Pity the Homeowner Who Tries to Sell in These 10 Cities

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The number of homes listed for sale in the largest cities in the country has fallen 20 percent in the past year, according to a report released last week by Realtor.com. While the number of homes on the market has dropped around the country, the average number of days that listed homes have been on the market has remained the same: 107 days.

24/7 Wall St. has identified the 10 cities where homes are on the market for the longest time.

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Pity the Homeowner Who Tries to Sell in These 10 Cities

Time on market: 137 days
Change in # of listings: -20.32% (53rd largest)
Median list price: $159,900 (104th highest)
Foreclosure rate: 1 in every 747 homes

Browse homes for sale in Tallahassee, Fla. 

The number of homes on the market has decreased more than 20% in Tallahassee over the past year. Despite the drop in supply, home prices have only increased slightly, with the median list price increasing 3.5% in the same period. The city saw a huge spike in loan defaults recently. In August, defaults increased 81% from the month before. According to the Tallahassee Democrat, this is causing the foreclosure rate to increase.

Time on market: 138 days
Change in # of listings: -26.47% (28th largest)
Median list price: $209,500 (49th highest)
Foreclosure rate: 1 in 238

Browse some of the mega-mansions for sale in West Palm Beach, Fla.

In September, the West Palm Beach region had more listings than all but a handful of major U.S. cities. However, that number is actually down more than 26% from a year ago. The median home listing price has shot up more than 10% since September 2010, the 11th greatest increase among the 146 cities reviewed in the report. According to Alex Ferreras of the Palm Beach Post, banks are cutting down significantly on the number of homes they foreclose in the region. In 2010, the foreclosure rate of 1 in 238 was one of the highest in the U.S.



Time on market: 140 days
Change in # of listings: -15.88% (77th largest)
Median list price: $250,000 (29th highest)
Foreclosure rate: 1 in every 3,907 homes

Browse some homes for sale in Asheville, N.C.

Asheville is located in the Appalachian mountains and is regularly listed has a top vacation destination by travel magazines. The region has one of the highest median home list prices in the country, at $250,000. The Asheville region had an extremely low foreclosure rate of 1 in 3,907 last year compared to 1 in 605 in the U.S.

Time on market: 142 days
Change in # of listings: -30.77% (17th largest)
Median list price: $169,900 (87th highest)
Foreclosure rate: 1 in every 366 homes

Browse homes for sale in Punta Gorda, Fla. 

Punta Gorda is one of several Florida cities where home values have fallen more than national average. According to housing experts, most of this is due to overbuilding before the housing market collapsed. Punta Gorda is located on Florida’s west coast between larger cities with significant housing problems — Tampa/St Petersburg and Naples. Home ownership in Punta Gorda is high, among the top ten cities in the U.S. This may be due to in part to the inability of people to sell their homes.

Time on market: 147 days
Change in # of listings: -35.66% (11th largest)
Median list price: $199,900 (51st highest)
Foreclosure rate: 1 in every 541 homes

Browse homes for sale in Savannah, Ga.


Savannah has seen one of the largest decreases in home listings in the country, with a drop of more than 35% in one year. Despite the drop in inventory, home prices declined by 5.19% over this same period. There are currently only 1,484 listings in the city. The median time on the market for these listings has fallen more than 50% in the past year. This is the greatest drop in the country.

Time on market: 147 days
Change in # of listings: -11.95% (100th largest)
Median list price: $184,900 (69th)
Foreclosure rate: 1 in every 771 homes

Browse homes for sale in Reading, Pa.

Reading is in the old industrial section of Pennsylvania, which runs between Allentown and Harrisburg. The city has nearly 90,000 residents and is among the poorest cities in the U.S. median income for the city is only $28,098. Reading topped the list of cities with more than 65,000 people with the highest proportion of residents living in poverty, according to the New York Times, a fact that will continue to hurt Reading’s housing market for the foreseeable future.

Time on market: 150 days
Change in # of listings: -20.36% (53rd largest)
Median list price: $164,900 (96th highest)
Foreclosure rate: 1 in every 935 homes

Browse homes for sale in Gainesville, Fla. 

Like many cities in Florida, Gainesville has a large condo market. The Gainesville Sun reported that in August “condo sales were up 13 percent, with 51 sold in August.” That gain was almost certainly due to favorable prices. Condo median prices dropped 13% to $69,400 from $79,500, according to the paper. It may take years for the Gainseville real estate market to recover. It is inland from one of the hardest hit regions in the U.S. — Florida’s Atlantic coast, which includes cities where home prices are down more than the rest of the country.

