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The 20 Hardest Places To Sell a Home

·7-min read
ucpage / Getty Images/iStockphoto
ucpage / Getty Images/iStockphoto

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.

Majestic_Aerials / Getty Images
Majestic_Aerials / Getty Images

20. Baltimore, Maryland

  • Median list price in 2022: $334,389

  • Median sale price in 2022: $324,833

  • Difference between list price and sale price: -$9,556

  • Average number of homes on the market in 2022: 6,023

  • Median days on market: 9

  • Percentage of listings with price cut: 11.96%

  • Median price cut in 2022: 3.16%

zodebala / Getty Images
zodebala / Getty Images

19. New Orleans, Louisiana

  • Median list price in 2022: $339,975

  • Median sale price in 2022: $257,278

  • Difference between list price and sale price: -$82,697

  • Average number of homes on the market in 2022: 1,780

  • Median days on market: 8

  • Percentage of listings with price cut: 12.42%

  • Median price cut in 2022: 3.12%

SeanPavonePhoto / Getty Images/iStockphoto
SeanPavonePhoto / Getty Images/iStockphoto

18. Hartford, Connecticut

  • Median list price in 2022: $368,834

  • Median sale price in 2022: $290,445

  • Difference between list price and sale price: -$78,389

  • Average number of homes on the market in 2022: 1,585

  • Median days on market: 13

  • Percentage of listings with price cut: 8.80%

  • Median price cut in 2022: 4.01%

DebraMillet / Getty Images/iStockphoto
DebraMillet / Getty Images/iStockphoto

17. Syracuse, New York

  • Median list price in 2022: $172,411

  • Median sale price in 2022: $170,695

  • Difference between list price and sale price: -$1,716

  • Average number of homes on the market in 2022: 986

  • Median days on market: 12

  • Percentage of listings with price cut: 9.24%

  • Median price cut in 2022: 4.57%

TasfotoNL / Shutterstock.com
TasfotoNL / Shutterstock.com

16. Fort Myers, Florida

  • Median list price in 2022: $485,828

  • Median sale price in 2022: $302,000

  • Difference between list price and sale price: -$183,828

  • Average number of homes on the market in 2022: 3,316

  • Median days on market: 10

  • Percentage of listings with price cut: 10.47%

  • Median price cut in 2022: 3.07%

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

15. Houston, Texas

  • Median list price in 2022: $379,358

  • Median sale price in 2022: $321,256

  • Difference between list price and sale price: -$58,102

  • Average number of homes on the market in 2022: 21,658

  • Median days on market: 13

  • Percentage of listings with price cut: 11%

  • Median price cut in 2022: 2.33%

f11photo / Getty Images/iStockphoto
f11photo / Getty Images/iStockphoto

14. Philadelphia, Pennsylvania

  • Median list price in 2022: $318,333

  • Median sale price in 2022: $290,666

  • Difference between list price and sale price: -$27,667

  • Average number of homes on the market in 2022: 13,582

  • Median days on market: 12

  • Percentage of listings with price cut: 11.44%

  • Median price cut in 2022: 3.17%

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

13. Miami-Fort Lauderdale, Florida

  • Median list price in 2022: $615,656

  • Median sale price in 2022: $459,889

  • Difference between list price and sale price: -$155,778

  • Average number of homes on the market in 2022: 12,162

  • Median days on market: 16

  • Percentage of listings with price cut: 8.09%

  • Median price cut in 2022: 3.17%

Davel5957 / Getty Images/iStockphoto
Davel5957 / Getty Images/iStockphoto

12. Toledo, Ohio

  • Median list price in 2022: $149,678

  • Median sale price in 2022: $144,939

  • Difference between list price and sale price: -$4,739

  • Average number of homes on the market in 2022: 1,135

  • Median days on market: 16

  • Percentage of listings with price cut: 9.40%

  • Median price cut in 2022: 4.55%

DenisTangneyJr / iStock.com
DenisTangneyJr / iStock.com

11. Detroit, Michigan

  • Median list price in 2022: $208,289

  • Median sale price in 2022: $228,944

  • Difference between list price and sale price: $20,655

  • Average number of homes on the market in 2022: 9,162

  • Median days on market: 10

  • Percentage of listings with price cut: 11.69%

  • Median price cut in 2022: 3.99%

PapaBear / Getty Images/iStockphoto
PapaBear / Getty Images/iStockphoto

10. Cleveland, Ohio

  • Median list price in 2022: $108,689

  • Median sale price in 2022: $187,094

  • Difference between list price and sale price: $6,406

  • Average number of homes on the market in 2022: 3,966

  • Median days on market: 11

