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These cities have glutted markets; one reason is a population boom over the last decade, which encouraged overbuilding
The average number of days that homes have been on the market is 107, according to the financial news site 24/7 Wall St. The site identified 10 cities where homes are on the market the longest.
One reason homes tend to linger in these markets is because they experienced rapid population growth between 1990 and 2010, which caused inventory to increase and the cities to become overbuilt.
The 10 markets where homes linger the longest are:
1. Wilmington, N.C.
2. Myrtle Beach, S.C.
3. Naples, Fla.
4. Gainesville, Fla.
5. Reading, Pa.
6. Savannah, Ga.
7. Punta Gorda, Fla.
8. Asheville, N.C.
9. West Palm Beach-Boca Raton, Fla.
10. Tallahassee, Fla.
To read more, click here.
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