Time on market: 156 days
Change in # of listings: -37.83% (6th largest)
Median list price: $369,000 (12th highest)
Foreclosure rate: 1 in every 356 homes

Browse some of the jaw-dropping estates for sale in Naples, Fla. 

One out of every 356 homes is foreclosed in Naples, Florida — nearly twice the national average. Last week, Republican Representative Kathleen Passidomo filed the Florida Fair Foreclosure Act. The bill is designed, she says, to streamline the foreclosure process. According to real estate attorney Kevin Jursinski, who was quoted on NBC-2, the problem with Naples foreclosures, is that “It’s the fact that we had an issue with so many foreclosures at one time that so swamped the system that it made it hard for the judges and it taxed the system quite a bit.” In the past year, the median home listing price has increased by more than 23%, the third biggest jump in the country.

Time on market: 161 days
Change in # of listings: -14.00% (91st largest)
Median list price: $174,950 (82nd highest)
Foreclosure rate: 1 in every 207 homes

Browse homes for sale in Myrtle Beach, S.C.

Myrtle Beach sits in Horry County, an area that has more than triple the number of houses for seasonal use than any other county in North Carolina, according to The Sun News. The areas with the highest vacancy rates are along the ocean, where there are many second homes. According to a Realtor quoted in the paper, foreclosures are more common in the oceanfront, vacation properties because homeowners who cannot afford the mortgage are more likely to give up a second home than their primary residence.

Time on market: 164 days
Change in # of listings: -21.31% (48th largest)
Median list price: $244,250 (36th highest)
Foreclosure rate: 1 in every 4,504 homes

Browse homes for sale in Wilmington, N.C. 

Despite the fairly soft housing market, economists at University of North Carolina Wilmington predict that the local economy is set to recover. Three of Wilmington’s counties are forecast to grow 2.2% next year, ahead of the national forecast of 1.6%. As evidence, the median list price for a home in the city has increased 2.76% in the past year. Wilmington, like Asheville, has an exceptionally low foreclosure rate — just 1 in every 4,504 homes were foreclosed upon in September.

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When it comes to the housing crisis, foreclosures and home prices often dominate the headlines. Other information, however, is just as important to a complete understanding of the crisis. Chief among these is the amount of time that homes are on the market and whether the total inventory of available homes has changed. These are better indications of supply and demand than any other data.

Wilmington, N.C., tops the list, with houses remaining on the market for 164 days. Compare that to a city in bad shape, like Detroit, where the number is only 65 days. Wilmington's figure is not necessarily a bad sign. A city where listed homes have been on the market for a long period may be one where many homeowners still believe there is a chance that they can make a sale. Detroit's figure is probably low because people are no longer listing their homes for sale due to a lengthy and depressed housing market.

The one figure that does often coincide closely with the high number of days on the market is foreclosures. In eight of the 10 cities where homes are on the market for the longest period, foreclosures were at or well above the national average. Clearly, people who must sell their homes keep them on the market as long as they can. Eventually, particularly in cities with many days on the market, the ability of these homeowners to pay their mortgage runs out.

Another reason that homes in many of these cities have been on the market for so long is that they are among those that had rapid population growth between 1990 and 2010. This caused a rapid expansion of inventory. The cities became overbuilt as the housing crisis began to drive up foreclosures, particularly among homes with subprime mortgages.

Notable among the cities that added large numbers of people are Tallahassee. The population of the Florida state capital rose over 20 percent from 1990 to 2000 and another 20 percent from 2000 to 2010, according to the Census Bureau. West Palm Beach grew even more rapidly over the same 20 years. Gainesville grew by 30 percent from 2000 to 2010. Florida, which has five cities on this list, has the second highest foreclosure rate of any state, trailing only Nevada, according to RealtyTrac. Florida's population rose by approximately 30 percent each decade from 1970 through 2010.

The most obvious sign that the housing market has begun to recover will be when prices begin to rise and foreclosures abate. There will be other signals. Days-on-market for homes may actually rise for some period nationwide. Homeowners seeing a market recovery will put their homes on the market. As a consequence, inventory will rise. The real test of a recovery will be how quickly this increased inventory eventually will fall.

In order to identify the cities where homes stay on the market the longest, 24/7 looked at pricing and listing data provided by Realtor.com. For these cities, we identified whether the number of homes available increased or decreased, as well as how much prices have changed during that period. We also included most recent foreclosure rates provided by Realtytrac, and compared those to the national average.

