5 Coldest Real Estate Markets
When homes wait longer than 60 days looking for a buyer, that doesn’t necessarily mean there is not a lot going on, economically, in those markets. Slower home sales could mean houses were priced too high or owners lacked the equity to negotiate pricing or terms.
But the bottom line is that homes took a long time to sell in some areas. The following real estate markets represent areas where the average home, put on the market on July 1, did not find a buyer for several months, according to research conducted by the online realty firm Trulia.
1. Richmond, Va.
After the Civil War, Richmond paid a high price for its role as the capital of the Confederate States of America. Today, Virigina’s state capital now reigns over one of the strongest economies in the U.S., according to the U.S. Census and Federal Reserve.
Hartford is known as the capital of the U.S. insurance industry, but also has a strong high tech manufacturing base, said City-Data.com, a website that tracks economic and population data from government sources.
3. Albany, N.Y.
New York’s state capital is in Albany, and 25% of the city’s workforce engages in state legislative or administrative work, according to City-Data.com. This gave Albany a relatively stable, but also slow moving economy, the website observed.
4. New Haven, Conn.
New Haven’s economy is transitioning from manufacturing to service and high tech, but has not made it yet, according to City-Data. The greater metropolitan area has several well-established bio-tech firms with more likely to come and these companies alone added some 1,000 jobs to the regional economy in the late 1990s, and continued to fuel the economy into the 2000s.
The health of the real estate market and economy in Long Island depends on location. Much of NYC’s island suburb has an aging population, high tax rates, a shrinking manufacturing base and car-oriented neighborhoods, according to City-Data and other sources. These neighborhoods, full of single-family homes, are increasingly unattractive to young people.