Cities where home sales were red-hot during the COVID-19 pandemic have cooled considerably in recent months, according to a new analysis from Creditnews Research.
Sun Belt cities now dominate the list of U.S. markets where homes sell the slowest.
Here are the metros where homes are languishing on the market for the longest period.
10. New York City
Median time before a home listing reaches sale-pending status: 37 days as of January 2024 (a 50% decrease since January 2020)
Home inventory change since before the pandemic started: 50.97% decrease
The fact that homes are selling slowly in this city might make it a bit easier to purchase a property. But don’t expect raging bargains: New York is still No. 1 on the list of “The 10 Most Valuable Housing Markets in America.”
9. Deltona, Florida
Median time before a home listing reaches sale-pending status: 39 days as of January 2024 (a 4.88% decrease since January 2020)
Home inventory change since before the pandemic started: 10.40% decrease
Properties may be lingering in Deltona, but prices were soaring last year in the city north of the Orlando metro. We reported on the red-hot status of Deltona and other cities in “Home Prices Are Soaring in This City You’ve Never Heard Of.”
8. Colorado Springs (tie)
Median time before a home listing reaches sale-pending status: 41 days as of January 2024 (a 141.18% increase since January 2020)
Home inventory change since before the pandemic started: 37.43% increase
A less frenzied housing market in Colorado Springs is good news for those who want to move there. The city is one of the “15 of the Best Places to Retire in the Mountains (Right Here in America).”
8. Cape Coral, Florida (tie)
Median time before a home listing reaches sale-pending status: 41 days as of January 2024 (a 14.58% decrease since January 2020)
Home inventory change since before the pandemic started: 5.64% decrease
A recent surge of new inventory earned Cape Coral the No. 1 spot on the list of the “10 Housing Markets That Are Giving Buyers More Options.”
6. Jacksonville, Florida
Median time before a home listing reaches sale-pending status: 42 days as of January 2024 (a 20% increase since January 2020)
Home inventory change since before the pandemic started: 12.09% decrease
If you’re looking for a bargain in Jacksonville, we have some good news: The city is among the “10 Places With the Most Home Sellers Slashing Prices.”
5. New Orleans, Louisiana
Median time before a home listing reaches sale-pending status: 48 days as of January 2024 (a 17.07% increase since January 2020)
Home inventory change since before the pandemic started: 52.67% increase
Folks planning a move to New Orleans will be happy to learn that Louisiana is among the “9 States With the Lowest Property Tax Rates.”
4. San Antonio, Texas
Median time before a home listing reaches sale-pending status: 49 days as of January 2024 (a 9.26% decrease since January 2020)
Home inventory change since before the pandemic started: 2.84% increase
As homes take longer to sell in San Antonio, prices are coming down. Last fall, we reported that the Texas city was among “5 Markets Where Home Values Have Plunged As Much As 10%.”
3. Poughkeepsie, New York
Median time before a home listing reaches sale-pending status: 51 days as of January 2024 (no change since January 2020)
Home inventory change since before the pandemic started: No change
Retirees and those with health conditions might want to consider a move to Poughkeepsie or another city in New York: The Empire State is among the “10 States With the Best Health Care Systems in America.”
2. McAllen, Texas
Median time before a home listing reaches sale-pending status: 53 days as of January 2024 (a 36.14% decrease since January 2020)
Home inventory change since before the pandemic started: 26.12% increase
McAllen is one of the fastest-growing cities in the U.S. The border city is also among “The 10 Most Affordable College Towns in America.”
1. Austin, Texas
Median time before a home listing reaches sale-pending status: 66 days as of January 2024 (a 186.96% increase since January 2020)
Home inventory change since before the pandemic started: 29.32% increase
Texas has no state income tax, but that doesn’t mean all taxes are low there. Austin is among the “15 Cities With the Highest Property Taxes.”
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