Homes in New York state take the longest amount of time to sell, according to a new study, with sales taking an average of 130 days to fully close.
Online bank Tangerine.ca analyzed Zillow data from the past four years to determine where homes sit on the market longest, and found that homes in the Empire State are typically on the market for just over 71 days before an offer is accepted. When the listing switches to pending, sales take nearly 59 days to close, the highest of any state in the US. Homes take longest to sell in Hudson, NY, with properties taking nearly 167 days to sell in the region.
Hawaii was second on Tangerine.ca’s list at 69.66 days to accept an offer and 49.16 days to close, with the city of Kapaa leading the way, while New Jersey came in third among US states with an average of 67.55 days before homes receiving an acceptable offer and 49.85 days before sales close.
West Virginia and North Dakota rounded out the top spots at #4 and #5 respectively.
The days-on-market metric is set to be tested by the slowing housing market as inflation and interest rates heat up. According to recent research from Redfin, cities that benefited most from in-migration during the pandemic, like some in the Sun Belt, are likely to be most susceptible to drops in a recession.
Redfin senior economist Sheharyar Bokhari said in prepared remarks, “If the US does enter a recession, we’re unlikely to see a housing-market crash like in the Great Recession because the factors affecting the economy are different: Most homeowners have a fair amount of home equity and not much debt and unemployment is low.”
Redfin predicts Riverside, Calif.; Boise; Phoenix and Tampa will be markets where homeowners stand to lose some of the value that they gained over the past two years.