The 20 Hardest Places To Sell a Home
Selling a house here? You might have trouble.
1. New York, NY
- Median list price in 2020: $605,591
- Median sale price in 2020: $452,742
- Difference between list price and sale price: $152,849
- Average number of homes on the market in 2020: 53,853
- Median days on market: 45
- Percentage of listings with price cut: 10.53%
- Median price cut in 2020: 3.01%
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Methodology: GOBankingRates analyzed the 95 largest metropolitan housing markets for which Zillow provides complete data to find the 20 hardest places to sell a home. GOBankingRates first found the 2020 average median list price and 2020 average median sale price for homes in each metropolitan area by averaging Zillow's monthly estimates of each figure for January through November 2020. Then, GOBankingRates calculated the (1) typical difference between the list and sale price for homes in each area in 2020.
GOBankingRates then similarly analyzed Zillow's monthly estimates of other housing market metrics to find each metro area's (2) average housing market inventory in 2020, (3) 2020 average median number of days homes spent on the market, (4) 2020 average share of listings that took a price cut while on the market, and (5) 2020 average median price cut taken by homes on the market, measured as a percent of the prior list price. All cities were then scored against each other and ranked, with a larger difference between list and sale prices, larger housing market inventory, greater typical number of days spent on the market, greater share of listings taking a price cut, and larger price cuts taken indicating places where it is more difficult to sell a home. Zillow's smoothed estimates for single family residences were used for all metrics. In the calculation of final scores, factor (2) was weighted half as heavily as all other factors. All data was compiled on and up to date as of Jan. 7, 2021.
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