The spring real estate market is in full swing and homes are going up for sale, but they’re staying there longer in a handful of U.S. cities.
In a handful of metro area cold spots — scattered across Texas, Florida, Louisiana, New York and West Virginia — homes stay on the market for more than 60 days on average, 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 constantly moving in slow motion,” said Danielle Hale, chief economist at Realtor.com. “They tend to be smaller markets that aren’t on most buyers’ radar.”
In all areas where homes are staying on the market longer, inventory also increased notably year over year, according to March data.
Huntington, West Virginia, experienced one of the coolest housing markets in March, with homes remaining for sale for an average of 66 days.
Housing inventory jumped 130 percent in Punta Gorda, Florida. And in Cape Coral and Naples, both also in Florida, inventories increased by 101 and 82 percent, respectively.
Areas with stagnant markets also often offer more affordable options, with nine of twelve metros having median prices below the national average of $424,900.
For example, the most economical of these, 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 hazards. Some are still dealing with the aftermath of hurricanes and the resulting skyrocketing interest costs.
“In some cases, homes in these areas are at risk of flooding and other hazards, leading to increased insurance costs,” Hale said.
Punta Gorda is suffering in the wake of Hurricane Ian in 2022, according to real estate agent Karen Brown of Michael Saunders & Company on Florida’s Gulf Coast.
“Cleanup efforts are ongoing and residents are still facing insurance claims,” Brown told Realtor.com.
1. Lafayette, Louisiana
Median market days in March: 69 (tie)
Median price listed for a home 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 market: 69 (tie)
Median list price of a house: $419,000
3. Brownsville, TX
Median days on market: 68 (tie)
Median list price of a house: $308,000
In Brownsville, in the southern tip of Texas on the north bank of the Rio Grande, homes were on the market for a median of 68 days.
4. Utica, New York
Median days on market: 68 (tie)
Median list price of a house: $239,900
5. New Orleans, Louisiana
Median days on market: 67
Median list price of a house: $329,000
6. Crestview, Florida
Median days on market: 66 (tie)
Median list price of a house: $644,000
7. Huntington, West Virginia
Median days on market: 66 (tie)
Median list price of a house: $179,950
In Huntington, West Virginia, homes were on the market for a median of 66 days
8.Waco, Texas
Median days on market: 66 (tie)
Median list price of a house: $345,000
9. Longview, TX
Median days on market: 64 (tie)
Median list price of a house: $305,500
10. Naples, Florida
Median days on market: 64 (tie)
Median list price of a house: $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 market: 64 (tie)
Median list price of a house: $474,100
12. Baton Rouge, Louisiana
Median days on market: 64 (tie)
Median list price of a house: $305,000
In Baton Rouge, Louisiana, homes were on the market for a median of 64 days
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