Monday 16 December 2019
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businessinsider - 13 days ago

The 15 US cities where it s most difficult to sell a house

A recent study by personal finance platform GoBankingRates revealed a list of the biggest US housing markets where it s most difficult to sell a house. To gather the list, the study looked at cities where home values are greater than median list prices and analyzed each market across six weighted factors using figures from Zillow s 2019 Housing Data. These six factors include: the average median list price, the average number of houses that hit the market, and the average number of days those houses spend on the real-estate listing platform Zillow. Of the top 15 cities that made the list, six are located in Florida. Visit Business Insider s homepage for more stories. Trying to sell a house in a weak market can lead to disappointment and price cuts. However, there are certain factors that owners can analyze to determine whether or not they re entering the market at a good time. For example, when houses in an area are sitting on a listing platform for an average of 100 days or more, it s usually a sign that properties are moving off the market slowly. A recent study by personal finance platform GoBankingRates revealed a list of the 50 biggest US cities where it s most difficult to sell a house right now. Of the top 15 housing markets that made the list, six of them are located in Florida. To gather the list, GoBankingRates looked at cities where home values are greater than median list prices and analyzed each market across six weighted factors using figures from Zillow s 2019 Housing Data: the average median list price, the difference between the average home value and the average median list price, the average number of houses that hit the market, the average number of days those houses spend on the real-estate listing platform Zillow, the percentage of listings with price cuts, and the median percentage of the price cuts. The data in this study represents each market as of November 5, 2019. Keep reading for a look at the 15 cities where it s most difficult to sell a house right now.SEE ALSO: The 15 best states for America s middle class, ranked DON T MISS: The biggest metro areas with the most million-dollar homes in the US 15. Homes in Livonia, Michigan spend an average of 63 days on Zillow. The average median list price in 2019: $211,600 The average home value in 2019: $212,411 The average number of homes on the market in 2019: 272 The percentage of listings with price cuts: 17.66% Population: 94,708

14. Homes in Warren, Michigan spend an average of 63 days on Zillow. The average median list price in 2019: $124,430 The average home value in 2019: $142,856 The average number of homes on the market in 2019: 491 The percentage of listings with price cuts: 14.29% Population: 135,147

13. Homes in Albany, New York spend an average of 100 days on Zillow. The average median list price in 2019: $175,828 The average home value in 2019: $182,956 The average number of homes on the market in 2019: 220 The percentage of listings with price cuts: 12.06% Population: 98,498

12. Homes in Pompano Beach, Florida spend an average of 111 days on Zillow. The average median list price in 2019: $255,200 The average home value in 2019: $256,911 The average number of homes on the market in 2019: 1,221 The percentage of listings with price cuts: 16.06% Population: 107,542

11. Homes in Bridgeport, Connecticut spend an average of 89 days on Zillow. The average median list price in 2019: $191,544 The average home value in 2019: $199,956 The average number of homes on the market in 2019: 346 The percentage of listings with price cuts: 14.32% Population: 147,586

10. Homes in Honolulu, Hawaii spend an average of 92 days on Zillow. The average median list price in 2019: $637,937 The average home value in 2019: $1,036,844 The average number of homes on the market in 2019: 2,700 The percentage of listings with price cuts: 13.97% Population: 402,452

9. Homes in Boynton Beach, Florida spend an average of 97 days on Zillow. The average median list price in 2019: $276,211 The average home value in 2019: $302,122 The average number of homes on the market in 2019: 1,898 The percentage of listings with price cuts: 18.49% Population: 74,483

8. Homes in Newark, New Jersey spend an average of 152 days on Zillow. The average median list price in 2019: $252,844 The average home value in 2019: $266,300 The average number of homes on the market in 2019: 587 The percentage of listings with price cuts: 6.40% Population: 282,803

7. Homes in Saginaw, Michigan spend an average of 68 days on Zillow. The average median list price in 2019: $90,778 The average home value in 2019: $105,478 The average number of homes on the market in 2019: 417 The percentage of listings with price cuts: 16.15% Population: 49,366

6. Homes in Fort Myers, Florida spend an average of 111 days on Zillow. The average median list price in 2019: $252,387 The average home value in 2019: $254,156 The average number of homes on the market in 2019: 3,588 The percentage of listings with price cuts: 18.26% Population: 73,712

5. Homes in Paterson, New Jersey spend an average of 146 days on the market. The average median list price in 2019: $259,354 The average home value in 2019: $265,733 The average number of homes on the market in 2019: 332 The percentage of listings with price cuts: 8.52% Population: 147,890

4. Homes in Delray Beach, Florida spend an average of 106 days on Zillow. The average median list price in 2019: $298,150 The average home value in 2019: $343,189 The average number of homes on the market in 2019: 2,105 The percentage of listings with price cuts: 18.23% Population: 66,453

3. Homes in Naples, Florida spend an average of 135 days on Zillow. The average median list price in 2019: $401,071 The average home value in 2019: $401,156 The average number of homes on the market in 2019: 6,762 The percentage of listings with price cuts: 15.40% Population: 21,279

2. Homes in Albany, Georgia spend an average of 115 days on Zillow. The average median list price in 2019: $88,989 The average home value in 2019: $92,800 The average number of homes on the market in 2019: 462 The percentage of listings with price cuts: 13.22% Population: 74,892

1. Homes in Miami Beach, Florida spend an average of 188 days on Zillow. The average median list price in 2019: $495,583 The average home value in 2019: $1,585,267 The average number of homes on the market in 2019: 462 The percentage of listings with price cuts: 13.09% Population: 92,187




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