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The 20 Hardest Places To Sell a Home

GOBankingRates
GOBankingRates
 2021-10-26

The year 2020 was, in many ways, a homebuyer's dream. Mortgage rates hit all-time lows of below 3%, which triggered two phenomena. First, mortgage applications skyrocketed as early as March, as buyers scrambled to lock in lower rates. However, at the same time, this surge in demand drove home prices higher, making the market attractive to sellers.

Read: 32 Insider Tips for Buying and Selling a House
See: The Best Place To Buy a Home in Every State

Unfortunately, all of this occurred during a global pandemic, which made the housing recovery uneven. In some markets, prices shot higher, making it easy for sellers to unload their homes. However, other markets suffered greatly, due to a combination of business closures, population flight, evictions and/or high levels of unemployment.

To help locate housing markets that may be in distress , GOBankingRates analyzed the 95 largest metropolitan housing markets according to Zillow’s Housing Data and found the 20 hardest places to sell a home. Primary factors considered were the difference between list and sale prices, average price cut and average number of days on Zillow.

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The resulting list of 20 cities is ranked in reverse order, with the most difficult city in which to sell a home listed last. Depending on your point of view, these cities could represent opportunities for buyers, as sellers that have a tough time getting their list price are likely to drop it. However, if sellers keep dropping their prices in a market, it can start a downward spiral, meaning your home price could fall below what you paid for it. Talking with a good local agent is a good place to start if you're looking to buy and want to get the temperature of a certain area.

Here are the cities in which it's hardest to sell a home.

Last updated: Oct. 26, 2021

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20. Ventura, CA

  • Median list price in 2020: $910,546
  • Median sale price in 2020: $657,492
  • Difference between list price and sale price: $253,054
  • Average number of homes on the market in 2020: 1,646
  • Median days on market: 16
  • Percentage of listings with price cut: 12.73%
  • Median price cut in 2020: 2.17%

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19. Hartford, CT

  • Median list price in 2020: $334,606
  • Median sale price in 2020: $254,705
  • Difference between list price and sale price: $79,901
  • Average number of homes on the market in 2020: 4,042
  • Median days on market: 19
  • Percentage of listings with price cut: 13.60%
  • Median price cut in 2020: 3.11%

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18. Rochester, NY

  • Median list price in 2020: $230,645
  • Median sale price in 2020: $162,100
  • Difference between list price and sale price: $68,545
  • Average number of homes on the market in 2020: 2,678
  • Median days on market: 15
  • Percentage of listings with price cut: 11.22%
  • Median price cut in 2020: 3.88%

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17. Cincinnati, OH

  • Median list price in 2020: $319,956
  • Median sale price in 2020: $206,357
  • Difference between list price and sale price: $113,599
  • Average number of homes on the market in 2020: 5,773
  • Median days on market: 7
  • Percentage of listings with price cut: 16.12%
  • Median price cut in 2020: 2.89%
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16. Buffalo, NY

  • Median list price in 2020: $205,046
  • Median sale price in 2020: $172,799
  • Difference between list price and sale price: $32,246
  • Average number of homes on the market in 2020: 2,480
  • Median days on market: 17
  • Percentage of listings with price cut: 11.93%
  • Median price cut in 2020: 3.94%
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15. Pittsburgh, PA

  • Median list price in 2020: $199,948
  • Median sale price in 2020: $181,167
  • Difference between list price and sale price: $18,781
  • Average number of homes on the market in 2020: 8,035
  • Median days on market: 19
  • Percentage of listings with price cut: 14.96%
  • Median price cut in 2020: 3.33%
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14. Detroit, MI

  • Median list price in 2020: $264,055
  • Median sale price in 2020: $208,492
  • Difference between list price and sale price: $55,563
  • Average number of homes on the market in 2020: 14,761
  • Median days on market: 18
  • Percentage of listings with price cut: 14.65%
  • Median price cut in 2020: 3.03%
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13. Allentown, PA

  • Median list price in 2020: $271,042
  • Median sale price in 2020: $213,426
  • Difference between list price and sale price: $57,615
  • Average number of homes on the market in 2020: 2,841
  • Median days on market: 38
  • Percentage of listings with price cut: 10.42%
  • Median price cut in 2020: 3.28%
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12. Dallas-Fort Worth, TX

  • Median list price in 2020: $351,506
  • Median sale price in 2020: $286,034
  • Difference between list price and sale price: $65,472
  • Average number of homes on the market in 2020: 30,021
  • Median days on market: 29
  • Percentage of listings with price cut: 16.27%
  • Median price cut in 2020: 1.90%
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11. North Port-Sarasota-Bradenton, FL