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Pity the Homeowner Who Tries to Sell in These 10 Cities

Location: Las Vegas, Nev.
Price: $199,900
Beds/Baths: 5/4
Sq. Ft.: 4,233

Situated in a city whose real estate recovery is gaining steam, this 5-bedroom offers luxury features like a balcony and three-car garage.

See its gleaming interior

The expansive insides contain an elegant staircase with banisters bearing intricate designs. 

See more features of its interior

Location: Colorado Springs, Colo. 
Price: $175,000
Beds/Baths: 4/3
Sq. Ft.: 2,395

Boasting multiple decks that reach out from both stories, this home, built of wood and stone, offers details like custom woodwork, porthole windows, stylish blends of color and exposed beams. 

You need to see photos of the home to really appreciate these intricacies. 

The interior boasts hardwood floors and furnishing of a minimalist flavor. 

See what else this home has to offer

Location: Orlando, Fla.
Price: $189,000
Beds/Baths: 5/5
Sq. Ft.: 2,823

This contemporary sits in the gated community of Avalon Lakes, which is close to nearby beaches. Special features include three master suites, a gourmet kitchen and an "executive pool." 

See the listing for more details. 

The interior boasts details including wood cabinets, a granite counter and a tile backsplash. The home's community offers amenities such as a fitness center, tennis courts and basketball courts. 

See what else this home has to offer

Location: Novi, Mich. 
Price: $202,000
Beds/Baths: 3/3
Sq. Ft.: 2,711

Sited on a generous lot, this foreclosed home is selling at a reduced price. Highlights include granite counters and slate flooring. 

See the listing

Gleaming hardwood floors and fresh-looking finishes give the place a new-start feel. 

See the rest of what $202,000 brings you

Location: Henderson, Nev. 
Price:v $235,000
Beds/Baths: 4/3
Sq. Ft.: 2,736

This home commands mountain views from its fifth-of-an-acre lot. The interior offers fine finishes, including crown molding and cherry cabinetry. 

See the listing for more details. 

The kitchen (pictured here) contains new cherry cabinetry and Italian tile. 

See what else this gem delivers

Location: Detroit, Mich. 
Price: $199,000
Beds/Baths: 5/4
Sq. Ft.: 5,479

Only in Detroit can you get so much for so little. This manor looms over a tree-dotted boulevard and features interior flourishes, including hand-painted ceilings, hand-carved marble and hardwood floors. 

And that's just the beginning -- see a slideshow of the property for more. 

The elaborate Victorian decor imbues the interior with a stately feel.

See more of this gem

Location: Little Rock, Ariz.
Price: $165,000
Beds/Baths: 3/2
Sq. Ft.: 1,394

This brick single-story is running further below the national median home price, which hovers around $200,000, than other homes in our gallery. But it's a notable mention: The home offers a big living area, wood-burning stove and large eat-in kitchen. 

Learn more about this charming home by viewing the listing. 

The place has a rustic feel to it, with its well-kept, tulip-dotted yard, charming porch and wood-burning stove. The home's interior departs from its staid exterior, serving up a cheery color scheme. 

See more photos of this listing. 

Location: Orlando, Fla. 
Price: $225,000
Beds/Baths: 5/3
Sq. Ft.: 3,160

It's not often you get a pool and lakefront property for just $225,000, but this charming home delivers you just that, along with five bedrooms (three with walk-in closets), three bathrooms and a multi-faceted kitchen.

See what we mean by multi-faceted kitchen

Pictured here is the home's glass-covered pool, overlooking its much larger and naturally-occurring inspiration. 

See some of the other impressive features of this home. 



Location: Lewiston, Maine
Price: $225,000
Beds/Baths: 4/2
Sq. Ft.: 2,234

Nestled into a wooded lot but still close to Lewiston's vibrant shopping scene, this barnlike home exudes rustic charm and delivers ample space.

See the listing for more details. 

The home boasts a great room, fireplace, chef's kitchen and sunporch among other features. 

See the other ones

Location: Los Angeles, Calif. 
Price: $184,000
Beds/Baths: 6/2
Sq. Ft.: 2,180

This home brings you quite a few bedrooms for just $184,000 -- six to be exact. While the listing photos show that the space is fairly cluttered at the moment, there's still an ample supply of it.

Get a look of the specs listed above

Ceramic tile flooring and wall-to-wall carpeting are some interior features of the home. 

See a slideshow of the listing

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