Inman News
A new analysis of Redfin data shows where homes are sitting, where sellers are pulling back and where prices are rising and falling the most amid ongoing slow market
Quick Read
- Redfin reports that the typical U.S. home sat for 43 days on the market in July, the longest since 2015.
- Midwest markets with lower prices see faster contract rates and continued buyer competition, while some high-cost areas like Austin experience longer market times and price declines.
- Cold markets show a drop in new listings as homes stay longer on the market, indicating fewer sellers are listing in slower areas.
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The U.S. is on track to see about four million homes sold for the second straight year, prices and interest rates remain stubbornly high and there are far more sellers than buyers in the real estate market.
If that all wasn’t enough, Redfin released a handful of new data on Monday showing that homes are sitting for sale on the market for longer than at any point in the past decade.
The new data from the portal and brokerage captures a real estate market that is still going through a transformation in real-time, with some markets seeing rapid activity and low inventory and others seeing a rush of inventory and relatively few buyers to jump on it.
The maps below offer an interactive regional view of this new data.
The typical home is now sitting on the market for 43 days, according to Redfin. That’s the longest amount of time in July since 2015, and it’s up from 35 days in July 2024.
But, as is always the case, not all markets are created equal.
The Redfin data show that homes in Midwest markets that typically have lower home prices are going under contract at nearly the same rate or faster than a year ago. Such markets are represented in warmer colors on the map below.
The competition among buyers in lower-priced markets has kept more pressure on home prices in markets in the Midwest and Northeast, the data show.
On the other hand, homes spent nearly two weeks longer on the market in Austin this July than last year. Home prices in the metro area fell by over 3 percent, according to Redfin.
Moreover, the number of new listings in the coldest markets fell by the highest amount.
Put another way, fewer sellers listed their homes for sale this July compared to last July in markets where homes are sitting longer.
New listings don’t necessarily translate to more pending home sales.
For evidence, look at how cold it is in Florida.
Not immune to red-hot booms and ice-cold busts, markets across the Sunshine State are currently living through a bear cycle with several markets across the state leading the way on days on market, home price declines, drops in new listings and more.
But somehow, the shifting market isn’t translating to affordability.
The median home price ticked up to a new record high in July of just under $400,000, according to Redfin data.