Many cities in America have had real estate markets where homes for sale have received multiple bids. Homes in these areas sometimes sell within days. Typically, houses are on the market for a few months, so the change is profound.
The rush to buy new homes has also driven up prices. According to the S&P Case-Shiller Home Price Index, home prices are up 20% year-over-year in most months this year. The median home price in the United States has risen to over $400,000, a figure that would have been unthinkable just a few years ago.
RubyHome looked at 93 markets based on Zillow data: price of homes compared to sales, average number of days homes on market, number of new monthly listings and percentage of homes with price reductions. Each metropolitan area was assigned up to 100 points, with lower points for worse markets.
The Bridgeport-Stamford-Norwalk, Connecticut, metro area was the hardest to sell. The median asking price was $369,500. The percentage of homes sold at a discount was 7.1. The price drop is likely to be huge because some areas in the metro are among the wealthiest in the country. These include Greenwich and Darien, Connecticut.
The fourth worst market to sell a home in was the Bridgeport Market. The New York-Jersey City-Newark market is one of the largest in the country. The average decrease in home value was $168,000, and 7.8% of homes had a decrease in value.
Also read: Cities with the cheapest housing
Between Stamford and New York, the second hardest place to sell homes was Coral Gables-Fort Myers, Florida. The average asking price was $181,000. The percentage of homes that were discounted was 11.5. Northport-Sarasota, Florida, which ranked third, saw a $180,000 price drop and a 10.3% decrease in home prices.
The housing market is starting to show cracks, especially in these cities.
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