- A recent study by personal finance platform GoBankingRates revealed a list of the biggest US housing markets where it's most difficult to sell a house.
- To gather the list, the study looked at cities where home values are greater than median list prices and analyzed each market across six weighted factors using figures from Zillow's 2019 Housing Data.
- These six factors include: the average median list price, the average number of houses that hit the market, and the average number of days those houses spend on the real-estate listing platform Zillow.
- Of the top 15 cities that made the list, six are located in Florida.
- Visit Business Insider's homepage for more stories.
Trying to sell a house in a weak market can lead to disappointment and price cuts.
However, there are certain factors that owners can analyze to determine whether or not they're entering the market at a good time. For example, when houses in an area are sitting on a listing platform for an average of 100 days or more, it's usually a sign that properties are moving off the market slowly.
A recent study by personal finance platform GoBankingRates revealed a list of the 50 biggest US cities where it's most difficult to sell a house right now. Of the top 15 housing markets that made the list, six of them are located in Florida.
To gather the list, GoBankingRates looked at cities where home values are greater than median list prices and analyzed each market across six weighted factors using figures from Zillow's 2019 Housing Data: the average median list price, the difference between the average home value and the average median list price, the average number of houses that hit the market, the average number of days those houses spend on the real-estate listing platform Zillow, the percentage of listings with price cuts, and the median percentage of the price cuts.
The data in this study represents each market as of November 5, 2019. Keep reading for a look at the 15 cities where it's most difficult to sell a house right now.
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15. Homes in Livonia, Michigan spend an average of 63 days on Zillow.
The average median list price in 2019: $211,600
The average home value in 2019: $212,411
The average number of homes on the market in 2019: 272
The percentage of listings with price cuts: 17.66%
Population:94,708
14. Homes in Warren, Michigan spend an average of 63 days on Zillow.
The average median list price in 2019: $124,430
The average home value in 2019: $142,856
The average number of homes on the market in 2019: 491
The percentage of listings with price cuts: 14.29%
Population: 135,147
13. Homes in Albany, New York spend an average of 100 days on Zillow.
The average median list price in 2019: $175,828
The average home value in 2019: $182,956
The average number of homes on the market in 2019: 220
The percentage of listings with price cuts: 12.06%
Population:98,498
12. Homes in Pompano Beach, Florida spend an average of 111 days on Zillow.
The average median list price in 2019: $255,200
The average home value in 2019: $256,911
The average number of homes on the market in 2019: 1,221
The percentage of listings with price cuts: 16.06%
Population: 107,542
11. Homes in Bridgeport, Connecticut spend an average of 89 days on Zillow.
The average median list price in 2019: $191,544
The average home value in 2019: $199,956
The average number of homes on the market in 2019: 346
The percentage of listings with price cuts: 14.32%
Population:147,586
10. Homes in Honolulu, Hawaii spend an average of 92 days on Zillow.
The average median list price in 2019: $637,937
The average home value in 2019: $1,036,844
The average number of homes on the market in 2019: 2,700
The percentage of listings with price cuts: 13.97%
Population:402,452
9. Homes in Boynton Beach, Florida spend an average of 97 days on Zillow.
The average median list price in 2019: $276,211
The average home value in 2019: $302,122
The average number of homes on the market in 2019: 1,898
The percentage of listings with price cuts: 18.49%
Population: 74,483
8. Homes in Newark, New Jersey spend an average of 152 days on Zillow.
The average median list price in 2019: $252,844
The average home value in 2019: $266,300
The average number of homes on the market in 2019: 587
The percentage of listings with price cuts: 6.40%
Population: 282,803
7. Homes in Saginaw, Michigan spend an average of 68 days on Zillow.
The average median list price in 2019: $90,778
The average home value in 2019: $105,478
The average number of homes on the market in 2019: 417
The percentage of listings with price cuts: 16.15%
Population: 49,366
6. Homes in Fort Myers, Florida spend an average of 111 days on Zillow.
The average median list price in 2019: $252,387
The average home value in 2019: $254,156
The average number of homes on the market in 2019: 3,588
The percentage of listings with price cuts: 18.26%
Population:73,712
5. Homes in Paterson, New Jersey spend an average of 146 days on the market.
The average median list price in 2019: $259,354
The average home value in 2019: $265,733
The average number of homes on the market in 2019: 332
The percentage of listings with price cuts: 8.52%
Population:147,890
4. Homes in Delray Beach, Florida spend an average of 106 days on Zillow.
The average median list price in 2019: $298,150
The average home value in 2019: $343,189
The average number of homes on the market in 2019: 2,105
The percentage of listings with price cuts: 18.23%
Population: 66,453
3. Homes in Naples, Florida spend an average of 135 days on Zillow.
The average median list price in 2019: $401,071
The average home value in 2019: $401,156
The average number of homes on the market in 2019: 6,762
The percentage of listings with price cuts: 15.40%
Population:21,279
2. Homes in Albany, Georgia spend an average of 115 days on Zillow.
The average median list price in 2019: $88,989
The average home value in 2019: $92,800
The average number of homes on the market in 2019: 462
The percentage of listings with price cuts: 13.22%
Population:74,892
1. Homes in Miami Beach, Florida spend an average of 188 days on Zillow.
The average median list price in 2019: $495,583
The average home value in 2019: $1,585,267
The average number of homes on the market in 2019: 462
The percentage of listings with price cuts: 13.09%
Population: 92,187