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The spring housing market is in full swing and homes are going on sale, but they will stay there longer in a handful of American cities.
In a handful of cold metropolitan areas — spread across Texas, Florida, Louisiana, New York and West Virginia — homes remain on the market for an average of more than 60 days, according to new data from Realtor.com.
Overall, homes spent an average of 50 days on the market in March.
“Some of these markets are consistently slow-moving,” said Danielle Hale, chief economist at Realtor.com. “These tend to be smaller markets that aren’t on most buyers’ radars.”
In all areas where homes remained on the market longer, there was also a notable year-over-year increase in inventory, according to data from March.
Huntington, West Virginia, had one of the best housing markets in March, with homes remaining on sale for an average of 66 days.
Housing inventory increased 130 percent in Punta Gorda, Florida. And in Cape Coral and Naples, both also in Florida, inventory increased 101 percent and 82 percent, respectively.
Areas with stagnant markets also tend to offer more affordable options, with nine of the twelve metro areas boasting median list prices below the national average of $424,900.
For example, the cheapest of them, Huntington, West Virginia, has a median list price of just $179,950.
Interestingly, eight of the twelve metropolitan areas are located along the Gulf of Mexico, making them prone to storm-related risks. Some are still dealing with the aftermath of the hurricanes and, as a result, rising interest costs.
“In some cases, homes in these areas are at risk of flooding and other hazards, leading to increased insurance costs,” Hale said.
According to real estate agent Karen Brown of Michael Saunders & Company on Florida’s Gulf Coast, Punta Gorda is suffering in the wake of Hurricane Ian in 2022.
“Cleanup efforts are ongoing and residents are still dealing with insurance claims,” ​​Brown told Realtor.com.
1. Lafayette, Louisiana
Median days on market in March: 69 (tie)
Median home listing price in March: $259,250
In Lafayette, Louisiana, homes were on the market for an average of 69 days.
2. Punta Gorda, Florida
Median days on market: 69 (tie)
Median home listing price: $419,000
3.Brownsville, Texas
Median days on market: 68 (tie)
Median home listing price: $308,000
In Brownsville, at the southern tip of Texas on the north bank of the Rio Grande, homes were on the market for an average of 68 days.
4. Utica, New York
Median days on market: 68 (tie)
Median home listing price: $239,900
5. New Orleans, Louisiana
Median days on market: 67
Median home listing price: $329,000
6.Crestview, Florida
Median days on market: 66 (tie)
Median home listing price: $644,000
7. Huntington, West Virginia
Median days on market: 66 (tie)
Median home listing price: $179,950
In Huntington, West Virginia, homes were on the market for an average of 66 days.
8. Waco, Texas
Median days on market: 66 (tie)
Median home listing price: $345,000
9. Longview, Texas
Median days on market: 64 (tie)
Median home listing price: $305,500
10. Naples, Florida
Median days on market: 64 (tie)
Median home listing price: $849,000
In Naples, Florida, homes were on the market for an average of 64 days. The median home price was significantly higher than other places on the list.
11. Cape Coral, Florida
Median days on market: 64 (tie)
Median home listing price: $474,100
12. Baton Rouge, Louisiana
Median days on market: 64 (tie)
Median home listing price: $305,000
In Baton Rouge, Louisiana, homes were on the market for an average of 64 days.