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New year, new home? As we enter into a busy spring homebuying season, many are looking into different areas and seeing which is the right fit.
Independent research house Creditnews Research ranked the fastest-selling housing markets in America within the top 100 most populous metropolitan areas. However, three Florida markets saw themselves in the bottom of the ranking.
While experts claim 2023 was America’s worst year for home sales in nearly three decades, they advise there are still red-hot housing pockets where listings are going off the market within weeks — particularly in smaller cities.
Experts analyzed the largest metros in the U.S. by population to determine the fastest and slowest-selling housing markets in the country and count of unique listings that were active at any time in a given month.
The study also used data sourced from Zillow to find the number of days before a listing goes into sale-pending status. They compared these metrics to those pre-pandemic.
Is your neck of woods deemed one of the slowest in the country? Here’s what to know.
Here are the top 10 slowest-selling metros:
Of the slowest-selling metros, seven are in the South, and three are in Florida alone.
At the top in Austin, it takes 66 days for a home listing to go to pending status after being shown for sale. Between January 2020 and January 2024, its median listing time jumped from 23 days to 66 days.
Here’s the rest of the slowest-selling metros:
- Austin, TX – median days on the market: 66
- McAllen, TX – 53 day
- Poughkeepsie, NY – 51 days
- San Antonio, TX – 49 days
- New Orleans, LA – 48 days
- Jacksonville, FL – 42 days
- Cape Coral, FL – 41 days
- Colorado Springs, CO- 41 days
- Deltona, FL – 39 days
- New York, NY – 37 days
Why are Jacksonville, Cape Coral and Deltona housing markets so slow?
There’s a strong correlation between housing inventory and selling pace between January 2020 and January 2024, revealing a major shift in best-selling markets since the onset of COVID. The study shares none of the top 10 fastest-selling metros pre-pandemic remain on the list today, and vice versa,
Part of the reason behind this realignment is different inventory levels across the nation—which, experts found, has a strong connection with how fast listings sell.
Listings in Jacksonville took 42 days to go to pending, which is still up20% compared to January 2020. However, the amount of listing was down 12% compared to pre-pandemic.
Right below the North Florida city, Cape Coral was downroughly 15% compared to January 2020 with 41 days. The Southwest city also saw a 5% decrease in listing over four years.
Here are the top 10 fastest-selling metros:
As of January 2024, Hartford has the fastest-selling housing market with a median days-to-pending of eight days, down from 52 days in January 2020. That’s the biggest percentage drop (-84.6%) of all the metros in the study.
Hartford also posted the second-biggest decline in per-capita housing inventory since the pandemic.
Here’s the rest of the fastest-selling metros:
- Hartford, CT – 8 days
- Rochester, NY – 9 days
- Syracuse, NY – 9 days
- Harrisburg, PA – 9 days
- Richmond, VA – 11 days
- Grand Rapids, MI – 11 days
- New Haven, CT – 11 days
- Boston, MA – 12 days
- Columbus, OH – 12 days
- Worcester, MA – 12 days