That Just Won’t Sell
