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.
-
Get updates on the latest articles about the housing and rental market. Click here to subscribe!
Related Articles
Stay informed with our latest articles about the housing and rental market.
How to Find Eviction Prevention Assistance in Your City...
Housing instability or a potential eviction is incredibly stressful. As individuals with needs, we shouldn't have to prioritize one necessity over another. However, times like now have shown that it's not e...
Cooling Trends: Where U.S. Home Prices Are Dropping First...
According to a recent Realtor.com analysis, sellers across the nation are adjusting asking prices as housing market activity continues to moderate heading into autumn. Nationally, the median listing price per s...
Side Hustles That Can Pay Your Rent This Month...
Rising housing costs make rent day feel overwhelming, but a reliable side hustle can help relieve that financial pressure. Here are practical, flexible ways to boost your income and cover your living expenses without burn...
The Simple Guide to Private Mortgage Insurance (PMI)...
Buying a home with less than 20% down usually means paying for private mortgage insurance, or PMI. PMI is a monthly fee that protects your mortgage lender—not you—in case you default on your loan. ...
New $20 Million Loan Fund Created to Expand Affordable Housing in Jacksonville...
A coalition of private companies and charitable organizations has launched a $20 million loan fund aimed at building more affordable apartments in Jacksonville, Florida. Named the Jackson...
Pennsylvania Issuing Automatic $100 Energy Bill Credits This Summer...
As hot summer temperatures lead to higher electricity bills, roughly 193,000 Pennsylvania households will receive an extra $100 credit toward their energy accounts. However, there is no new applicat...
Ready to start?
