In 2024, homeowners looking to sell are facing longer wait times to close deals. A recent report by Redfin reveals that nearly 64.7% of homes for sale in June were on the market for at least 30 days without a contract, a notable increase from 59.6% in the same month last year. This trend of "stale" listings reflects a rise in the inventory of homes that are less desirable, leading to slower sales.

Among the top 50 U.S. metro areas, several Florida cities stand out for having a high percentage of homes sitting on the market for extended periods. In Fort Lauderdale, 77.3% of listings were on the market for over 30 days as of June 2024, marking a 9.1 percentage point increase from the previous year. Similarly, West Palm Beach and Miami saw 77.2% and 76.7% of homes lingering on the market, respectively. These cities, along with Tampa and Jacksonville, are experiencing significant delays in selling homes, contributing to the overall slowdown.

Outside of Florida, other cities like Austin, TX, and San Antonio, TX, also reported a high share of homes sitting unsold for 30 days or more. In Austin, 70.6% of listings experienced this delay, while San Antonio reported 70.2%. The trend extends to other major metros, including New York, Philadelphia, and Phoenix, with varying degrees of increased time on the market.

This extended market time reflects broader challenges in the current real estate landscape, where rising mortgage rates and economic uncertainty are affecting buyer behavior.

Fort Lauderdale, FL

• Percentage of Listings on the Market for Over 30 Days: 77.3% (June 2024)
• Change from June 2023: Increased by 9.1 percentage points

Fort Lauderdale, often referred to as the "Venice of America," boasts 165 miles of inland waterways, making it a picturesque and unique city.

West Palm Beach, FL

• Percentage of Listings on the Market for Over 30 Days: 77.2% (June 2024)
• Change from June 2023: Increased by 6.4 percentage points

West Palm Beach, the county seat of Palm Beach County, spans 2,578 square miles—larger than the states of Rhode Island and Delaware combined.

Miami, FL

• Percentage of Listings on the Market for Over 30 Days: 76.7% (June 2024)
• Change from June 2023: Increased by 3 percentage points

Miami stands out as the only major U.S. city founded by a woman, Julia Tuttle, who was instrumental in bringing the Florida East Coast Railroad to South Florida.

Tampa, FL

• Percentage of Listings on the Market for Over 30 Days: 70.3% (June 2024)
• Change from June 2023: Increased by 9.9 percentage points

In the late 19th century, Tampa became a hub for the cigar industry, producing 500 million cigars annually at its peak. Cigar magnate Vicente Martinez Ybor even pioneered prefabricated homes to accommodate his workers efficiently.

‍