Across the United States, selling a home is taking a bit longer than it used to. High prices and high mortgage rates are making buyers hesitate a bit more.
Last month, homes for sale stayed on the market for an average of 53 days before someone agreed to buy them, which is five days longer than last year, according to Realtor.com's latest data.
Even though homes are generally taking longer to sell, some cities are an exception where homes sell faster:
- Oklahoma City, Oklahoma: Homes are selling 4 days faster than last year.
- Baltimore, Maryland: 3 days faster.
- Hartford, Connecticut: 3 days faster.
- Milwaukee, Wisconsin: 3 days faster.
- Richmond, Virginia: 3 days faster.
- Kansas City, Missouri: 2 days faster.
- Philadelphia, Pennsylvania: 2 days faster.
- Phoenix, Arizona: 2 days faster.
In contrast, in many other large metropolitan areas, homes are taking longer to sell than they did before.
Here are the cities where the slowdown is most noticeable:
- Nashville, Tennessee: Homes now take 20 more days to sell.
- Orlando, Florida: 15 more days.
- Miami, Florida: 15 more days.
- Tucson, Arizona: 12 more days.
- Jacksonville, Florida: 12 more days.
This trend varies by region. In the South and the West, homes are sitting on the market longer, with the South seeing homes take an extra eight days to sell and the West seven days.
The Midwest saw a modest one-day increase, while the Northeast homes took three more days to sell compared to last year.
The increase in the time it takes to sell a home correlates with the number of homes available for sale, which has increased significantly.
The West saw a 38.3% jump in listings, the South 29.4%, the Midwest 21.3%, and the Northeast 17.6%. As more homes become available, prices are also starting to drop slightly.
Overall, the housing market is showing signs of slowing down, with homes taking longer to sell in most parts of the country.
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