Homebuyers, rejoice: In November 2024, the number of active properties on the market nationwide reached its highest level since 2020.
On a seasonally adjusted basis, inventory levels at that time were up 0.5% month over month and 12.1% year over year, according to real estate brokerage firm Redfin.
The rise in the number of homes for sale may be the result of a negative development for sellers, however. More than half of homes — 54.5% — on the market in November had been there at least 60 days. That’s the highest share for any November since 2019.
In a summary of Redfin’s findings, Meme Loggins — a Redfin Premier real estate agent in Portland, Oregon — says:
“A lot of listings on the market are either stale or uninhabitable. There’s a lot of inventory, but it doesn’t feel like enough. I explain to sellers that their house will sit on the market if it’s not fairly priced. Homes that are priced well and in good condition are flying off the market in three to five days, but homes that are overpriced can sit for over three months.”
Among the 50 most populous U.S. markets, these are the metros where homes are taking longest to sell. Most are in Florida and Texas.
Miami, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 63.8% as of November 2024
Change since November 2023: Increased by 9.4 percentage points
Miami is the only major U.S. city founded by a woman, a local landowner and businesswoman named Julia Tuttle. She did so by convincing a developer to extend the Florida East Coast Railroad deep into South Florida.
Austin, TX
Listings in this metro that sit on the market for at least 60 days without going under contract: 62.4% as of November 2024
Change since November 2023: Increased by 4.8 percentage points
Forget MTV: The city of Austin, Texas, is home to the nation’s longest-running music television program, “Austin City Limits.” Its debut in 1974 featured a performance by Willie Nelson.
Fort Lauderdale, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 62.3% as of November 2024
Change since November 2023: Increased by 12 percentage points
Fort Lauderdale is the largest municipality in Broward County, Florida, encompassing about 36 square miles. It also has 165 miles of inland waterways winding through it. That is why the city is known as the “Venice of America.”
San Antonio, TX
Listings in this metro that sit on the market for at least 60 days without going under contract: 60.3% as of November 2024
Change since November 2023: Increased by 4.4 percentage points
Not only is San Antonio home to the famed battle site the Alamo — originally called the Mission San Antonio de Valero — but you will find four more Spanish colonial missions in this Texas city: Mission San Jose, Mission Espada, Mission San Juan Capistrano and Mission Concepcion.
Orlando, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 59.9% as of November 2024
Change since November 2023: Increased by 11 percentage points
The city of Orlando is home to more than 100 lakes. One of them — Lake Eola — is actually a huge sinkhole reaching a depth of 80 feet.
West Palm Beach, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 59.6% as of November 2024
Change since November 2023: Increased by 11 percentage points
The city of West Palm Beach is the county seat of Palm Beach County. At 2,578 square miles, the county is larger than the entire state of Rhode Island as well as the state of Delaware.
Portland, OR
Listings in this metro that sit on the market for at least 60 days without going under contract: 58.7% as of November 2024
Change since November 2023: Increased by 4.2 percentage points
If you love beer, Portland, Oregon, is a little slice of heaven: It has more than 60 breweries — more than any other city in the United States.
Jacksonville, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 58.5% as of November 2024
Change since November 2023: Increased by 7.5 percentage points
The city of Jacksonville encompasses more than 840 square miles. That means that, by landmass, it is the largest city in the continental United States.
Tampa, FL
Listings in this metro that sit on the market for at least 60 days without going under contract: 56.9% as of November 2024
Change since November 2023: Increased by 12.3 percentage points
In the late 19th century, the cigar industry came to Tampa in a big way. During that era, cigar magnate Vicente Martinez Ybor needed a way to house workers.
So he ordered homes that could be assembled in a week, which became the forerunners to today’s prefabricated homes.
New York, NY
Listings in this metro that sit on the market for at least 60 days without going under contract: 56.4% as of November 2024
Change since November 2023: Increased by 0.2 percentage points
New York’s famed Central Park, located in the New York City borough of Manhattan, has appeared in more than 240 feature films. That makes it the most-filmed public park in the world.
Denver, CO
Listings in this metro that sit on the market for at least 60 days without going under contract: 55.9% as of November 2024
Change since November 2023: Increased by 7.1 percentage points
Denver has fully earned its nickname as the Mile High City: A step on the Colorado Capitol marks the spot where the elevation is 5,280 feet — exactly 1 mile — above sea level.
Houston, TX
Listings in this metro that sit on the market for at least 60 days without going under contract: 55.2% as of November 2024
Change since November 2023: Increased by 1.8 percentage points
No city in the United States is more ethnically diverse than Houston. At least 145 languages are spoken in the Texas metro, and 90 nations have consular representation here.
Dallas, TX
Listings in this metro that sit on the market for at least 60 days without going under contract: 55.1% as of November 2024
Change since November 2023: Increased by 8.7 percentage points
Dallas is the ninth-largest city in the United States but just the third-largest in Texas. The populations of both Houston and San Antonio top the number of people in the Big D.
Fort Worth, TX
Listings in this metro that sit on the market for at least 60 days without going under contract: 55% as of November 2024
Change since November 2023: Increased by 5.5 percentage points
Fort Worth, Texas, has quietly become the 12-largest city in the U.S. It’s also home to the world’s only twice-daily cattle drive. As Visit Forth Worth explains it:
“Real Texas cowhands drive a herd of Texas longhorns down East Exchange Avenue in the Stockyards National Historic District every day at 11:30 a.m. and 4 p.m. Every detail of the cattle drive—from the saddles and chaps to the boots and hats – is authentic and historically true.”
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