The housing market has done surprising things over the pandemic. When the economy took an especially tough hit, in 2020, the housing market did not follow suit. Mortgage rates hit all-time lows of below 3%, and buyers scrambled to lock in lower rates. This surge in demand drove home prices higher, making the market attractive to sellers.
This hot housing market hasn’t slowed much by 2022, either, but that may be about to change. According to Yahoo, though March of 2022 was perhaps peak home sales, 12% of homes experienced reduced prices. The likely cause of this is rising interest rates, no longer so low, reaching 5.27% by May 5 — which is actually the highest rate since the early 2000s.
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To help locate housing markets that may be in distress, GOBankingRates analyzed the 95 largest metropolitan housing markets according to Zillow’s Housing Data and found the 20 hardest places to sell a home. Primary factors considered were the difference between list and sale prices, average price cut and average number of days on Zillow.
The resulting list of 20 cities is ranked in reverse order, with the most difficult city in which to sell a home listed last. Depending on your point of view, these cities could represent opportunities for buyers, as sellers that have a tough time getting their list price are likely to drop it. However, if sellers keep dropping their prices in a market, it can start a downward spiral, meaning your home price could fall below what you paid for it. Talking with a good local agent is a good place to start if you’re looking to buy and want to get the temperature of a certain area.
Here are the cities in which it’s hardest to sell a home.
