If you’re planning to cash out in Florida, you might want to pack your patience.
uncertain
you → plan → patience
The Sunshine State is the single worst place in the country to sell a home right now, according to a fresh ranking from Underwood Law Firm that pits 48 states against each other on how brutal their markets are for sellers.
uncertain
markets → sell → sellers
Florida sits at the bottom of the barrel with a staggering 206,508 homes up for grabs, the biggest glut of any state studied.
asserted
Florida → sit → state
The typical property there lingers for 73 days before a buyer bites, and bidding wars have all but vanished.
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wars → linger → days
Only 10.9% of homes fetched more than their asking price.
asserted
% → fetch → price
This essentially means buyers in Florida are calling the shots.
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buyers → mean → shots
The firm crunched Redfin Data Center figures across seven yardsticks.
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firm → crunch → yardsticks
Those include median sale price, total homes sold, median days on market, annual price swings, active inventory, the share of homes selling over asking and the share of listings that had to slash their price.
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that → include → price
Each factor carried a different weight depending on how much it matters to sellers.
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it → carry → sellers
The scores were then blended into a single difficulty rating, and states were lined up from most punishing to most forgiving.
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states → blend → forgiving
Texas grabbed the No. 2 slot.
asserted
Texas → grab → slot
The Lone Star State has 180,524 homes on the market and a median wait of 68 days.
asserted
State → have → days
Nearly a quarter of sellers there, about 23%, were forced to cut their price, putting Texas near the top of the study for markdowns.
asserted
quarter → force → markdowns
South Carolina landed at No. 3.
asserted
Carolina → land → .
Homes in the Palmetto State sit for a median of 74 days, and 22.1% of listings took a price chop.
asserted
% → sit → chop
A mere 13% sold above asking.
asserted
% → sell → asking
Montana placed fourth and holds the dubious distinction of the slowest market in the ranking.
asserted
Montana → place → ranking
Homes there sit for a median of 85 days, close to three months.
asserted
Homes → sit → days
Even more jaw-dropping, the data shows zero homes in Big Sky Country selling for more than list price.
asserted
homes → drop → price
Arizona closed out the five toughest markets.
asserted
Arizona → close → markets
Properties there wait a median of 66 days, and 21.4% of sellers had to lower their price.
asserted
% → wait → price
Connecticut earned the gentlest score in the entire study, landing dead last at No. 48.
asserted
Connecticut → earn → .
Well over half of its homes, 55.8%, sold above asking, the highest rate in the nation.
asserted
half → sell → nation
Rhode Island placed 47th.
asserted
Island → place → ?
There, 45.4% of homes went for more than list price, and the typical property was snapped up in just 31 days, less than half the Florida wait.
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property → go → days
New Jersey ranked 46th.
asserted
Jersey → rank → ?
Buyers in the Garden State paid over asking on 48.3% of homes, even with a hefty median price tag of $587,553.
asserted
Buyers → pay → 587,553
Massachusetts came in 45th despite some of the steepest prices in the study, with a median of $657,263.
asserted
Massachusetts → come → 657,263
Still, 43.6% of homes there drew offers above list price.
asserted
% → draw → price
Illinois rounded out the seller-friendly end of the list.
asserted
Illinois → round → list
The Prairie State logged 11,526 home sales, a median of 52 days on market, and 35.8% of homes sold over asking.
asserted
State → log → asking
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