The spring real estate market is in full swing and homes are going up for sale – but they’re staying there for longer in a handful of US cities.
In a smattering of metro cold spots – dotted throughout Texas, Florida, Louisiana, New York and West Virginia – homes are staying on the market for an average of more than 60 days, according to new data from Realtor.com.
Across the board, homes spent a median of 50 days on the market in March.
‘Some of these markets are perennially slow-moving,’ said Danielle Hale, chief economist at Realtor.com. ‘They tend to be smaller markets that are not on the radar of most buyers.’
In all of the areas where homes were spending longer on the market, there was also a notable increase in inventory year-on-year, according to data for March.
Huntington in West Virginia had among the coolest property markets in March, with homes remaining up for sale for an average of 66 days
Housing inventory surged by 130 percent in Punta Gorda, Florida. And in Cape Coral and Naples, both also in Florida, inventory was up 101 and 82 percent, respectively.
The areas with stagnating markets also often offer more affordable options, with nine out of the twelve metros boasting median list prices below the national average of $424,900.
For example, the most budget-friendly among them, Huntington, West Virginia, has a median list price of just $179,950.
Interestingly, eight of the twelve metro areas are located along the Gulf of Mexico, making them prone to storm-related risks. Some are still dealing with the aftermath of hurricanes and soaring interest costs as a result.
‘In some cases, homes in these areas are at risk of flooding and other hazards, leading to rising insurance costs,’ said Hale.
According to real estate agent Karen Brown of Michael Saunders & Company on the Florida Gulf Coast, Punta Gorda is suffering in the wake of Hurricane Ian in 2022.
‘Cleanup efforts are ongoing, and residents are still navigating insurance claims,’ Brown told Realtor.com.
1. Lafayette, Louisiana
Median days on the market in March: 69 (tie)
Median home list price in March: $259,250
In Lafayette, Louisiana, homes were on the market for a median of 69 days
2. Punta Gorda, Florida
Median days on the market: 69 (tie)
Median home list price: $419,000
3. Brownsville, Texas
Median days on the market: 68 (tie)
Median home list price: $308,000
In Brownsville, at the southernmost tip of Texas, on the northern bank of the Rio Grande, homes were on the market for a median of 68 days
4. Utica, New York
Median days on the market: 68 (tie)
Median home list price: $239,900
5. New Orleans, Louisiana
Median days on the market: 67
Median home list price: $329,000
6. Crestview, Florida
Median days on the market: 66 (tie)
Median home list price: $644,000
7. Huntington, West Virginia
Median days on the market: 66 (tie)
Median home list price: $179,950
In Huntington, West Virginia, homes were on the market for a median of 66 days
8. Waco, Texas
Median days on the market: 66 (tie)
Median home list price: $345,000
9. Longview, Texas
Median days on the market: 64 (tie)
Median home list price: $305,500
10. Naples, Florida
Median days on the market: 64 (tie)
Median home list price: $849,000
In Naples, Florida, homes were on the market for a median of 64 days. The median house price was significantly higher than elsewhere on the list
11. Cape Coral, Florida
Median days on the market: 64 (tie)
Median home list price: $474,100
12. Baton Rouge, Louisiana
Median days on the market: 64 (tie)
Median home list price: $305,000
In Baton Rouge, Louisiana, homes were on the market for a median of 64 days
