A new report has found that when taking into account both how long homes sit on the market and how long deals take to close, listings in New York state sell at a slower pace than anywhere else in the U.S.
The report, from online bank Tangerine.ca, found that in New York homes take on average 130.45 days to close. That includes an average of 71.64 days on the market before getting an offer, followed by an average of 58.81 days to close once an offer has been accepted. Within New York, the town of Hudson — about two hours north of Manhattan — has the longest average time to close, at 166.54 days.
The report is based on an analysis of four years’ worth of Zillow data. And it provides a useful glimpse into the market at a time when a shift has thrown the housing industry into flux; after a booming 2020 and 2021, the market has slowed down considerably this year thanks to mortgage rate increases.
At the same time, recent social media posts have highlighted an increasingly brutal rental market in New York City, which makes the finding that homes in that state sell slowly somewhat surprising.
After New York, Hawaii had the second slowest-selling real estate in the U.S. In the Aloha State, homes took on average 118.82 days to close. That includes 69.66 days on average until the homes have a pending offer and 49.16 days until the offers close. The town of Kapaa, on Kauai, had the longest average in the state at 130.09 days on average.
After Hawaii, New Jersey came in third place with homes in the Garden State taking on average 117.4 days to close.
Days on market is a common statistic that real estate professionals use to gauge what’s happening in a market. But merging that figure with the average time it takes to close a pending deal is a somewhat less common practice, and offers hint at not just how much demand there might be in a market but also how motivated buyers really are. In other words in a hot market homes don’t just go under contract quickly, they spend less time pending as well because buyers waive things, such as inspections and appraisal contingencies.
In the report, a spokesperson for Tangerine.ca notes that homes in New York may be taking on an average more than two months to accept an offer “because sellers are holding out for the highest offer they can get,” or because “demand just isn’t as high as in some other states.”
“For people looking to sell their houses who are living in the states that feature in the top ten, this data is a useful guide for the timings to expect once your home goes on the market — it might be necessary to wait considerably longer than expected,” the report also notes.
Read the full top-10 slowest selling states list below:
1. New York
Days to pending: 71.64
Days to close: 58.81
Total: 130.45
2. Hawaii
Days to pending: 69.66
Days to close: 49.16
Total: 118.82
3. New Jersey
Days to pending: 67.55
Days to close: 49.85
Total: 117.4
4. West Virginia
Days to pending: 70.12
Days to close: 43.32
Total: 113.44
5. North Dakota
Days to pending: 67.22
Days to close: 45.71
Total: 112.94
6. Maryland
Days to pending: 65.98
Days to close: 44.04
Total: 110.02
7. Connecticut
Days to pending: 59.56
Days to close: 48.4
Total: 107.96
8. Mississippi
Days to pending: 68.32
Days to close: 37.03
Total: 105.35
9. Vermont
Days to pending: 49.67
Days to close: 54.15
Total: 103.81
10. Delaware
Days to pending: 57.82
Days to close: 45.18
Total: 103