  • Median list price in 2020: $382,331
  • Median sale price in 2020: $297,403
  • Difference between list price and sale price: $84,929
  • Average number of homes on the market in 2020: 6,769
  • Median days on market: 30
  • Percentage of listings with price cut: 17.24%
  • Median price cut in 2020: 2.07%
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10. Cleveland, OH

  • Median list price in 2020: $194,789
  • Median sale price in 2020: $169,192
  • Difference between list price and sale price: $25,598
  • Average number of homes on the market in 2020: 7,630
  • Median days on market: 28
  • Percentage of listings with price cut: 13.31%
  • Median price cut in 2020: 3.41%
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9. Akron, OH

  • Median list price in 2020: $171,879
  • Median sale price in 2020: $160,948
  • Difference between list price and sale price: $10,931
  • Average number of homes on the market in 2020: 2,393
  • Median days on market: 28
  • Percentage of listings with price cut: 13.94%
  • Median price cut in 2020: 3.61%

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8. McAllen, TX

  • Median list price in 2020: $216,147
  • Median sale price in 2020: $166,013
  • Difference between list price and sale price: $50,134
  • Average number of homes on the market in 2020: 2,105
  • Median days on market: 54
  • Percentage of listings with price cut: 9.82%
  • Median price cut in 2020: 3.03%
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7. Fort Myers, FL

  • Median list price in 2020: $352,852
  • Median sale price in 2020: $254,327
  • Difference between list price and sale price: $98,525
  • Average number of homes on the market in 2020: 6,812
  • Median days on market: 42
  • Percentage of listings with price cut: 16.15%
  • Median price cut in 2020: 2.03%
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6. Houston, TX

  • Median list price in 2020: $329,958
  • Median sale price in 2020: $256,304
  • Difference between list price and sale price: $73,654
  • Average number of homes on the market in 2020: 34,016
  • Median days on market: 24
  • Percentage of listings with price cut: 17.41%
  • Median price cut in 2020: 2.26%
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5. Miami-Fort Lauderdale, Florida

  • Median list price in 2020: $476,379
  • Median sale price in 2020: $356,243
  • Difference between list price and sale price: $120,136
  • Average number of homes on the market in 2020: 26,596
  • Median days on market: 37
  • Percentage of listings with price cut: 12.86%
  • Median price cut in 2020: 2.38%

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4. Los Angeles-Long Beach-Anaheim, CA

  • Median list price in 2020: $1,021,431
  • Median sale price in 2020: $720,933
  • Difference between list price and sale price: $300,498
  • Average number of homes on the market in 2020: 19,469
  • Median days on market: 16
  • Percentage of listings with price cut: 11.58%
  • Median price cut in 2020: 2.50%
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3. Chicago, IL

  • Median list price in 2020: $349,655
  • Median sale price in 2020: $260,057
  • Difference between list price and sale price: $89,597
  • Average number of homes on the market in 2020: 31,570
  • Median days on market: 24
  • Percentage of listings with price cut: 18.97%
  • Median price cut in 2020: 2.26%

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2. Stamford, CT

  • Median list price in 2020: $806,333
  • Median sale price in 2020: $486,629
  • Difference between list price and sale price: $319,704
  • Average number of homes on the market in 2020: 4,631
  • Median days on market: 31
  • Percentage of listings with price cut: 11.04%
  • Median price cut in 2020: 3.20%
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1. New York, NY

  • Median list price in 2020: $605,591
  • Median sale price in 2020: $452,742
  • Difference between list price and sale price: $152,849
  • Average number of homes on the market in 2020: 53,853
  • Median days on market: 45
  • Percentage of listings with price cut: 10.53%
  • Median price cut in 2020: 3.01%
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            Methodology: GOBankingRates analyzed the 95 largest metropolitan housing markets for which Zillow provides complete data to find the 20 hardest places to sell a home. GOBankingRates first found the 2020 average median list price and 2020 average median sale price for homes in each metropolitan area by averaging Zillow's monthly estimates of each figure for January through November 2020. Then, GOBankingRates calculated the (1) typical difference between the list and sale price for homes in each area in 2020.

            GOBankingRates then similarly analyzed Zillow's monthly estimates of other housing market metrics to find each metro area's (2) average housing market inventory in 2020, (3) 2020 average median number of days homes spent on the market, (4) 2020 average share of listings that took a price cut while on the market, and (5) 2020 average median price cut taken by homes on the market, measured as a percent of the prior list price. All cities were then scored against each other and ranked, with a larger difference between list and sale prices, larger housing market inventory, greater typical number of days spent on the market, greater share of listings taking a price cut, and larger price cuts taken indicating places where it is more difficult to sell a home. Zillow's smoothed estimates for single family residences were used for all metrics. In the calculation of final scores, factor (2) was weighted half as heavily as all other factors. All data was compiled on and up to date as of Jan. 7, 2021.

            This article originally appeared on GOBankingRates.com : The 20 Hardest Places To Sell a Home

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