Some housing markets are experiencing a slowdown, with an increasing number of homes languishing on the market without finding buyers. Demand has decreased, resulting in less activity compared to last year. These listings are becoming stale, remaining unsold for at least 30 days without going under contract.
Why are Homes Left Unsold
The increasing number of unsold homes can be attributed to weak buyer demand. High mortgage rates and soaring home prices are pricing out many potential homebuyers. According to a Redfin report, three out of five homes on the market in May remained unsold for at least 30 days, marking a 60% increase compared to last year.
Places in the US Where Home Listings are Going Stale
Below is a list of US metro areas where homes are sitting in the market left unsold. These housing markets have the highest percentage of homes sitting on the market for at least 30 days without being put under contract. The markets below are ranked based on the largest year-over-year increase in unsold homes. This is based on a Redfin housing market report, which analyzed unsold inventory in the 50 most populous US metros.
1. Dallas, TX
- Percentage of Unsold Homes (at least 30 days on the market): 60.5%
- YOY Change: 7.5%
2. Fort Lauderdale, FL
- Percentage of Unsold Homes (at least 30 days on the market): 75.5%
- YOY Change: 7.3%
3. Tampa, FL
- Percentage of Unsold Homes (at least 30 days on the market): 68.7%
- YOY Change: 6.8%
4. Jacksonville, FL
- Percentage of Unsold Homes (at least 30 days on the market): 69.2%
- YOY Change: 6.3%
5. Fort Worth, TX
- Percentage of Unsold Homes (at least 30 days on the market): 61.9%
- YOY Change: 5%
6. Orlando, FL
- Percentage of Unsold Homes (at least 30 days on the market): 67%
- YOY Change: 4.9%
7. San Antonio, TX
- Percentage of Unsold Homes (at least 30 days on the market): 68.4%
- YOY Change: 4.5%
8. West Palm Beach, FL
- Percentage of Unsold Homes (at least 30 days on the market): 75.6%
- YOY Change: 4.3%
9. Kansas City, MO
- Percentage of Unsold Homes (at least 30 days on the market): 59.4%
- YOY Change: 2.8%
10. Miami, FL
- Percentage of Unsold Homes (at least 30 days on the market): 76.3%
- YOY Change: 2.7%
11. Portland, OR
- Percentage of Unsold Homes (at least 30 days on the market): 56.8%
- YOY Change: 2.3%
12. Oakland, CA
- Percentage of Unsold Homes (at least 30 days on the market): 43.8%
- YOY Change: 2.1%
13. Sacramento, CA
- Percentage of Unsold Homes (at least 30 days on the market): 49.9%
- YOY Change: 2.1%
14. Columbus, OH
- Percentage of Unsold Homes (at least 30 days on the market): 45.8%
- YOY Change: 1.7%
15. Phoenix, AZ
- Percentage of Unsold Homes (at least 30 days on the market): 64.5%
- YOY Change: 1.7%
16. San Diego, CA
- Percentage of Unsold Homes (at least 30 days on the market): 47.5%
- YOY Change: 1.6%
17. Atlanta, GA
- Percentage of Unsold Homes (at least 30 days on the market): 61%
- YOY Change: 1.3%
18. Minneapolis, MN
- Percentage of Unsold Homes (at least 30 days on the market): 49.9%
- YOY Change: 1%
19. Riverside, CA
- Percentage of Unsold Homes (at least 30 days on the market): 60.6%
- YOY Change: 0.9%
20. Austin, TX
- Percentage of Unsold Homes (at least 30 days on the market): 66%
- YOY Change: 0.5%
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