  • Percentage of listings with price cut: 11.73%

  • Median price cut in 2022: 4.15%

f11photo / Shutterstock.com
f11photo / Shutterstock.com

9. New Haven, Connecticut

  • Median list price in 2022: $372,645

  • Median sale price in 2022: $302,889

  • Difference between list price and sale price: -$69,756

  • Average number of homes on the market in 2022: 1,172

  • Median days on market: 19

  • Percentage of listings with price cut: 8.58%

  • Median price cut in 2022: 4.10%

benkrut / Getty Images/iStockphoto
benkrut / Getty Images/iStockphoto

8. Akron, Ohio

  • Median list price in 2022: $169,978

  • Median sale price in 2022: $168,889

  • Difference between list price and sale price: -$1,089

  • Average number of homes on the market in 2022: 1,340

  • Median days on market: 10

  • Percentage of listings with price cut: 10.79%

  • Median price cut in 2022: 4.78%

Shutterstock.com
Shutterstock.com

7. Albany, New York

  • Median list price in 2022: $265,778

  • Median sale price in 2022: $224,589

  • Difference between list price and sale price: -$41,189

  • Average number of homes on the market in 2022: 1,145

  • Median days on market: 14

  • Percentage of listings with price cut: 10.36%

  • Median price cut in 2022: 4.43%

Alex Wathen / Flickr.com
Alex Wathen / Flickr.com

6. McAllen, Texas

  • Median list price in 2022: $259,889

  • Median sale price in 2022: $199,722

  • Difference between list price and sale price: -$60,166

  • Average number of homes on the market in 2022: 1,395

  • Median days on market: 32

  • Percentage of listings with price cut: 9.49%

  • Median price cut in 2022: 3.39%

Page Light Studios / Getty Images
Page Light Studios / Getty Images

5. Chicago, Illinois

  • Median list price in 2022: $323,666

  • Median sale price in 2022: $284,667

  • Difference between list price and sale price: -$38,999

  • Average number of homes on the market in 2022: 23,730

  • Median days on market: 18

  • Percentage of listings with price cut: 12.10%

  • Median price cut in 2022: 2.72%

Sean Pavone / Getty Images/iStockphoto
Sean Pavone / Getty Images/iStockphoto

4. Milwaukee, Wisconsin

  • Median list price in 2022: $191,689

  • Median sale price in 2022: $222,222

  • Difference between list price and sale price: 30,534

  • Average number of homes on the market in 2022: 2,427

  • Median days on market: 34

  • Percentage of listings with price cut: 9.53%

  • Median price cut in 2022: 4.01%

Shutterstock.com
Shutterstock.com

3. Pittsburgh, Pennsylvania

  • Median list price in 2022: $200,522

  • Median sale price in 2022: $200,322

  • Difference between list price and sale price: -$200

  • Average number of homes on the market in 2022: 4,926

  • Median days on market: 23

  • Percentage of listings with price cut: 12.54%

  • Median price cut in 2022: 4.06%

barbsimages / Shutterstock.com
barbsimages / Shutterstock.com

2. Stamford, Connecticut

  • Median list price in 2022: $962,422

  • Median sale price in 2022: $564,000

  • Difference between list price and sale price: -$398,422

  • Average number of homes on the market in 2022: 1,558

  • Median days on market: 31

  • Percentage of listings with price cut: 6.98%

  • Median price cut in 2022: 3.48%

Francois Roux / Shutterstock.com
Francois Roux / Shutterstock.com

1. New York, New York

  • Median list price in 2022: $657,400

  • Median sale price in 2022: $547,766

  • Difference between list price and sale price: -$109,634

  • Average number of homes on the market in 2022: 26,119

  • Median days on market: 37

  • Percentage of listings with price cut: 6.60%

  • Median price cut in 2022: 3.56%

More From GOBankingRates

Jordan Rosenfeld contributed to the reporting for this article.

Methodology: GOBankingRates analyzed the 90 largest metropolitan housing markets for which Zillow provides complete data to find the 20 hardest places to sell a home. GOBankingRates first found the 2022 average median list price and 2022 average median sale price for homes in each metropolitan area by averaging Zillow's monthly estimates of each figure for January through March 2022. Then, GOBankingRates calculated the (1) typical difference between the list and sale price for homes in each area in 2022. 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 2022, (3) 2022 average median number of days homes spent on the market, (4) 2022 average share of listings that took a price cut while on the market and (5) 2022 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 May 11, 2022. 

This article originally appeared on GOBankingRates.com: The 20 Hardest Places To Sell a Home