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Homes in the Miami metropolitan area are taking a median of 95 days to sell, nearly a month longer than last year and the longest duration among the nation’s 10 most populous metro areas.
Miami homes are not only sitting on the market the longest, but the Magic City also recorded the greatest yearly increase among the metros, according to an analysis by The Real Deal of Redfin data from Sept. 8 to Oct. 5. It also was the only market where the median time to close a sale took longer than it did the previous year. (Chicago’s time to close was flat year-over-year.)
Home sales tend to dwindle in the fall, meaning it is typical for sellers to have to wait longer to secure buyers for their properties. But Redfin’s data show that all of the top U.S. metros saw year-over-year increases in how long properties remained on the market.
All of these markets — save Chicago — also saw more active listings come online compared to the year before.
Many areas of the country have begun the shift into a buyer’s market, as more sellers have put their houses up for sale. But a range of macroeconomic factors — from elevated borrowing costs to economic and political uncertainty — have kept many purchasers on the sidelines.
In Miami, the market has been bifurcated, with demand sky-high for ultraluxury properties among the uber-rich but sales faltering in the lower-priced segments of the housing market.
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Following Miami, the next longest median time on market was Phoenix at 70 days, about two weeks longer than last year. Philadelphia and Washington, D.C., recorded the shortest median times, both at 45 days.
The nation’s capital also saw the largest surge in inventory, with a 23 percent year-over-year spike in active listings.
However, there is a bright spot for sellers in these cities: All but three metro regions notched median price increases compared to the same time last year. New York (4.2 percent) and Chicago (4 percent) recorded the highest year-over-year price gains.
The Dallas region recorded the steepest annual drop, 2.8 percent, in its median sale price, which came in at just over $404,000. Listings in Dallas climbed about 13 percent year over year, the second-highest gain among the group.