9 Places Where Homes Now Take Longer (or a Lot Longer) To Sell

If you are trying to sell a home and wonder where all the buyers have gone, you are not alone.

Nationwide, it took a median of 33 days to sell a home in major U.S. metropolitan areas in September. But in some areas, the process of selling a home took much longer than that

That is quite a contrast to a couple of years ago, when long lines at open houses and bidding wars were the norm.

Recently, Redfin analyzed metro areas with a population of 750,000 or more and identified those where homes sit on the market the longest. Following are the major markets where a lot more patience is required on the part of sellers now.

1. New Orleans, Louisiana

As of September, homes in this metropolitan area:

• Were on the market for a median of 70 days — which reflects a year-over-year increase of 42 days
• Sold for a median of $278,985

Finding New Orleans on this list should not be a huge surprise. Redfin notes that historically, homes have taken longer to sell in the Big Easy than they have in other markets.

What’s more, this year’s hottest housing markets are not the usual suspects. For more, check out “10 Places With the Highest Homebuyer Demand in 2023.”

2. Honolulu, Hawaii

As of September, homes in this metropolitan area:

• Were on the market for a median of 62 days — which reflects a year-over-year increase of 10 days
• Sold for a median of $727,444

Honolulu is another market where homes traditionally take longer to sell, according to Redfin. But while this housing market in paradise, located on the island of Oahu, has been cooling, rents have continued to soar on the island.

3. Austin, Texas

As of September, homes in this metropolitan area:

• Were on the market for a median of 59 days — which reflects a year-over-year increase of 12 days
• Sold for a median of $450,000

During the recent housing boom, Austin was one of the hottest markets in the nation. But this market has since “lost its edge” because it has become so expensive, according to Redfin. In a summary of its findings, Redfin says of Austin:

“The typical home that sold in September went for $450,000, or 9.2% more than the typical U.S. home. That gap has narrowed since home prices peaked last spring, when homes in Austin were selling for nearly 30% more than the typical U.S. home.”

Other metros where homes are selling slowly

Here are the rest of the major metropolitan areas where Redfin found that homes spent a median of 50 or more days on the market as of September 2023, which reflects a year-over-year (YOY) increase:

• West Palm Beach, Florida: 58 days — a YOY increase of 8 days
• McAllen, Texas: 53 days — a YOY increase of 23 days
• New York City: 52 days — a YOY increase of 2 days
• Nashville, Tennessee: 50 days — a YOY increase of 11 days
• San Antonio, Texas: 50 days — a YOY increase of 17 days

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