It hasn’t been quite so easy to sell a house in 2024. High mortgage rates are making buyers pause.
Nearly a third of homes stayed on the market for more than 30 days across the entire U.S. as of July 2024, according to Realtor.com data reviewed by Cash For Home, a company that arranges cash offers.
At the same time, searches on Google for "sell my house" have shot up nearly 70% in the last month, pointing to a strong desire to move that is often met with extended wait times, Nathan Richardson of Cash For Home told ConsumerAffairs.
Home sellers in states such as Oregon, Ohio and Massachusetts are waiting even longer in the challenging market.
The top 10 states by percentage of homes posted for more than 30 days:
- 1. Oregon: 45.8%
- 2. Ohio: 41.5%
- 3. Massachusetts: 39.4%
- 4. Rhode Island: 38.7%
- 5. Indiana: 37.8%
- 6. Illinois: 36.4%
- 7. Maryland: 36.2%
- 8. Minnesota: 34.4%
- 9. Michigan: 34.2%
- 10. Connecticut: 33.8%
The bottom 10 states by percentage of homes posted for more than 30 days:
- 50. Mississipi: 19.7%
- 49: Montana: 21.9%
- 48: Wyoming: 21.9%
- 47: New Mexico: 22.1%
- 46: New York: 22.4%
- 45: South Dakota: 23.1%
- 44: North Dakota: 23.2%
- 43: Arkansas: 23.5%
- 42: Alaska: 23.6%
- 41: West Virginia: 23.9%
Below, see a table on how every state ranks by percentage of homes for sale for more than 30 days.
Why does it take longer to sell a house in some states?
The longer wait times in Ohio and Massachusetts highlight specific challenges in the states, including high housing costs in Ohio and a glut of homes for sale in Massachusetts, Richardson of Cash For Home said.
Oregon coming at the top of the list is more of a surprise because home buyers have prized the state for its lifestyle, but market conditions are extending wait times even in sought-after areas, he said.
He said how long it takes to sell a home often comes down to local factors, including property condition, pricing strategy and market-specific demand.
"The recent data on home selling times across the United States paints a complex picture of a market in flux," Richardson said.
Hope on the horizon?
Mortgage rates fell to their lowest level in 15 months in August, rasing hopes of higher sales in a struggling market.
The average rate on a 30-year fixed mortgage declined around a quarter of a percentage point to 6.47%, lending giant Freddie Mac said Thursday.
It marks the sharpest decline in around 9 months and the lowest level since May 2023.
Still, mortgage rates remain too high for many potential buyers. In January 2021, rates stood at 2.65% compared to 6.47% this August.
Home sales hit their lowest level in nearly three decades in 2023 and haven't been much better in 2024.
"While we've experienced a historically hot seller's market in recent years, that trend is slowly shifting," Richardson said.