The spring real estate market is in full swing and there are homes for sale, but in a handful of American cities they are staying there longer.
In a small number of cold spots in the metro area — spread across Texas, Florida, Louisiana, New York and West Virginia — homes stay on the market for an average of more than 60 days, according to new data from Realtor.com.
Across the board, homes spent an average of 50 days on the market in March.
“Some of these markets are consistently slow-moving,” said Danielle Hale, chief economist at Realtor.com. “They tend to be smaller markets that aren’t on most buyers’ radar.”
All areas where homes spent longer on the market also saw a notable year-over-year increase in inventory, according to March data.
Huntington, West Virginia was among the coolest real estate markets in March, with homes on the market for an average of 66 days
Housing inventory increased by 130 percent in Punta Gorda, Florida. And in Cape Coral and Naples, both also in Florida, inventories rose by 101 and 82 percent, respectively.
The areas with stagnant markets also tend to offer more affordable options, with nine out of twelve metros having average list prices below the national average of $424,900.
For example, the most budget-friendly among them, Huntington, West Virginia, has an average list price of just $179,950.
Interestingly, eight of the twelve metropolitan areas are along the Gulf of Mexico, making them susceptible to storm-related risks. Some are still dealing with the aftermath of hurricanes and the resulting rising interest costs.
“In some cases, homes in these areas are at risk of flooding and other hazards, leading to rising insurance costs,” Hale said.
Punta Gorda is suffering in the aftermath of Hurricane Ian in 2022, according to real estate agent Karen Brown of Michael Saunders & Company on Florida’s Gulf Coast.
“Cleanup efforts are underway and residents are still navigating insurance claims,” Brown told Realtor.com.
1.Lafayette, Louisiana
Median days on market in March: 69 (tie)
Median list price of a home in March: $259,250
In Lafayette, Louisiana, homes spent an average of 69 days on the market
2. Punta Gorda, Florida
Median days on market: 69 (tie)
Median list price: $419,000
3. Brownsville, Texas
Median days on market: 68 (tie)
Median list price: $308,000
In Brownsville, at the southernmost tip of Texas, on the north bank of the Rio Grande, homes spent an average of 68 days on the market
4. Utica, New York
Median days on market: 68 (tie)
Median list price: $239,900
5. New Orleans, Louisiana
Median days on market: 67
Median list price: $329,000
6. Crestview, FL
Median days on market: 66 (tie)
Median list price: $644,000
7. Huntington, West Virginia
Median days on market: 66 (tie)
Median list price: $179,950
In Huntington, West Virginia, homes spent an average of 66 days on the market
8. Waco, Texas
Median days on market: 66 (tie)
Median list price: $345,000
9. Longview, Texas
Median days on market: 64 (tie)
Median list price: $305,500
10. Naples, Florida
Median days on market: 64 (tie)
Median list price: $849,000
In Naples, Florida, homes were on the market for an average of 64 days. The average house price was significantly higher than elsewhere on the list
11. Cape Coral, Florida
Median days on market: 64 (tie)
Median list price: $474,100
12. Baton Rouge, Louisiana
Median days on market: 64 (tie)
Median list price: $305,000
In Baton Rouge, Louisiana, homes spent an average of 64 days on the market