These Are The Places Where Homes Are Selling The Slowest

The cost of everything is going up, including houses. That hasn’t stopped everyone from buying a new home or getting their foot on the property ladder. Still, rising interest rates, teamed with the instability of the market in recent months, has meant selling a home is now taking longer than ever for some in 2022.

In 2020, the average cost of a house across the US sat at $329,000. Amazingly, that has increased a whopping 30% in the last two years, with homes now costing an average of $478,700 in 2022. The problem? It means these are the places where homes are selling the slowest across the US.

4. Palm Bay, Florida, has a high turnover rate, but it takes time 

• Average days on the market: 56
• Total houses sold: 1,046
• Average sale price: $355,000

Even though the city of Palm Bay sold over 1,000 houses in September 2022, it doesn’t mean that sellers are in for a quick turnaround when they put their properties on the market. That’s because homes have been sitting on the market for an average of 56 days before they sold below the national average. Having 30 parks and other outdoor areas means Palm Bay is a big draw for families, with 12 elementary schools being an even larger selling point for younger families. Still, traffic issues, having so much of the city far from the beach, and sometimes being greeted by a struggling job market aren’t enough to sell homes faster than in other parts of the US. 

3. Chicago, Illinois, has plenty of pros and cons

• Average days on the market: 57
• Total houses sold: 7,810
• Average sale price: $305,000

The cost of living in Chicago might be higher than other places in the US, but it’s still one of the most affordable cities out there. It’s a diverse city that’s home to a huge food scene with an impressive public transport network. Still, the winters in Chicago aren’t for the faint-hearted, while the traffic can be a nightmare to navigate. All of that might mean its little wonder houses spent an average of 57 days on the market in September 2022. That didn’t mean the city struggled to shift them through the system. Selling almost 8,000 homes in the month means that Chicago turned over more houses than anywhere else where homes are selling the slowest.

2. Atlantic City, New Jersey, is great for tourists but not so popular with home buyers

• Average days on the market: 63
• Total houses sold: 383
• Average sale price: $301,000

It might be no secret that Atlantic City in New Jersey has long been a pull for tourists. Millions visit the city each year in search of a good time at the casinos and resorts before checking out the famous boardwalk. The problem? Atlantic City sold just 383 homes in September 2022. Those that did sell went for well under the national average at $301,000 compared to $478,700 across the rest of the US. It’s also not the place where homes are selling the slowest, but it takes second place, with homes spending an average of 63 days on the market.

1. Myrtle Beach, South Carolina, is officially where homes are selling the slowest

• Average days on the market: 65
• Total houses sold: 1,777
• Average sale price: $335,000

Some things to note before you make a move to Myrtle Beach in South Carolina is that it’s a huge tourist spot, meaning it’s usually always busy and packed with visitors. While there are plenty of things to see and do and places to eat, it can often be tough to find somewhere that’s not busy. Amazingly, it was named the best affordable city by USA Today back in 2019, but things have changed in recent years. Having house prices below the national average - at $335,000 - means people often get more for their money in the city. Still, those looking to sell have to wait longer than anyone else in the US, as homes in Myrtle Beach spend an average of 65 days on the market.

Taking a look at the places where homes are selling the slowest might come as little surprise to many. While homes continue to sell in the cities, people looking to put their homes on the market in these four cities could be waiting for a sale longer than anywhere else in the US.