Housing Markets Where Buyers Can Gain an Edge

July 6, 2022 12:00 am

Row of nice homes on a street, all of them for saleThroughout the last few years, we have seen demand far outpace the housing inventory, driving up home prices as buyers compete for properties and get drawn into bidding wars. In this fiercely competitive landscape, many homebuyers are wondering if there’s a breather on the horizon.

If you are planning on buying a home, one of the best metrics to look at is the amount of time a home spends on the market. According to Realtor.com® data from May, the median number of days on the market for a home in the U.S. stands at 31, up from 21 days at the beginning of the year. While shopping for a home may still be a tough slog for many, the higher number of days on the market points to a slowdown in the housing market.

Data from a recent report from Realtor.com® shows that more houses are coming on the market. Active listings, which refer to all homes on the market during any given period, rose five percent during the week that ended May 14, compared with that same week in 2021, the biggest jump since March 2019. New listings, which refer to homes first placed on the market during a given period, rose by six percent that week, compared with that same week in 2021.

For buyers, the more days a house sits on the market can mean more time to decide if a house is right for them and secure a mortgage loan. These are the metro areas where homes take the longest to sell and may give buyers an edge, according to Realtor.com®:

  1. Houma, LA

Days on the market: 58.5

2. Utica, NY

Days on the market: 55

  1. Iowa City, IA

Days on the market: 51.5

  1. Charleston, WV

Days on the market: 50

  1. Salisbury, MD

Days on the market: 49.5

  1. Las Cruces, NM

Days on the market: 46 

  1. Appleton, WI

Days on the market: 45.5

  1. Blacksburg, VA

Days on the market: 44

  1. Lexington, KY

Days on the market: 44

  1. Gulfport, MS

Days on the market: 44

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