As mortgage rates and home prices rise, homes are staying on the market for longer. In the typical U.S. city, it would take 2.8 months to sell all of the available homes on the market. However, sales in the 10 slowest-selling markets take even longer. In these cities, it would take approximately 3.5 months to sell all of the available homes. To determine where homes are taking the longest to sell, real estate agency Clever Real Estate analyzed market data from the 50 most-populous U.S. metros.
The report found that homes take the longest to sell in Miami due to a surplus of inventory that causes properties to sit on the market for a median of 69 days. Additionally, in Austin, Texas, it takes 66 days for homes to sell, and in Jacksonville, Fla., it takes 63 days. On the other hand, homes are selling the fastest in Grand Rapids, Mich., Buffalo, N.Y., and Seattle. In these markets, it takes 13 days, 14 days, and 15 days for homes to sell, respectively.
With so much inventory, buyers have more options and feel less pressure to purchase a home quickly. As a result, homes sit on the market longer. In the 10 slowest-selling markets, homes sit on the market for a median of 57 days, compared to 37 days nationwide.
This extended time on the market shows weak buyer demand, which is reflected in declining home sales across these metros. From 2023 to 2024, the number of home sales decreased in seven of the 10 slowest-selling markets. Read more
