If you’ve been having trouble selling your home, you just might be living in an area of the United States with a seriously sluggish housing market.
According to a recent study by real estate website Trulia, the top 10 slowest housing markets in the U.S., take six months or more to sell. Trulia’s research notes that the slowest-moving markets right now are in the South (Richmond and Knoxville) and the Northeast (Hartford, Albany, and New Haven).
The Credit Union Times notes that a distinction must be made between national factors that have influenced real estate markets and local factors that could have a stronger impact but in smaller areas.
Says the Credit Union Times, “Among the national factors were Fannie Mae and Freddie Mac regulations, which had a direct impact on how restrictive mortgage underwriting might be in housing markets around the country. Interest rates, which tend to be set for the whole nation, will likely be the same from community to community.”
America’s Top 10 Slowest-Moving Housing Markets
10. Greenville, SC
9. Birmingham, AL
8. Columbia, SC
7. Springfield, MA
6. Knoxville, TN
5. Long Island, NY
4. New Haven, CT
3. Albany, NY
2. Hartford, CT
1. Richmond, VA
Source: Trulia.com