Photo: Google Earth
Anyone who puts a “for sale” sign on their lawn crosses their fingers and hopes that their home sells in a flash, for the asking price.Of course, that isn’t always the case. In many cases, houses sit on the market for months or even years before they find a buyer.
One indicator of whether homes are selling in a particular neighbourhood is the number of days properties stay on the market.
The statistic clearly shouldn’t be taken as a standalone indicator. It can be manipulated, and homes that don’t sell are often relisted as new—a common realtor tactic.
However, it’s still an interesting data point to look at, in that it can point to larger trends in the housing market and economy. In places where homes don’t sell, sellers may be desperate to unload property, and a stagnant market prevents workers from being able to move to places where jobs may be available.
Real estate data firm Altos Research has helped us compile a list of the zip codes where houses are sitting on the market the longest. Figures are for the zip codes with the highest mean number of days on market for single family houses, in places where 10 or more homes are for sale.
Surprisingly, the locations and prices are all over the map and range from vacation towns to urban centres.
#17 (tie) MIDDLEFIELD, CONN. (06455): Average days on the market is 377; median home price is $391,983.
#14 (tie) CHARLESTON, S.C. (29401) Average days on the market is 382; median home price is $1,369,884.
#14 (tie) FOLLY BEACH, S.C. (29439): Average days on the market is 382; median home price is $872,111.
#13 ST. HELENA ISLAND, S.C. (29920) Average days on the market is 385; median home price is $437,885.
#4 CHINATOWN, NEW YORK, NY (10002): Average days on the market is 518; median home price is $4,588,888.
#2 FINANCIAL DISTRICT, NEW YORK, NY (10038): Average days on the market is 543; median home price is $1,738,055.
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