Homes Across the U.S. Are Taking Longer to Sell—Here’s What the Numbers Say

Across the United States, homes for sale are taking longer to find buyers compared to last year. High prices and rising mortgage rates have made many potential buyers hesitant, resulting in slower sales in most areas.

According to data from Realtor.com, homes in the U.S. spent a median of 53 days on the market in June 2023 before going under contract—5 days longer than the same time last year.

While this slow trend affects many markets, some cities are still selling homes quickly, while others have seen significant slowdowns.
 

Cities Where Homes Are Selling Fastest

Only 8 major metropolitan areas saw their "days on the market" drop in June compared to the previous year. These cities remained highly competitive due to demand:
 

• Oklahoma City, OK: Homes sold 4 days faster.
• Baltimore, MD: Homes sold 3 days faster.
• Hartford, CT: Homes sold 3 days faster.
• Milwaukee, WI: Homes sold 3 days faster.
• Richmond, VA: Homes sold 3 days faster.
• Kansas City, MO: Homes sold 2 days faster.
• Philadelphia, PA: Homes sold 2 days faster.
• Phoenix, AZ: Homes sold 2 days faster.

 

Cities Where Homes Are Selling Slowest

In contrast, 42 out of the 50 largest metro areas experienced slower sales, with homes spending more time on the market than a year earlier. The following cities had the biggest delays in June:
 

• Nashville, TN: Homes stayed on the market 20 days longer.
• Orlando, FL: Homes stayed on the market 15 days longer.
• Miami, FL: Homes stayed on the market 15 days longer.
• Tucson, AZ: Homes stayed on the market 12 days longer.
• Jacksonville, FL: Homes stayed on the market 12 days longer.

 

Regional Trends: Where Homes Are Sitting Longer

The slowdown in sales matches trends by region. In June 2023:
 

• Southern states: Homes took 8 days longer to sell compared to last year.
• Western states: Homes were on the market 7 days longer.
• Midwestern states: Homes took just 1 more day to sell.
• Northeastern states: Homes took 3 more days to sell.

 

Why Are Homes Taking Longer to Sell?

Part of the reason for slower sales is rising inventory—the number of homes available for sale. More options mean buyers can afford to take their time. Here's how inventory has grown in different regions:
 

• West: Listings increased by 38.3% compared to last year.
• South: Listings increased by 29.4%.
• Midwest: Listings increased by 21.3%.
• Northeast: Listings increased by 17.6%.

As inventory rises, prices have also dropped slightly. For example, the Midwest saw home prices decline by 0.9% in June compared to last year, while the South and West each saw a 0.8% decline.
 

Final Thoughts

While homes are sitting on the market longer in many cities, some areas remain competitive, with faster sales despite market challenges.

Regional differences in inventory and pricing continue to shape the housing market, with sellers in some areas facing delays while buyers begin to see more affordable options.

-

Read more: New Tax Bill Increases SALT Deduction Cap, Bringing Relief to Homeowners in High-Tax States