Homes in Austin are lingering on the market for the same number of days it took China to complete the world\u2019s widest underwater roadway: 110.<\/p>\n
Austin \u2014 Texas\u2019 capital city, which became a popular destination during the pandemic years \u2014 took the top spot in a ranking of the slowest-selling metro areas, according to a new report<\/a> from Clever Real Estate and Best Interest Financial looking at median days on the market.<\/p>\n San Antonio notched No. 2 with 109 days. Miami, another COVID-era hot spot, came in third with 105 days. Honolulu scored fourth with 100 days followed by Nashville with 97 days.<\/p>\n Austin, Texas topped the list for the slowest home-sales market. Kevin Ruck \u2013 stock.adobe.com<\/p>\n Raleigh, which also became a COVID boomtown, also saw sales slow significantly year-over-year. SeanPavonePhoto \u2013 stock.adobe.com<\/p>\n Miami, too, saw the pace of home sales slow down. susanne2688 \u2013 stock.adobe.com<\/p>\n \u201cThe factors weighing most heavily on the slowest metros nationally are excess inventory from the pandemic-era building boom, higher insurance premiums and property taxes, and home prices outpacing local incomes,\u201d Jaime Seale, the writer of the study, said.\u00a0<\/p>\n Though North Carolina\u2019s capital Raleigh didn\u2019t make the top 10 slowest-selling list, it saw the biggest year-over-year change, with homes sitting on the market for a median 80 days, 30 days longer than the prior year. At the state level, homes sold the slowest in Montana, with a median 121 days on the market.<\/p>\n Clever, an agent-matching service, and Best Interest Financial, a mortgage provider and an affiliate of Clever, used real estate data from Redfin for the month of February.<\/p>\n The top 10 slowest real estate markets had an average of 98 days on the market versus 66 for the rest of the country. With 6.1 months of supply, their inventory dwarfed the national median of 3.9 months. Factors included high insurance premiums in coastal cities and Texas\u2019 high property taxes, the report indicates. Sellers in the slow-selling markets were forced to adjust, reducing prices on 23% of their listings, compared to 17% nationally.<\/p>\n Redfin economic researcher Chen Zhao said that the top five loser markets tend have been \u201cfairly weak housing markets.\u201d\u00a0<\/p>\n \u201cThe easiest way to sum it up is that they\u2019re the ones where the number of sellers outnumber the number of buyers by the most in the country,\u201d Zhao said. \u201cAnd they\u2019re the places that were oftentimes pandemic hot spots that got very expensive\u201d and since have \u201cseen a lot of price correction.\u201d<\/p>\n Austin and San Antonio<\/p>\n In Austin, inventory ticked up to 5.8 months of supply, compared with the national median of 3.9 months, per Seale.<\/p>\n \u201cInventory is simply outpacing demand, and with 30% of homes selling at a reduced price, sellers are likely overestimating how much buyers are willing to spend and underestimating the amount of homes on the market,\u201d she said.\u00a0<\/p>\n Compass\u2019 Michael Reisor, who has an office in Austin, in part attributed the lag in the city\u2019s home sales time to prices recalibrating after a high during COVID.<\/p>\n 7806 Beauregard Circle boasts big curb appeal, but has stayed on the market for over six months. James Ruiz<\/p>\n It opens to a well-lit foyer. James Ruiz<\/p>\n It also enjoys a cozy layout. James Ruiz<\/p>\n \u201cThe struggle here is that in many cases, it\u2019s less expensive to rent with current interest rates than it is to purchase,\u201d he added. \u201cFor the buyers that truly want to buy, they are faced with ample selection and no real rush.\u201d<\/p>\n Reisor said a three-bedroom, three-bathroom house at 7806 Beauregard Circle has been on the market for over six months \u201cbecause\u00a0while in a good area there was a lot of inventory to compete with.\u201d The\u00a0 1,534-square-foot, three-bedroom, two-and-a-half bathroom house, with a $499,900 asking price, is slated to close this week.<\/p>\n In San Antonio, the market decelerated 28 days year-over-year, per info from Seale.<\/p>\n \u201cMonths of supply sits at 6.2, and 32% of sellers had to reduce their price, the fifth-highest of any city,\u201d Seale said. \u201cEven with a median list price of $321,670, well below the national median [of] $458,710, listings are outpacing the number of buyers.\u201d<\/p>\n From a broader perspective, Texas was the fifth slowing-selling state with homes remaining on the market for a median 91 days.<\/p>\n Miami<\/p>\n Miami\u2019s 10.1 months of supply is the most in Florida and the second-most overall in the country, Seale said.\u00a0<\/p>\n \u201cThe median home is listed at $580,000, 26% above the national median, but the median home sells for just 95% of its list price, tied for the lowest share of any city studied,\u201d Seale said. \u201cFlorida\u2019s broader slowdown is also driven by soaring insurance premiums and high HOA fees.\u201d<\/p>\n Mark Heise put his Pinecrest house on the market in June 2024, and didn\u2019t close on it until this past November and at a roughly 25% discount.<\/p>\n \u201cIt was nuts,\u201d he said.