Study: Homes Sit on Market for 66 Days

(Image courtesy of Erik Mclean/pexels.com)

Best Interest Financial, St. Clair, Mich., and Clever Real Estate, St. Louis, released a new study finding that homes are taking a median 66 days to sell nationwide, up from the median of 57 days last year.

And, the gap between the fastest- and slowest-selling markets has never been wider.

Austin, Texas, is the current slowest-selling market, with houses sitting for 110 days. San Antonio, Texas, is next at 109 days and Miami sees 105 days.

These markets tend to have excess inventory, higher carrying costs like insurance premiums and homeownership expenses, and prices that are outrunning local affordability.

In contrast, San Jose, Calif., is the fastest at 12 days, followed by San Francisco at 14 days and Rochester, N.Y. at 15 days.

Factors the fastest-selling markets have in common include tight supply and higher listing prices. Affordable northeastern cities also feature heavily on this list, with low inventory and prices below the national median.

In the 100 most populous U.S. metros, only nine recorded faster home sales year-over-year–Jackson, Miss., led the list at 10 days faster, followed by Lakeland, Fla., at 5 days faster.

Raleigh, N.C. saw the largest slowdown, at 30 days slower, followed by San Antonio and Durham, N.C., both at 28 days slower.