If you are trying to sell a home and wonder where all the buyers have gone, you are not alone.
Nationwide, as of September, it took a median of 33 days to sell a home in major U.S. metropolitan areas. But in some areas, the process of selling a home took much longer than that
That is quite a contrast to a couple of years ago, when long lines at open houses and bidding wars were the norm.
Recently, real estate brokerage firm Redfin analyzed metro areas with a population of 750,000 or more and identified those where homes sit on the market the longest. Here are the major markets where a lot more patience is required on the part of sellers now.
1. New Orleans, Louisiana
As of September, homes in this metropolitan area:
- Were on the market for a median of 70 days — which reflects a year-over-year increase of 42 days
- Sold for a median of $278,985
Finding New Orleans on this list should not be a huge surprise. Redfin notes that historically, homes have taken longer to sell in the Big Easy than they have in other markets.
What’s more, this year’s hottest housing markets are not the usual suspects. For more, check out “10 Places With the Highest Homebuyer Demand in 2023.”
2. Honolulu, Hawaii
As of September, homes in this metropolitan area:
- Were on the market for a median of 62 days — which reflects a year-over-year increase of 10 days
- Sold for a median of $727,444
Honolulu is another market where homes traditionally take longer to sell, according to Redfin. But while this housing market in paradise, located on the island of Oahu, has been cooling, rents have continued to soar on the island.
3. Austin, Texas
As of September, homes in this metropolitan area:
- Were on the market for a median of 59 days — which reflects a year-over-year increase of 12 days
- Sold for a median of $450,000
During the recent housing boom, Austin was one of the hottest markets in the nation. But this market has since “lost its edge” because it has become so expensive, according to Redfin. In a summary of its findings, Redfin says of the Texas state capital:
“The typical home that sold in September went for $450,000, or 9.2% more than the typical U.S. home. That gap has narrowed since home prices peaked last spring, when homes in Austin were selling for nearly 30% more than the typical U.S. home.”
4. West Palm Beach, Florida
As of September, homes in this metropolitan area:
- Were on the market for a median of 58 days — which reflects a year-over-year increase of 8 days
- Sold for a median of $470,000
A lot more homes are going up for sale in West Palm Beach, as we recently reported in “The Biggest Spikes in Home Listings Are in Florida Cities Now.” Redfin says that as the number of homes for sale in Florida grows, it “could eventually ease price increases” in the Sunshine State.
5. McAllen, Texas
As of September, homes in this metropolitan area:
- Were on the market for a median of 53 days — which reflects a year-over-year increase of 23 days
- Sold for a median of $251,000
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.”
6. New York City
As of September, homes in this metropolitan area:
- Were on the market for a median of 52 days — which reflects a year-over-year increase of 2 days
- Sold for a median of $695,000
The fact that homes are lingering on the market 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.”
7. Fort Lauderdale, Florida
As of September, homes in this metropolitan area:
- Were on the market for a median of 51 days — which reflects a year-over-year increase of 5 days
- Sold for a median of $425,000
As we reported in “10 Markets With the Most Home Sales Getting Canceled,” 23.1% of pending home sales fell out of contract in August. That is a clear sign that things are cooling in parts of red-hot South Florida.
8. Nashville, Tennessee
As of September, homes in this metropolitan area:
- Were on the market for a median of 50 days — which reflects a year-over-year increase of 11 days
- Sold for a median of $440,000
Nashville is doing its best to provide more homes for buyers. It is No. 3 on the list of the “15 Cities Building the Most Homes.”
9. San Antonio, Texas
As of September, homes in this metropolitan area:
- Were on the market for a median of 50 days — which reflects a year-over-year increase of 17 days
- Sold for a median of $318,075
As homes take longer to sell in San Antonio, prices are coming down. The Texas city is among “5 Markets Where Home Values Have Plunged As Much As 10%.”
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