<\/p>\n Mark Heise sold his Pinecrest home for a roughly 25% discount. Mark Heise<\/p>\n The five-bedroom, 5.5-bathroom house at 6424 Southwest 109th St. clocks in at over 5,000 square feet. It is roughly 12 miles from downtown Miami.<\/p>\n It initially hit the market in June 2024 for just under $5.5 million, and ended up selling for $4.1 million. \u201cWe got this offer,\u201d Heise said. \u201cWe just couldn\u2019t take it anymore.<\/p>\n Margaret Winders struggled to offload her Miami investment property in 2025.<\/p>\n Margaret Winders. Margaret Winders<\/p>\n Her investment property at 8101 Southwest 198th St. in Cutler Bay. Margaret Winders<\/p>\n Her tenants at 8101 Southwest 198th St. in Cutler Bay \u2014 about 30 to 40 minutes from downtown Miami \u2014 informed her in October that they were moving out at the end of their lease.<\/p>\n Winders said she immediately posted a for sale\/rent sign in front of the 2,400-square-foot, three-bedroom, two-bathroom house, hired a Realtor and posted it on Zillow and on the MLS. Failing to sell it, Winders ended up renting it in March, after lowering the rent to $3,500 per month from $4,000 and forgoing the last month\u2019s rent.<\/p>\n \u201cI was asking initially for $750,000,\u201d Winders said. \u201cThen I lowered it to $730,000. I was about to lower it some more to $690,000, but then the renters came first and I didn\u2019t want to wait.\u201d<\/p>\n Honolulu<\/p>\n Honolulu had 7.7 months of supply, the third-most of the cities studied and roughly double the national median of 3.9 months, Seale said. Add to that a median list price of $685,000, much higher than the national median of $458,710.<\/p>\n \u201cWith insurance costs also running higher in coastal areas, Honolulu is simply out of budget for many Americans,\u201d the study\u2019s writer said.<\/p>\n At the very high end of the market in Hawaii, including Honolulu, Matt Beall, CEO at Hawai\u2019i Life brokerage, said \u201cdays on market\u201d is a reflection of timing. \u201cInventory is high, urgency is low and the right buyer may not have encountered the property yet,\u201d Beall said.<\/p>\n He noted that the neighbor islands are \u201cless sensitive\u201d to days on market, \u201csince much more of the real estate is acquired by off-island buyers, but in the high-end, it\u2019s the same for Oahu.\u201d<\/p>\n \u201cOut-of-state buyers equals longer [days on market] since we\u2019re waiting for buyers to arrive from afar, on their own schedule,\u201d he added.<\/p>\n Hawaii ranks as the third slowest-selling state with homes hanging on the market for a median 104 days.\u00a0<\/p>\n Nashville<\/p>\n Nashville\u2019s days on market increased 13 days from the year prior and the city\u2019s 5.5 months of supply was 41% greater than the national median, Seale indicated.<\/p>\n \u201cAlthough the median sale price of $495,000 isn\u2019t too far off from the national median, with an inventory of 5.2 homes per 1,000 residents \u2014 versus 3.67 nationally \u2014 there are not enough buyers to keep up with the surplus of homes,\u201d the writer said.<\/p>\n Nashville, like many southern cities, accelerated during COVID. Kevin Ruck \u2013 stock.adobe.com<\/p>\n Compass\u2019 Jamie Parsons, attributed Nashville\u2019s presence on the loser list to the market normalizing \u201cafter several years of unsustainable acceleration\u201d during the pandemic.\u00a0<\/p>\n \u201cAnother factor for some homes lingering on the market,\u201d Parsons added, \u201cis that they are highly customized, rural or positioned at aspirational prices.\u201d<\/p>\n Examples include musician Robin Crow\u2019s Dark Horse Estate<\/a>, home to a music studio where artists including Taylor Swift and Neil Diamond have worked, priced at $24 million and on the market for 276 days; and the penthouse at the Four Seasons Residences<\/a>, with a deep outdoor deck running the full length of the condo unit, listed at $33.5 million and on the market for 129 days. At its current price, the unit, owned by celebrity agent Chris Cortazzo, would be the most expensive condo ever sold in Nashville.<\/p>\n \u201cAside from a smaller buyer pool due to the price alone, both are one-of-one residences that require a specific buyer, which naturally takes longer,\u201d Parsons said of her listings. \u201cThis is just two of many luxury properties on the market which all drive up the days on market metrics.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Homes in Austin are lingering on the market for the same number of days it took China to…\n","protected":false},"author":2,"featured_media":291865,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[132,134,133,13213,1538,11723,7657,111,82],"class_list":["post-291864","post","type-post","status-publish","format-standard","has-post-thumbnail","category-austin","tag-austin","tag-austin-headlines","tag-austin-news","tag-hawaii","tag-home-sales","tag-miami","tag-nashville","tag-real-estate","tag-san-antonio"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/291864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=291864"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/291864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/291865"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=291864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=291864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=291864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}